EY Global chairman and CEO Carmine Di Sibio discusses stimulus for businesses of all sizes and getting employees back to work.
U.S. equity markets turned lower Tuesday morning as investors assessed major gains the day before and waited for economic updates from top government officials.
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The Dow Jones Industrial Average fell 77 points, or 0.31 percent, while the S&P 500 dropped 0.29 percent. The tech-heavy Nasdaq Composite gained 0.07 percent. The major averages all gained at least 2.4 percent on Monday amid progress toward a COVID-19 vaccine.
Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin will testify in front of the Senate Banking, Housing and Urban Affairs Committee Tuesday over the steps taken to support the economy amid the pandemic, which forced lockdowns across much of the U.S.
At least one state, Arkansas, will ease lockdown restrictions on Tuesday, allowing bars associated with restaurants to reopen.
In stocks, Dow components Walmart and Home Depot released their quarterly results ahead of Tuesday’s opening bell.
Walmart reported earnings and revenue that exceed Wall Street estimates as comparable sales jumped 10 percent amid “unprecedented demand” for products including food and health care.
Meanwhile, Home Depot took an $850 million coronavirus-related charge as its first-quarter profit slid 11 percent from a year ago.
Kohl’s reported a wider-than-expected loss as sales plunged 44 percent from a year ago.
Elsewhere, Amazon and J.C. Penney are reportedly in deal talks, according to the fashion-industry trade journal Women’s Wear Daily, after the latter filed for Chapter 11 bankruptcy protection on Friday.
Drugmaker Moderna, which on Monday released positive Phase 1 trial results for an experimental COVID-19 vaccine, announced the pricing of a $1.34 billion stock offering.
Delta Air Lines will add flights to keep planes at no more than 60 percent capacity through at least July, Reuters reported, citing sources it didn’t identify.
Exchange operator Nasdaq will tighten restrictions for initial public offerings, which will make it harder for Chinese companies to list, people familiar with the matter told Reuters.
Proposed rules include a mandate that companies from some countries, including China, raise at least $25 million in the IPO and requiring auditing firms to make sure international franchises meet global standards.
West Texas Intermediate crude oil for June delivery gained 2.86 percent to $32.73 a barrel ahead of Tuesday’s expiration, and gold was little changed near $1,735 an ounce.
U.S. Treasurys edged higher, pushing the yield on the 10-year note down by 1 basis point to 0.732 percent.
In Europe, France’s CAC slid 0.56 percent, Britain’s FTSE fell 0.33 percent and Germany’s DAX slipped 0.22 percent.
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Markets rallied across Asia, with Hong Kong’s Hang Seng adding 1.89 percent, Japan’s Nikkei advancing 1.49 percent and China’s Shanghai Composite climbing 0.81 percent.
