The Dow Jones Industrial Average closed at 24,499.47 on Thursday with a loss of 76.43 points or -0.31%. The S&P 500 closed at 2,953.02 for a loss of 18.59 points or -0.63%. The Nasdaq Composite closed at 9,284.88 for a loss of 90.90 points or -0.97%. The VIX Volatility Index was higher at 29.53 for a gain of 1.54 points or 5.50%.
Thursday’s market movers
U.S. indexes closed lower Thursday, with investors giving back some of yesterday’s gains. Globally, coronavirus cases surpassed 5 million. A report from the Wall Street Journal also said approximately 3% of credit cards are in deferral programs. Across the U.S., all 50 states have begun some sort of controlled reopening. On Capital Hill, Federal Reserve Chair Jerome Powell said in testimony that lower income Americans are showing many of the greatest challenges overall.
On the earnings calendar:
- New York Mortgage Trust (NYMT): Reported net interest income of $47.08 million, increasing 79.7% year over year and beating estimates by $2.95 million. The first-quarter GAAP earnings loss was $1.71 per share.
- Best Buy (BBY): Revenue of $8.56 billion decreased 6.3% year over year and beat estimates by $300 million. First-quarter GAAP earnings of 61 cents per share beat estimates by 20 cents and non-GAAP EPS of 67 cents beat estimates by 26 cents.
- Nvidia (NVDA, Financial): Revenue of $3.08 billion increased 38.7% year over year and beat estimates by $80 million. First-quarter GAAP earnings of $1.47 beat estimates by 10 cents and non-GAAP EPS of $1.80 beat estimates by 12 cents.
Economic reports affecting market trading included the following:
- A reported 2.438 million people filed for jobless claims, down from 2.687 million in the previous week. Continuing jobless claims increased to 25.073 million from 22.548 million.
- The Philadelphia Fed Manufacturing Index improved to -43.1 from -56.6.
- The Markit Composite PMI improved to 36.4 in May from 27.0. Separately, the Markit Manufacturing PMI increased to 39.8 from 36.1 and the Markit Services PMI increased to 36.9 from 26.7.
- Existing home sales decreased 17.8% in April to a seasonally adjusted annual rate of 4.33 million.
- The Conference Board’s Leading Economic Indicators Index decreased 4.4% in April following a decrease of 7.4%.
- The Treasury held auctions for four-week bills at a rate of 0.090%, eight-week bills at a rate of 0.105% and 10-year TIPS at a rate of -0.470%.
- Freddie Mac released its weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 3.24%, down from 3.28%. The 15-year fixed-rate mortgage averaged 2.70%, down from 2.72%.
In the S&P 500, energy and technology led losses. In the S&P 100, the following stocks led losses:
- Occidental Petroleum (OXY, Financial) -4.94%
- Raytheon (RTN, Financial) -4.47%
- Qualcomm (QCOM, Financial) -3.26%
- Nvidia (NVDA, Financial) -2.78%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,347.56 for a gain of 0.63 points or 0.047%. The S&P 600 closed at 771.41 for a gain of 0.16 points or 0.021%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,335.71 for a gain of 2.60 points or 0.03%. The Dow Jones U.S. Small-Cap Value Index closed at 6,427.59 for a gain of 21.45 points or 0.33%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,694.18 for a gain of 5.55 points or 0.33%; the S&P 100 at 1,356.16 for a loss of 10.83 points or -0.79%; the Nasdaq 100 at 9,377.99 for a loss of 107.03 points or -1.13%; the Russell 3000 at 1,713.73 for a loss of 11.24 points or -0.65%; the Russell 1000 at 1,628.08 for a loss of 11.39 points or -0.69%; the Wilshire 5000 at 29,930.74 for a loss of 202.61 points or -0.67%; and the Dow Jones U.S. Select Dividend Index at 559.91 for a loss of 2.84 points or -0.50%.
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