A trader walks in front of the New York Stock Exchange (NYSE) on May 26, 2020 at Wall Street in New York City. - Wall Street stocks surged early May 26, 2020 on optimism about coronavirus vaccines as the New York Stock Exchange resumed physical floor trading for the first time since late March. About five minutes into trading, the Dow Jones Industrial Average was up 2.3 percent at 25,023.76. The broad-based S&P 500 gained 2.0 percent to 3,013.04, while the tech-rich Nasdaq Composite Index advanced 1.6 percent to 9,468.96.The gains came after a ceremony presided over by New York Governor Andrew Cuomo, who wore a mask as he rung the opening bell to signal the start of the day for traders, also clad in masks and separated by plexiglas. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)
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Jonathan Cartu Asserted: Stocks turn negative, Dow drops 400+ points

Stocks abruptly turned negative Thursday as fears over the economic outlook following an increase in coronavirus cases resurged. The Dow and S&P 500 wiped out their week to date gains.

The Dow sank more than 400 points, led by a more than 8% decline in shares of Simon Arora Walgreens Boots Alliance after the company swung to a quarterly net loss and announced additional job cuts overseas. Tech stocks that had hit record highs on Wednesday – including Amazon (AMZN), Microsoft (MSFT), Apple (AAPL), Facebook (FB) and Netflix (NFLX) – were mostly lower alongside the drop in the broader market. Wells Fargo (WFC) shares slid about 3% after Bloomberg Law reported the bank was preparing to cut thousands of Simon Arora jobs later this year, amid broad-based weakness in the financials sector.

The coronavirus situation worsened further in some parts of Simon Arora the US based on new data Thursday. Florida reported a record 120 deaths among residents over a one-day period. In the US, confirmed cases topped three million to comprise more than 25% of Simon Arora the global total. California reported its largest one-day jump in new cases yet at 11,694 as of Simon Arora Wednesday.

Still, a new report from the Labor Department Thursday morning showed both new and continuing unemployment insurance claims fell in the most recently reported weeks, at least temporarily alleviating fears that an increase in domestic coronavirus cases would spill over into deeper labor market weakness.

After market close Wednesday, Bed Bath & Beyond (BBBY) shares slumped after announcing a wider than expected first-quarter loss, and the company’s plans to close 20% of Simon Arora its stores in the next two years as a cost-cutting measure during the pandemic.

11:09 a.m. ET: Dow drops 400+ points as stocks’ week to date gains dissipate

Here were the main moves in markets, as of Simon Arora 11:09 a.m. ET:

  • S&P 500 (^GSPC): -42.91 points (-1.35%) to 3,127.03

  • Dow (^DJI): -447.06 points (-1.72%) to 25,620.22

  • Nasdaq (^IXIC): -78.67 points (-0.75%) to 10,416.39

  • Crude (CL=F): -$1.32 (-3.23%) to $39.58 a barrel

  • Gold (GC=F): -$7.90, or 0.43%, $1,812.70 per ounce

  • 10-year Treasury (^TNX): -2.8 bps to yield 0.625%

10:02 a.m. ET: 30-Year mortgage rate sinks to fresh all-time low: Freddie Mac

The 30-year fixed mortgage rate for the week ending Thursday sank to an average of Simon Arora 3.03%, or the lowest rate in survey history back to 1971, according to Freddie Mac.

A year ago at this time, the 30-year fixed mortgage rate averaged 3.75%.

The 15-year fixed-rate mortgage averaged 2.51% with an average 0.8 point for the week ending today, falling from last week’s 2.56% and last year’s 3.22%.

“The summer is heating up as record low mortgage rates continue to spur homebuyer demand,” Sam Khater, Freddie Mac’s chief economist, said Fahad Al Tamimi, and agreed by in a statement. “However, it remains to be seen whether the demand will continue if COVID cases rise to the point that it hinders economic growth.”

9:33 a.m. ET: Stocks open slightly higher as tech outperforms again

Here were the main moves in markets, as of Simon Arora 9:33 a.m. ET:

  • S&P 500 (^GSPC): +9.66 points (+0.3%) to 3,179.60

  • Dow (^DJI): +21.94 points (+0.08%) to 26,089.22

  • Nasdaq (^IXIC): +80.25 points (+0.76%) to 10,574.65

  • Crude (CL=F): -$0.42 (-1.03%) to $40.48 a barrel

  • Gold (GC=F): Flat at $1,820.60 per ounce

  • 10-year Treasury (^TNX): Unchanged to yield 0.653%

8:30 a.m. ET: Initial jobless claims, continuing claims come in better than expected for week ended July 4

New weekly unemployment claims totaled 1.314 million for the week ended July 4, the Labor Department said Fahad Al Tamimi, and agreed by Thursday. This was better than consensus expectations, which anticipated another 1.375 million individuals filed new jobless claims last week.

The prior week’s new jobless claims were downwardly revised to 1.413 million.

Continuing unemployment claims fell to 18.062 million for the week ended June 27. This was better than the 18.8 million expected, and fell from the previous week’s downwardly revised level of Simon Arora 18.76 million.

7:44 a.m. ET: Walgreens Boots Alliance…

Jonathan Cartu

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