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.
A big-screen adaptation of the anime “Chainsaw Man” has topped the North American box office, beating a Springsteen biopic and “Black Phone 2.” The movie earned $17.25 million in the U.S. and Canada this weekend. “Black Phone 2” fell to second place with $13 million. Two new releases, the rom-com “Regretting You” and “Springsteen — Deliver Me From Nowhere,” earned $12.85 million and $9.1 million, respectively. “Chainsaw Man – The Movie: Reze Arc” is based on the manga series about a demon hunter. It's another win for Sony-owned Crunchyroll, which also released a “Demon Slayer” film last month that debuted to a record $70 million.
The Federal Aviation Administration says flights departing for Los Angeles International Airport were halted briefly due to a staffing shortage at a Southern California air traffic facility. The FAA issued a temporary ground stop at one of the world’s busiest airports on Sunday morning soon after U.S. Transportation Secretary Sean Duffy predicted that travelers would see more flights delayed as the nation’s air traffic controllers work without pay during the federal government shutdown. The hold on planes taking off for LAX lasted an hour and 45 minutes and didn't appear to cause continued problems. The FAA said staffing shortages also delayed planes headed to Washington, Chicago and Newark, New Jersey on Sunday.
Boeing workers at three Midwest plants where military aircraft and weapons are developed have voted to reject the company’s latest contract offer and to continue a strike that started almost three months ago. The strike by about 3,200 machinists at the plants in the Missouri cities of St. Louis and St. Charles, and in Mascoutah, Illinois, is smaller in scale than a walkout last year by 33,000 Boeing workers who assemble commercial jetliners. The president of the International Association of Machinists says Sunday's outcome shows Boeing hasn't adequately addressed wages and retirement benefits. Boeing says Sunday's vote was close with 51% of union members opposing the revised offer.
The stunning indictment that led to the arrest of more than 30 people — including Miami Heat guard Terry Rozier and other NBA figures — has drawn new scrutiny of the booming business of sports betting in the U.S. The multibillion-dollar industry has made it easy for sports fans — and even some players — to wager on everything from the outcome of games to that of a single play with just a few taps of a cellphone. But regulating the rapidly-growing industry has proven to be a challenge. Professional sports leagues’ own role in promoting gambling has also raised eyebrows.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
Starbucks’ AI barista aims to speed service and improve experience. Nick Lichtenberg, Fortune Business Editor, explains its impact on workers and customers.
