On behalf of The New York Stock Exchange, Robert Glorioso, Chief of Building Engineering Operations, rings The Opening Bell on Thursday, April 16, 2020, in New York, to thank Chefs Ben Udave and Steven Mary from the Sysco team in Los Angeles. 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. (NYSE Screen Shot/New York Stock Exchange via AP Images)
Stocks are mixed in early trading on Wall Street Thursday after the government reported that millions more workers lost their jobs last week, though not as many as had been feared.
The report was universally regarded as awful, with 5.2 million more Americans filing for unemployment benefits last week as layoffs sweep the country amid the coronavirus outbreak.
Markets had braced for a number that was even more awful. The S&P 500 initially rose but the gains faded after the first half-hour of trading, leaving the index down 0.5%. The tech-heavy Nasdaq rose.
Economists had told investors to expect hundreds of thousands more claims, and the number was also a touch lower than the tally of each of the two prior weeks, which were both over 6.6 million.
Treasury yields fell again and remain extremely low, which shows how pessimistic investors are about the economy’s prospects.
Markets are still unsettled following a downdraft Wednesday, when the S&P 500 fell 2.2% following reports on the economy that were worse than investors were expecting, including a record drop for U.S. retail sales last month.
Markets have been stuck in an up-and-down cycle for weeks as traders try to guess how long and how deep the upcoming recession will be.
On one hand, investors see the severe economic damage caused by the pandemic. On the other, optimistic investors are focusing on massive aid for the economy promised by the Federal Reserve and the U.S government. They also point to recent signs that the outbreak may be leveling off in some of the world’s hardest-hit areas, which could open the path to reopening parts of the economy.
Ultimately, many professional investors say they expect the market to remain volatile until the worst of the outbreak passes.
The Dow Jones Industrial Average was down 224 points, or 1%, at 23,292 after the first half-hour of trading. The Nasdaq was up 0.6%.
Tech stocks, health care companies and several retailers rose, while banks and energy companies notched more losses.
In Europe, Germany’s DAX rose 1.1%, France’s CAC 40 rose 0.7% and the FTSE 100 in London added 0.6%.
In Asia, where markets closed before the release of the U.S. jobless report, Japan’s Nikkei 225 fell 1.3%. Hong Kong’s Hang Seng dropped 0.6%, and the Kospi in South Korea slipped 0.1%.
The yield on the 10-year Treasury fell to 0.60% from 0.64% late Wednesday. Yields fall when bond prices rise. Investors tend to bid up Treasurys when they’re worried about the economy.
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.
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