Stock Market Today: Coronavirus Woes Keep Piling Up on the Dow
Continued spikes in COVID-19 caseloads and other troubling coronavirus-linked news weighed on the Dow yet again Friday.
Stocks closed out the week with another up-and-down day of trading, yet again influenced by more discouraging developments on the COVID-19 front.
Florida and Arizona both announced record increases in cases Friday, and California registered its highest daily case number on Thursday, the same day the state made mask-wearing mandatory in many public settings.
"Almost half of all states have seen accelerating case growth over the last couple weeks, including some large states, including Texas, Florida, and California," Deutsche Bank Research analysts wrote Friday in a note to clients. "Some of the increase in new cases is certainly due to a ramp up in testing, but this is not the whole story. Thirteen states are seeing an increase in the share of tests that are coming back positive, including several states that are of most concern, including Arizona, Florida, and Texas, among others. Other states with climbing cases, including California, have experienced only modest decline in test positivity rates.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"As a result, deteriorating trends in many of the states that are in focus reflect greater spread not simply more testing."
COVID concerns slipped into single-stock performance, too. Apple (AAPL) slipped 0.6% as it announced it would be re-closing 11 stores across four states. Meanwhile, cruise operators Royal Caribbean (RCL, -6.9%) and Carnival (CCL, -5.3%) dropped after the major cruise lines announced they would keep operations out of U.S. ports suspended until Sept. 15.
The glut of bad news sent the Dow 0.8% lower to 25,871. The S&P 500 (3,097) and small-cap Russell 2000 (1,418) each declined by 0.6%. The Nasdaq, however, managed to squeeze out a 3-point gain to 9,946.
As we head into the weekend, investors might want to devote a little time to digging beneath the surface.
The headlines have been flush with mega-cap tech stocks grinding out small wins, as well as big industrial and consumer names getting rattled by recent coronavirus unease. But beneath the surface are blooming trends and high-flying plays that simply don't get much airtime.
Everyone knows broadly that biotech is a great place to find potential-packed stocks, but many stocks have gotten overlooked by investors focused on the race for a COVID cure – these 7 growthy biotechs are still worthy of note, however. Investors also are increasingly coming around to plays that meet and exceed environmental, social and corporate governance (ESG) standards, but how familiar are you with the funds that hold them? These 15 funds allow you to "responsibly invest" across a number of themes.
And in general, a look around the mid- and small-cap space will reveal fascinating snap-back and growth stories that simply don't get a lot of press because the companies involved are too small (or boring) to be noticed. But that's OK. These 19 stocks don't necessarily need to make headlines to pay off for investors who give them the time of day.
Kyle Woodley is the Editor-in-Chief of WealthUp, a site dedicated to improving the personal finances and financial literacy of people of all ages. He also writes the weekly The Weekend Tea newsletter, which covers both news and analysis about spending, saving, investing, the economy and more.
Kyle was previously the Senior Investing Editor for Kiplinger.com, and the Managing Editor for InvestorPlace.com before that. His work has appeared in several outlets, including Yahoo! Finance, MSN Money, Barchart, The Globe & Mail and the Nasdaq. He also has appeared as a guest on Fox Business Network and Money Radio, among other shows and podcasts, and he has been quoted in several outlets, including MarketWatch, Vice and Univision. He is a proud graduate of The Ohio State University, where he earned a BA in journalism.
You can check out his thoughts on the markets (and more) at @KyleWoodley.
-
Why Taiwan Semiconductor Stock Is Falling After Earnings
Taiwan Semiconductor beat expectations for the first quarter but its stock is notably lower. Here's why.
By Joey Solitro Published
-
Strategies to Optimize Your Social Security Benefits
To maximize what you can collect, it’s crucial to know when you can file, how delaying filing affects your checks and the income limit if you’re still working.
By Jason “JB” Beckett Published
-
Stock Market Today: Dow Slips After Travelers' Earnings Miss
The property and casualty insurer posted a bottom-line miss as catastrophe losses spiked.
By Karee Venema Published
-
Stock Market Today: Stocks Stabilize After Powell's Rate-Cut Warning
The main indexes temporarily tumbled after Fed Chair Powell said interest rates could stay higher for longer.
By Karee Venema Published
-
Stock Market Today: Stocks Reverse Lower as Treasury Yields Spike
A good-news-is-bad-news retail sales report lowered rate-cut expectations and caused government bond yields to surge.
By Karee Venema Last updated
-
Stock Market Today: Nasdaq Leads as Magnificent 7 Stocks Rise
Strength in several mega-cap tech and communication services stocks kept the main indexes higher Thursday.
By Karee Venema Published
-
Stock Market Today: Stocks Tumble After a Hot Inflation Print
Equities retreated after inflation data called the Fed's rate-cut plans into question.
By Dan Burrows Published
-
Stock Market Today: Stocks End Mixed Ahead of Key Inflation Reading
Equities struggled before tomorrow's big Consumer Price Index report.
By Dan Burrows Published
-
Stock Market Today: Stocks Closed Mixed in Choppy Trading
Volatility returned as market participants adjusted their expectations for rate cuts.
By Dan Burrows Published
-
Stock Market Today: Stocks Rally After Blowout Jobs Report
Stocks soared into the weekend as investors brushed off strong payrolls data and lowered rate-cut expectations.
By Dan Burrows Published