Stocks fall sharply Friday morning as the mid-week recovery falls short
The major American stock market indices are down sharply this morning at the open, with stocks falling after a multi-day rally helped shave some losses off their calendar-year results. So far, 2020 has proven to be a toxic year for publicly traded equity, as a decade-long bull market collided with a global pandemic and stark economic slowdown around the world.
This week it became known that around 3.3 million Americans filed for unemployment benefits this week, a record-setting figure that dwarfs tallies set in during the 2008-era economic meltdown. Shares rose in the wake of that news; today’s losses could point towards a less optimistic view of the layoffs, the global contagion, or, simply, some profit taking after the markets bounced off lows.
Whatever your read of the market’s Rorschach suite of results, here’s today’s damage just after the market open:
- Dow Jones Industrial Average: fell 3.73%, or 841.41 to 21,710.76
- S&P 500: slid 3.18%, or 83.69, to 2,546.38
- Nasdaq Composite: declined 2,87%, or 223.77, to 7,573.77
More like the Down Jones, right?
Shares of major technology companies were all down roughly 2% to 3% in early trading and the Bessemer Emerging Cloud Index was also off 3% for the day; while SaaS shares have recovered some from their lows, like other stocks they are still far from recovering all their lost ground. Today won’t help.
There’s still a chance for the market to turn around during this Friday session, but investors appear to be digesting a continued spate of bad news the U.S. has topped China for the most number of COVID-19 patients in the world. Perhaps the stimulus — once it passes through the House — will help the economy shake the weight the disease has put on the U.S. economy. However, the bill’s passing must already be priced into shares, so it’s unclear if anything that the House can do today will help.
If you’re tired of the market’s endless gyrations, get some rest. We’re not done yet.
The major American stock market indices are down sharply this morning at the open, with stocks falling after a multi-day rally helped shave some losses off their calendar-year results. So far, 2020 has proven to be a toxic year for publicly traded equity, as a decade-long bull market collided with…
Recent Posts
- 7 new movies and TV shows to stream on Netflix, Prime Video, Max, and more this weekend (April 19)
- The Verge’s 2024 Mother’s Day gift guide
- Trek Fetch+ 2 Review: A Solid, Though Expensive, Cargo Ebike
- Automate your vacuuming and mopping with $400 off the Roomba Combo J9+
- Google Chat will now play nice with all your other work messaging platforms
Archives
- April 2024
- March 2024
- February 2024
- January 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- December 2011