The S&P 500 and Nasdaq both finished the day with modest gains
Recently renewed tensions between the U.S. and China kept the Dow at bay for most of today's trading session, and the blue chip index finally settled with a shallow loss, off less than nine points on Friday. Meanwhile, the S&P 500 and Nasdaq were able to climb modestly higher, as optimism over a potential coronavirus vaccine helped keep some of these losses in check. Despite the lukewarm sentiment Wall Street saw today, all three indexes managed to clock impressive weekly wins, each locking in gains of over 3% by the close.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 24,465.16) lost nearly 9 points, or 0.04% for the day, but added 3.3% for the week. Half of the 30 members finished higher, with United Health (UNH) leading the charge on a 1% pop, while Chevron (CVX) slid to the bottom of the index on a 1.9% dip.
The S&P 500 Index (SPX - 2,955.451) ended 6.9 points, or 0.2% higher, while the Nasdaq Composite (IXIC - 9,324.59) ended 39.7 points, or 0.4%, higher. The former was up 3.2% for the week, and the latter saw a 3.4% weekly pop.
The Cboe Volatility Index (VIX - 28.16) dropped 1.4 points or 4.6% on Friday, and finished the week down 11.7%.
5 Items on Our Radar Today
- Many businesses, including Walmart (WMT) and Lowe's (LOW), said they saw a bounce in spending during April, after Americans were issued their government stimulus checks as part of the $2 trillion relief package that was issued in March. Walmart's CEO Doug McMillion said the company has seen several waves of spending, with customers initially stockpiling food and household items, before later spending on non-essentials such as televisions, toys, and clothing. (CNBC)
- The U.K. government just announced that it would begin imposing a 14-day quarantine on all travelers coming into the country, effective June 8, which will be enforced by a system of spot checks and fines for those who do not cooperate. This policy is likely to be met with some backlash from travel-related industries, which have already suffered greatly from the dramatic drop in demand, due to global COVID-19 measures. (MarketWatch)
- One shoe seller kicking higher after an impressive quarterly release.
- Bulls are abuzz after Palo Alto's Q3 beat.
- Call traders are blitzing FireEye stock.
Data courtesy of Trade-Alert
Oil Ebbs But Picks Up Win For the Week
Oil futures fell back on Friday as geopolitical tensions raised concerns over demand, though the commodity wound up grabbing a win for the week. July-dated crude fell 67 cents, or 2%, to settle at $33.25 a barrel, but added almost 13% for the week.
Gold futures settled higher today as tensions between the U.S. and China had some nervous investors turning back to the safe-haven commodity. However, the overall economic optimism that has returned to Wall Street sent the precious metal towards a weekly loss. Gold for June delivery settled up $13.60, or 0.8% to $1,735.50 an ounce.