Stocks start new month with sharp losses
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Stocks start new month with sharp losses
Stocks fell for a second straight session, wiping out gains for the week, following sobering comments from tech giants Amazon (-7.6%) and Apple (-1.6%) about the impact of the coronavirus pandemic.
Dow -2.5%, S&P 500 -2.8%, Nasdaq -3.2% in today's trade, sending the three indices narrowly into the red for the week.
Amazon announced plans to spend all profits from the current quarter on its coronavirus response, while Apple reported flat Q1 revenue growth and did not offer guidance due to COVID-19 uncertainties.
Exxon Mobil (-7%) posted its first quarterly loss in at least three decades, and Tesla tumbled (-10.3%) following inexplicable comments from CEO Elon Musk that the company's stock is is too high.
Also, the Institute for Supply Management's manufacturing index fell to 41.5 last month from 49.1 in March, marking its lowest level since April 2009.
U.S. Treasury prices ticked lower, with the two-year and 10-year yields each rising 2 bps to 0.20% and 0.64%, respectively.
WTI June crude oil settled +5% to $19.78/bbl, closing out a 16% gain for the week.
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