Unilever Virtually Rings The Opening Bell on Tuesday, May 19, 2020, in New York. The NYSE's Honorary Opening Bell ringer today is Unilever's Hammond, Indiana factory employees. As pictured today on the NYSE Bell Podium, Unilever's Hammond, Indiana factory employees continue to make essential beauty and personal care products for the community during these times. The NYSE joins millions of others who stand in awe and gratitude of the way people around the world have responded to the COVID-19 crisis - from medical professionals to workers who ensure food supply, and those who keep streets safe. They honor some of those people through their #Gratitude campaign. (New York Stock Exchange via AP Images)
By Alex Veiga
Stocks are mixed in morning trading on Wall Street Tuesday, a day after the market had its biggest jump in more than five weeks.
The S&P 500 was wavering between gains and losses in the first hour of trading. Technology stocks rose, offsetting losses in financial stocks and elsewhere in the market. Bond yields were mostly headed lower.
Investors sent shares in Walmart up 1.9% after the retail giant reported a surge in sales as people stocked up on crucial supplies while sheltering in place due to the coronavirus. Kohl's, whose stores have been closed during the outbreak, fell 5.6% after reporting that it swung to a $541 million quarterly loss as its revenue sank more than 40%.
The Dow Jones Industrial Average fell 34 points, or 0.2%, to 24,561. The Nasdaq composite added 0.6%. The Russell 2000 index of small-company stocks was down 1.1%.
Oil prices continued to climb, benefiting from production cuts and a pickup in demand as the U.S. and other countries ease some of the restrictions aimed at stemming the spread of the outbreak.
Benchmark U.S. crude oil was up 3.9% to $33.05 a barrel. Brent crude oil, the international standard, was up 1.2% at $35.24 a barrel.
Bonds yields were mostly lower. The yield on the 10-year Treasury note, a benchmark for interest rates on many consumer loans, fell to 0.72% from 0.74% late Monday.
The mixed action on Wall Street followed a pullback in stock markets in Europe after a record jump in jobless claims in Britain and a 76% slide in new car sales across Europe. The downbeat economic data reinforced the challenges the world faces in recovering from the recession induced by the coronavirus.
France’s CAC 40 fell 1.4%, while Germany’s DAX lost 0.8%. Britain’s FTSE 100 dropped 1.3%. Markets in Asia finished higher.
U.S. stocks had their biggest gain in more than five weeks Monday as investors became hopeful that more progress was being made in getting countries past the worst of the pandemic. Investors are hoping that a working vaccine for COVID-19 can be developed and that it will help reassure people and businesses as the economy reopens.
A safe, effective vaccine for the new coronavirus would help reinforce confidence as economies reopen after shutdowns to contain the pandemic. Experts have warned, however, that development of such a vaccine will likely take many months, and possibly years.
Investors also have been encouraged by remarks over the weekend from Federal Reserve Chair Jerome Powell, who expressed optimism that the U.S. economy could begin to recover in the second half of the year.
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A rare magnum of Dom Pérignon Vintage 1961 champagne that was specially produced for the 1981 wedding of Prince Charles and Lady Diana has failed to sell during an auction. Danish auction house Bruun Rasmussen handled the bidding Thursday. The auction's house website lists the bottle as not sold. It was expected to fetch up to around $93,000. It is one of 12 bottles made to celebrate the royal wedding. Little was revealed about the seller. The auction house says the bids did not receive the desired minimum price.
The New York Times and President Donald Trump are fighting again. The news outlet said Wednesday it won't be deterred by Trump's “false and inflammatory language” from writing about the 79-year-old president's health. The Times has done a handful of stories on that topic recently, including an opinion column that said Trump is “starting to give President Joe Biden vibes.” In a Truth Social post, Trump said it might be treasonous for outlets like the Times to do “FAKE” reports about his health and "we should do something about it.” The Republican president already has a pending lawsuit against the newspaper for its past reports on his finances.
OpenAI has appointed Slack CEO Denise Dresser as its first chief of revenue. Dresser will oversee global revenue strategy and help businesses integrate AI into daily operations. OpenAI CEO Sam Altman recently emphasized improving ChatGPT, which now has over 800 million weekly users. Despite its success, OpenAI faces competition from companies like Google and concerns about profitability. The company earns money from premium ChatGPT subscriptions but hasn't ventured into advertising. Altman had recently announced delays in developing new products like AI agents and a personal assistant.
President Donald Trump says he will allow Nvidia to sell its H200 computer chip used in the development of artificial intelligence to “approved customers” in China. Trump said Monday on his social media site that he had informed China’s leader Xi Jinping and “President Xi responded positively!” There had been concerns about allowing advanced computer chips into China as it could help them to compete against the U.S. in building out AI capabilities. But there has also been a desire to develop the AI ecosystem with American companies such as chipmaker Nvidia.
