Stocks flounder as coronavirus jobless claims near 39M
Billionaire investor on big coronavirus opportunities
Gamco Investors Chairman and CEO Mario Gabelli discusses investing amid coronavirus.
U.S. equity markets slipped Thursday as investors assessed millions of additional job losses tied to efforts to slow the spread of COVID-19.
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The Dow Jones Industrial Average fell 41 points or 0.17 percent in the opening minutes of trading while the S&P 500 dropped 0.05 percent. The Nasdaq Composite inched up 0.03 percent.
Initial jobless claims for the week ended May 16 totaled 2.44 million, according to the Labor Department. The new filings bring the total number of job losses to almost 39 million over the nine weeks since stay-at-home orders were issued by governors across the country.
At least three states are easing lockdown restrictions on Thursday, with Mississippi allowing casinos to reopen and Ohio letting restaurants offer inside dining.
CHINESE SEARCH-ENGINE GIANT BAIDU CONSIDERS DITCHING NASDAQ
Looking at stocks, Chinese internet search engine Baidu is considering delisting from the Nasdaq to bolster its valuation, Reuters reports, citing sources. The report comes after the U.S. Senate on Wednesday passed a bill that said foreign companies that refused financial audits on three occassions would be removed from American stock exchanges. The bill must still be passed by the House of Representatives and signed by President Trump before it would become a law.
Drugmaker AstraZeneca will receive up to $1.2 billion to help the University of Oxford make its experimental COVID-19 vaccine.
Macy’s reported preliminary first-quarter results that showed a loss of up to $1.1 billion as sales slumped as much as 45 percent amid store closings due to COVID-19.
L Brands announced plans to permanently close 250 Victoria’s Secret locations and 50 Bath & Body Works stores in the U.S. and Canada after posting a quarterly loss of $296.9 million.
2.4 MILLION AMERICANS FILE FOR UNEMPLOYMENT AMID CORONAVIRUS SHUTDOWNS
Canada Goose cut 125 jobs, or 2.5 percent of its global workforce, in a restructuring caused by the pandemic.
Commodities traded mixed, with West Texas Intermediate crude oil up 1.58 percent at $34.02 a barrel and gold down 0.86 percent at $1,737 an ounce.
U.S. Treasurys ticked higher, pushing the yield on the 10-year note down by 1 basis point to 0.671 percent.
European markets were lower across the board, with Germany’s DAX down 1.21 percent, France’s CAC off 0.66 percent and Britain’s FTSE weaker by 0.39 percent.
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In Asia, China’s Shanghai Composite slid 0.55 percent, Hong Kong’s Hang Seng shed 0.49 percent and Japan’s Nikkei lost 0.21 percent.
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