Dow, S&P Log Best Month Since 1987
June-dated crude rose 25% for the day
The Dow extended its midday losses, closing down over 280 points, as dismal economic data weighed. The 3.8 million rise in jobless claims alongside a drop in consumer spending landed all three major indexes in the red, despite a rise in tech following a strong earnings session. Renewed unease over a potential trade-war also settled in after The Washington Post reported the Trump Administration is considering retaliations against China for failing to relay the severityof the coronavirus outbreak. Nevertheless, the S&P 500 and Dow both finished April with their best monthly performance since 1987 and best April since 1938. All three marked their first monthly gain for 2020.
Continue reading for more on today's market, including:
The apparel name eyeing a monthly win.Comcast fears this quarter's revenue miss won't be its last.Plus, the electric vehicle manufacturer skyrocketing this past year; this blue chip's revenue and earnings beat; and the luxury fashion parent planning its reopening.The Dow Jones Industrial Average (DJI - 24,345.72) fell 288.1 points, or 1.2% for the day, tacking on 11.1% for April. Apple (AAPL) topped the charts with a 2.1% win, while American Express (AXP) finished at the bottom with a 5.1% loss.
The S&P 500 Index (SPX - 2,912.43) lost 27.1 points, or 0.9% for the day, and gained 12.7% for the month. Meanwhile, the Nasdaq Composite (IXIC - 8,889.55) dropped 25.2 points, or 0.3% for the day and closed up 15.5% for the month -- its best since 2000.
The Cboe Volatility Index (VIX - 34.15) rose 2.9 points, or 9.6% for the day, but shed 36.2% for the month.
5 Items on Our Radar Today
Former NYC Mayor Michael Bloomberg is partnering with nonprofit Vital to develop three smartphone apps to trace coronavirus cases in New York City. (CNBC)As multiple countries -- including the United States -- plan their "reopen," China's reopen has been rocky, and they are now feeling the effects of global supply/demand. (MarketWatch)Tesla stock surges on an upbeat first-quarter report. This tech giant attracted options bulls. The pandemic's impact on this retail stock.
Data courtesy of Trade-Alert
Gold Logs Fifth Straight Loss
Oil futures logged their second straight gain after multiple companies reportedly cut production. June-dated crude rose $3.78, or 25.1%, to settle at $18.84 a barrel for the day. For the month, oil posted an 8% deficit.
Gold futures finished lower today for the fifth straight session. Gold for June delivery fell $19.20, or 1.1%, to settle at $1,694.20 an ounce. For the month, gold prices finished up 6.1%, marking its best month since August 2019.