The Dow started the week down over 300 points
The Dow finished the day down over 300 points, extending its midday lows as blue-chip Caterpillar (CAT) weighed heavy. The S&P 500 also finished the day in the red, as investors grew wary of the impending start to earnings season, and the Organization of the Petroleum Exporting Countries+ (OPEC+)'s decision to cut oil production over the weekend. Tech-heavy Nasdaq, however, managed to eke out a win within the last hour of trading. Also in focus, New York Governor Andrew Cuomo said that a six-state group, including New York, will start working on a plan to "reopen" their economies.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 23,390.77) fell 328.6 points, or 1.4% lower for the day. Walmart (WMT) topped the charts with an 2.9% win, while Caterpillar CAT finished at the bottom with a 8.7% loss.
The S&P 500 Index (SPX - 2,761.63) dropped 28.2 points, or 1%, while the Nasdaq Composite (IXIC - 8,192.43) tacked on 38.9, or 0.5% for the day.
The Cboe Volatility Index (VIX - 41.17) fell 0.50 point, or 1.2%.
5 Items on Our Radar Today
- With theaters closing and production halted, the U.S. box office is headed toward its worst year since 1998. Wedbush's Michael Pachter believes the 2020 box office will fall over 40%. (CNBC)
- Ford (F) is set to make air purifying respirators in their Michigan plant, in partnership with medical mask producer 3M (MMM). They say they'll be able to make 100,000 or more for COVID-19 patients. (MarketWatch)
- Double-upgrade fails to boost Dunkin' stock.
- Analysts optimistic on AMZN stock.
- Disney's mass furloughs overshadow bull note.
Data courtesy of Trade-Alert
Gold Grabs Another 7-Year High
Oil prices dropped after an eventful day including a long-awaited OPEC+ deal on production cuts, though one Goldman Sachs analyst said it was "too little, too late" to make a difference. May-dated futures fell 35 cents, or 1.5%, to settle at $22.41 a barrel.
Gold futures climbed once again with the highest finish in over seven years. Gold for June delivery rose $8.60, or 0.5%, to settle at $1,761.40 per ounce.