The latest stock market news, what are the economic news that moves stocks today. The US stock market today is moving down for two primary reasons.
“Stock Indexes Sink On Coronavirus Fears And Weakness In Bank Stocks
The S&P 500 Index ($SPX) this morning is down -1.89%, the Dow Jones Industrials Index ($DOWI) is down -2.18%, and the Nasdaq 100 Index ($IUXX) is down -2.00%.
U.S. stock indexes this morning are falling sharply as new U.S. coronavirus infections continue to surge, which may prompt U.S. states from reopening their economies. Stocks extended their losses this morning after the final-June University of Michigan U.S. consumer sentiment index unexpectedly declined.
The acceleration of new U.S. coronavirus cases is prompting some U.S. states to delay reopening of their economies after the U.S on Thursday posted its biggest increase in coronavirus infections since the pandemic began. Texas ordered all of its bars to close as of noon today. Florida reported that new coronavirus infections today rose 8,942, the most since the pandemic began.
Weakness in bank stocks today is another negative factor for the overall market. Bank stocks tumbled this morning after the Fed late Thursday ordered U.S. banks not to increase their dividends or resume stock buybacks at least through September so that they can remain well-capitalized to handle the financial pressure caused by the pandemic.
Today’s U.S. economic data was mixed for stocks. On the bullish side, May personal spending rose +8.2% m/m, weaker than expectations of +9.3% m/m, but still, the largest increase since the data series began in 1959. Also, May personal income fell -4.2% m/m, stronger than expectations of -6.0% m/m but still the largest decline in 7-1/4 years. On the bearish side, the final-June University of Michigan U.S. consumer sentiment index unexpectedly fell -0.8 to 78.1, weaker than expectations of +0.3 to 79.2.
Comments today from ECB President Lagarde were bearish for stocks when she said the economic recovery from the coronavirus pandemic would be “restrained” as trade is unlikely to return to pre-crisis levels and productivity may be weaker.
The VIX S&P 500 Volatility Index ($VIX) this morning is up +3.19 at 35.41 as it moves between Wednesday’s 1-week high of 37.12 and Tuesday’s 2-week low of 29.26. The VIX last Monday reached a 2-month high of 44.44, where it was sharply above the early-June 3-3/4 month low of 23.54.”
Stock market data:https://www.barchart.com/story/stocks/5117931/stock-indexes-sink-on-coronavirus-fears-and-weakness-in-bank-stocks
Stock market update
At 2:53 PM, ET time day Dow Jones is down more than 600 points, S&P 500 is falling more than 60 points and Nasdaq composite is down more than 200 points.
S&P 500: 3,017.21,-66.55(-2.16%)
Dow 30: 25,067.21, -678.39(-2.63%)
Russell 2000: 1,378.49,-34.83(-2.46%)
Stock market data: Yahoo Finance