FOX Business’ Lauren Simonetti says while big tech and health care showed an upward trend in the market, so did oil and energy.
U.S. equity markets battled for gains Wednesday as traders evaluated record job losses and states worked to reopen their economies from coronavirus lockdowns.
Continue Reading Below
The Dow Jones Industrial Average climbed 40 points, or 0.17 percent, in early trading while the S&P 500 and the Nasdaq Composite added 0.42 percent and 1.06 percent, respectively.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 23797.5 | -85.59 | -0.36% |
| SP500 | S&P 500 | 2877.93 | +9.49 | +0.33% |
| I:COMP | NASDAQ COMPOSITE INDEX | 8896.342853 | +87.22 | +0.99% |
The ADP national employment report released Wednesday morning showed U.S. companies cut 20.2 million jobs in April as the COVID-19 pandemic forced them to close at least temporarily. The U.S. Labor Department report for the same period, which includes public-sector jobs, is due Friday morning.
As the losses mount, states are turning their attention to reopening their economies. Arkansas is allowing barber shops, tattoo parlors and other businesses to resume operations on Wednesday while Kentucky is permitting outpatient surgeries.
It’s “possible” the death toll from COVID-19 will increase as restrictions are lifted, President Trump said on Tuesday evening, but “we have to get our country open.”
Looking at stocks, Walt Disney Co. earned $460 million in its fiscal second quarter, down 92 percent from a year ago, as its parks and live entertainment business took a $1 billion hit from closures due to COVID-19.
CVS Health Co.’s first-quarter profit spiked 41 percent to $2.01 billion as pharmacy and front-store sales surged 9.3 percent and 8 percent, respectively, at locations open at least a year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIS | WALT DISNEY COMPANY | 102.21 | +1.15 | +1.14% |
| GM | GENERAL MOTORS COMPANY | 22.38 | +1.12 | +5.27% |
| BYND | BEYOND MEAT INC. | 114.50 | +14.34 | +14.32% |
General Motors earned $294 million as the automaker took a $1.4 billion hit from disruptions caused by COVID-19.
Beyond Meat swung to a first-quarter profit of $1.8 million, up from a loss of $6.6 million a year ago, as “food-at-home” demand drove sales 141 percent higher.
Video-game makers Activision Blizzard and Electronic Arts both beat on top- and bottom-line results as “stay-at-home” orders drove a surge in demand.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ATVI | ACTIVISION BLIZZARD INC. | 72.62 | +4.09 | +5.97% |
| EA | ELECTRONIC ARTS INC. | 114.32 | -5.29 | -4.42% |
Elsewhere, retailer Nordstrom will permanently shutter 16 locations when stores reopen from closures forced by COVID-19.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JWN | NORDSTROM | 17.13 | -0.21 | -1.21% |
In commodities, West Texas Intermediate crude oil gained for a sixth straight day, trading up 3.3 percent at $25.62 a barrel. Meanwhile, gold slipped 0.95 percent to $1,694 an ounce.
U.S. Treasurys fell, causing the yield on the 10-year note to climb by 2.1 basis points to 0.678 percent.
In Europe, Britain’s FTSE rallied 0.68 percent, while Germany’s DAX and France’s CAC slipped 0.1 percent and 0.18 percent, respectively.
CLICK HERE TO READ MORE ON FOX BUSINESS
Asian markets gained, with Hong Kong’s Hang Seng climbing 1.13 percent and China’s Shanghai Composite adding 0.63 percent. Japan’s Nikkei remained closed for holiday.
