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Julie Young
Julie Young
Articles (1592) 

US Indexes Close Lower Thursday

S&P 500 down 1.0% on coronavirus concerns

The Dow Jones Industrial Average closed at 29,080.17 on Thursday with a loss of 317.46 points or -1.08%. The S&P 500 closed at 3,537.01 for a loss of 35.65 points or -1.00%. The Nasdaq Composite closed at 11,709.59 for a loss of 76.84 points or -0.65%. The VIX Volatility Index was higher at 25.35 for a gain of 1.90 points or 8.10%.

Thursday's market movers

U.S. indexes ended lower Thursday with several concerning coronavirus headlines. New U.S. coronavirus cases were over 100,000 for a ninth day. Fed Chair Jerome Powell also said a vaccine may not be the immediate help many investors think.

On the earnings calendar:

  • Disney (NYSE:DIS): Revenue of $14.71 billion decreased 23.1% year over year and beat estimates by $610 million. Fourth-quarter GAAP earnings of 39 cents beat estimates by 56 cents and a non-GAAP loss of 20 cents beat estimates by 45 cents.
  • Cisco (NASDAQ:CSCO): Revenue of $11.93 billion decreased 9.3% year over year and beat estimates by $80 million. First-quarter GAAP earnings of 51 cents beat estimates by 1 cent and non-GAAP earnings of 76 cents beat estimates by 6 cents.

In other news:

  • The Commerce Department said a TikTok ban would not need to be enforced.
  • President Trump ordered Americans to stop investing in Chinese military firms.
  • Chinese tech stocks were lower after the announcement of new antitrust laws.
  • Freddie Mac released its weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 2.84%, up from 2.78%. The 15-year fixed-rate mortgage averaged 2.34%, up from 2.32%.
  • The Consumer Price Index was unchanged in October and showed an increase of 1.2% year over year.
  • The Consumer Price Index excluding food and energy was also unchanged in October and it showed an increase of 1.6% year over year.
  • 709,000 Americans filed for jobless claims, down from the previous week's 757,000. Continuing jobless claims were 6.786 million, down from 7.222 million.
  • Crude oil inventory increased 3.7 million barrels, according to the EIA's Weekly Petroleum Status Report.
  • The Treasury held auctions for four-week bills at a rate of 0.085%, eight-week bills at a rate of 0.090% and 30-year bonds at a rate of 1.680%.
  • The Treasury's October Monthly Budget Statement showed a deficit of $284 billion following a deficit of $125 billion.

Across the board:

  • Energy and cannabis stocks led losses.
  • Moderna (NASDAQ:MRNA) up 6.51% on vaccine data developments.
  • Carnival Corp. (NYSE:CCL) -7.84%
  • Five Prime Therapeutics (NASDAQ:FPRX) +24.61%
  • Vroom (NASDAQ:VRM) -13.01%

Small-cap stocks

In small-caps, the Russell 2000 closed at 1,708.47 for a loss of 28.47 points or-1.64%. The S&P 600 closed at 968.50 for a loss of 20.94 points or -2.12%. The Dow Jones U.S. Small-Cap Growth Index closed at 11,910.94 for a loss of 136.54 points or -1.13%. The Dow Jones U.S. Small-Cap Value Index closed at 7,822.70 for a loss of 184.55 points or -2.30%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 2,070.22 for a loss of 36.15 points or -1.72%; the S&P 100 at 1,626.61 for a loss of 14.02 points or -0.85%; the Nasdaq 100 at 11,827.14 for a loss of 65.79 points or -0.55%; the Russell 3000 at 2,084.02 for a loss of 21.14 points or -1.00%; the Russell 1000 at 1,974.73 for a loss of 19.21 points or -0.96%; the Wilshire 5000 at 36,416.43 for a loss of 369.14 points or -1.00%; and the Dow Jones U.S. Select Dividend Index 640.65 for a loss of 15.04 points or -2.29%.

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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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