Nuveen Chief Equity Strategist Bob Doll discusses his outlook for the markets and economy amid nationwide protests and the coronavirus pandemic.
U.S. equity markets are poised to snap a four-day winning streak as job losses during nationwide coronavirus shutdowns reached 42 million.
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The Dow Jones Industrial Average tumbled 93 points, or 0.36 percent, while the S&P 500 and the Nasdaq Composite dropped 0.42 percent and 0.30 percent, respectively.
Initial jobless claims for the week ended May 30 totaled 1.88 million, according to data released by the Labor Department on Thursday morning. Continuing claims were 21.5 million, up from last week’s reading of 20.8 million.
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Meanwhile, demonstrations following the death of George Floyd were mostly peaceful for a second straight night aside from some violence in New York City.
Looking at stocks, casino operators are in focus as gaming reopens on the Las Vegas Strip after more than two months of shutdowns due to COVID-19.
American Airlines will increase its U.S. flight schedule to 55 percent capacity in July, from 25 percent in June, amid a pickup in demand as COVID-19 lockdowns ease. The announcement comes as major U.S. airlines have received government approval to suspend service to 75 regional airports amid a drop in demand for air travel.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAL | AMERICAN AIRLINES GROUP INC. | 13.21 | +1.36 | +11.52% |
| UAL | UNITED AIRLINES HLDG. | 36.10 | +2.45 | +7.28% |
| DAL | DELTA AIR LINES INC. | 30.44 | +1.97 | +6.92% |
Elsewhere, French luxury goods maker LVMH is exploring ways to renegotiate its $16.2 billion deal for Tiffany, Reuters reported.
Amazon is in talks for a $2 billion stake in Indian telecommunications giant Bharti Airtel, according to the news service.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TIF | TIFFANY & CO | 114.12 | -0.12 | -0.10% |
| AMZN | AMAZON.COM INC. | 2,491.95 | +13.55 | +0.55% |
Costco reported May sales at stores open at least a year rose 5.4 percent from 2019, as online sales soared 108 percent.
On the earnings front, J.M. Smucker posted record sales in the fourth quarter as consumers stocked up on food products while hunkered down at home.
West Texas Intermediate crude oil lost 1.5 percent to $36.73 a barrel while gold gained 1 percent to $1,721 an ounce.
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U.S. Treasurys ticked higher, pushing the yield on the 10-year note down by 1.7 basis points to 0.744 percent.
European markets were lower after the European Central Bank announced plans to increase its bond-buying program by 600 billion euros ($674 billion). Germany’s DAX shed 0.6 percent while Britain’s FTSE and France’s CAC 40 fell 0.78 percent and 0.43 percent, respectively.
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In Asia, Japan’s Nikkei and Hong Kong’s Hang Seng climbed 0.36 percent and 0.17 percent, respectively, while China’s Shanghai Composite slipped 0.14 percent.
