Stock market news today July 16, 2020
July 16, 2020
Latest stock market news today
Top stock market news for today.The US stock market is losing ground today, reacting to a series of economic news.
“Technology stocks weighed on the benchmark stock indexes, led by Amazon AMZN, -2.00% and Microsoft MSFT, -2.48% . Technology stocks had been the been the best-performing sector this year on prospects for growth during the coronavirus pandemic.
The U.S. corporate earnings reporting season has so far largely cheered investors with results from big banks. Morgan Stanley MS, 2.82% on Thursday reported second-quarter profit that beat analyst expectations, led by strength in investment banking and trading, but Bank of America Corp. BAC, -2.40% shares tumbled in premarket trade after the bank said it would boost its loan-loss provisions.
“Despite today’s weakness, the market is doing quite well,” said Randy Frederick, vice president of trading and derivatives at the Schwab Center for Financial Research. Frederick noted that the S&P 500 had briefly erased its losses for the year to date. With the bar set so low for second-quarter earnings, it’s possible more positive surprises could even result in a boost for stocks, he said.
U.S. economic data was also mixed on Thursday. First-time jobless claims for the week ending July 11 were only lower by 10,000 compared with the prior week: at 1.3 million, a much more muted recovery than the consensus of 1.24 million from economists surveyed by MarketWatch.
A separate report showed that retail sales roared back in June, rising 7.5%, compared with the 5.4% increase that had been forecast. And the July Philadelphia Fed index also beat expectations: falling only to 24.1 from 27.5, better than the 20 level expected. But the jobless claims data are more recent, and may signal cracks in the nascent economic recovery as states move to reimpose shutdown measures.
Meanwhile, a measure of homebuilder confidence surged 14 points to 72 in July, regaining pre-pandemic levels, and business inventories slipped 2.3% in May, in line with economists’ expectations.”
Stock market today
At 11:47 AM, ET time today July 16, 2020 the US stock market is declining, Dow Jones is down more than 100 points.
S&P 500: 3,203.51,-23.05(-0.71%)
Dow 30: 26,743.95,-126.15(-0.47%)
Russell 2000: 1,472.14,-6.13(-0.41%)
Stock market source: Yahoo Finance
Latest stock market news. Tech stocks continue to underperform today, a trend that seems dominant for the past two consecutive days. Tech stocks have outperformed in 2020, and stock trading, stock investing in tech stocks needs caution.