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Julie Young
Julie Young
Articles (1427) 

US Indexes End Lower Thursday

S&P 500 down 0.12%

The Dow Jones Industrial Average closed at 25,400.64 on Thursday with a loss of 147.63 points or -0.58%. The S&P 500 closed at 3,029.73 for a loss of 6.40 points or -0.21%. The Nasdaq Composite closed at 9,368.99 for a loss of 43.37 points or -0.46%. The VIX Volatility Index was higher at 28.90 for a gain of 1.28 points or 4.63%.

Thursday’s market movers

U.S. stocks ended lower Thursday. Social media stocks were all mostly lower after the president threatened an executive order that increases regulatory pressure on them. The executive order is expected for tomorrow and would increase regulatory monitoring. Tesla (NASDAQ:TSLA) was also lower Thursday after the SpaceX launch was rescheduled for Saturday due to weather.

The new coronavirus infection count continued to remain steadily lower, though 100,000 deaths have now been reported. A fewer number of Americans applied for unemployment claims than the previous week. The Bureaus of Economic Analysis also reported a 5% decrease in gross domestic product, just slightly worse than the 4.8% first estimate.

Costco and Dollar Tree reported earnings results:

  • Costco (NASDAQ:COST): Reported revenue of $37.27 billion, increasing 7.3% year over year and beating estimates by $610 million. Third-quarter GAAP earnings of $1.89 per share were in line with estimates.
  • Dollar Tree (NASDAQ:DLTR): Revenue of $6.29 billion increased 8.3% year over year and beat estimates by $150 million. First-quarter GAAP earnings per share of $1.04 beat estimates by 12 cents and non-GAAP earnings of $1.04 beat estimates by 20 cents.

Economic reports affecting market trading included the following:

  • GDP decreased 5% in the first quarter following an increase of 2.1% in the fourth quarter of 2019.
  • Corporate profits decreased 14.2% from the fourth quarter to the first.
  • Durable goods orders decreased 17.2% in April. Durable goods orders excluding transportation decreased 7.4% and durable goods orders excluding defense decreased 16.2%.
  • Approximately 2.123 million Americans applied for jobless claims, down from the previous week’s 2.446 million. Continuing jobless claims decreased to 21.052 million from 24.912 million. .
  • Pending home sales decreased 21.8% in April and -33.8% year over year.
  • The EIA Weekly Petroleum Status report showed an increase of 10 million barrels in oil inventory.
  • The Kansas Fed Manufacturing Index improved to -25 in May from -62.
  • The Treasury held auctions for four-week bills at a rate of 0.130%, eight-week bills at a rate of 0.135%, seven-year notes at a rate of 0.553% and 154-day bills at a rate of 0.170%.
  • Freddie Mac released its weekly mortgage market report. The 30-year fixed-rate mortgage averaged 3.15%, down from 3.24%. The 15-year fixed-rate mortgage averaged 2.62%, down from 2.70%.

In the S&P 500, energy and financials led losses. In the S&P 100, the following stocks led losses:

Small-cap stocks

In small caps, the Russell 2000 closed at 1,400.67 for a loss of 35.69 points or -2.48%. The S&P 600 closed at 811.49 for a loss of 26.49 points or -3.16%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,634.90 for a loss of 186.28 points or -1.90%. The Dow Jones U.S. Small-Cap Value Index closed at 6,865.70 for a loss of 205.27 points or -2.90%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,773.12 for a loss of 26.15 points or -1.45%; the S&P 100 at 1,382.80 for a loss of 3.81 points or -0.27%; the Nasdaq 100 at 9,416.71 for a loss of 25.33 points or -0.27%; the Russell 3000 at 1,763.22 for a loss of 6.94 points or -0.39%; the Russell 1000 at 1,674.02 for a loss of 4.32 points or -0.26%; the Wilshire 5000 at 30,789.67 for a loss of 122.66 points or -0.40%; and the Dow Jones U.S. Select Dividend Index at 588.87 for a loss of 2.21 points or -0.37%.

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About the author:

Julie Young
Julie Young is a financial writer with comprehensive experience in the financial services industry. She writes about investments, investment products, financial market news and economic trends. Julie has a Master of Science in finance from Boston College and a Bachelor of Science in finance from the University of Arkansas.

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