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.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
