Stock market today closed lower, worse than expected jobless claims were critical
All major stock indices closed lower today, Dow Jones lost more than 130 points, S&P 500 was lower more than 10 points. The weekly jobless claims were worse than expected, showing weakness in the labor market. Still, the retail sales came in at better than expected. How did the US stock market today close?
Stock market today at the close
S&P 500: 3,215.57,-10.99(-0.34%)
Dow 30: 26,734.71,-135.39(-0.50%)
Russell 2000: 1,465.86,-12.41(-0.84%)
The following companies reported Q2 earnings today, a top fundamental factor that moved stocks:
Shares of Bank of America Corporation (BAC) closed lower at 23.93-0.67 (-2.72%).
“Bank of America Corp.’s profit slid 52% as it joined rivals in preparing for an onslaught of consumer defaults spurred by the pandemic’s economic fallout.
Profit at the consumer-banking unit plunged 98% as the coronavirus shuttered much of the U.S. economy and caused tens of millions of Americans to lose their jobs. The company allocated $5.1 billion for loan losses in the second quarter, the most since 2010, as Bank of America joined its biggest rivals in predicting pain to come that contrasts with stock market optimism for a quick economic rebound.The bank’s efficiency ratio, a measure of profitability, worsened to 60% from 59% in the first quarter.Net income fell to $3.53 billion from $7.35 billion a year earlier. Per-share earnings totaled 37 cents, beating the 25-cent average estimate of 23 analysts.”
Stock market source: https://finance.yahoo.com/news/bofa-joins-banking-giants-setting-110904716.html
Morgan Stanley (MS) stock rose more than 2%, closing at 52.64+1.29 (+2.51%).
“Morgan Stanley earnings jumped 59% to $1.96 a share, crushing views for $1.17. Revenue rose 31% to $13.41 billion, easily topping forecasts for $10.78 billion.
Fixed-income trading revenue soared 168% to $3.03 billion, and equity trading revenue climbed 23% to $2.62 billion. Combined trading revenue hit its highest level in a decade.
Investment banking revenue grew 39% to $7.98 billion, boosted by a 64% jump in underwriting revenue as new stock and debt issuance surged.”
Stock market data: https://www.investors.com/research/ibd-stock-of-the-day/morgan-stanley-earnings-bank-of-america-earnings-q2-2020-bank-stocks/?src=A00220&yptr=yahoo
Shares of Domino’s Pizza, Inc. (DPZ) fell more than 1%, closing at 407.52-6.16 (-1.49%).
“Domino’s Pizza (DPZ) came out with quarterly earnings of $2.99 per share, beating the Zacks Consensus Estimate of $2.25 per share. This compares to earnings of $2.19 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of 32.89%. A quarter ago, it was expected that this pizza chain would post earnings of $2.29 per share when it actually produced earnings of $3.07, delivering a surprise of 34.06%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.”
Stock market data: https://finance.yahoo.com/news/dominos-pizza-dpz-surpasses-q2-124512699.html
All stock quotes are tahen from Yahoo Finance.