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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Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
