The blockage of Egypt’s Suez Canal is putting strain on global supply chains. FOX Business’ Maria Bartiromo and Mahoney Asset Management CEO Ken Mahoney with more.
U.S. equity markets rallied Friday as shares benefitting most from a reopening of the economy outperformed.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 32779.67 | +160.19 | +0.49% |
| SP500 | S&P 500 | 3928.08 | +18.56 | +0.47% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13022.264187 | +44.58 | +0.34% |
The Dow Jones Industrial Average climbed 137 points, or 0.42%, while the S&P 500 and the Nasdaq Composite gained 0.36% and 0.16%, respectively. The choppy session comes as the yield on the 10-year Treasury note climbed 4.6 basis points to 1.66%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 154.88 | +2.21 | +1.45% |
| GS | THE GOLDMAN SACHS GROUP, INC. | 333.80 | +3.26 | +0.99% |
In stocks, Dow components JPMorgan Chase & Co. and Goldman Sachs Group Inc. were among the leaders after the Federal Reserve said banks could begin issuing share buybacks and raising dividends on June 30 so long as they pass their annual stress test.
FED TO LIFT BANK RESTRICTIONS ON DIVIDENDS, BUYBACKS BY JUNE
The group also benefitted as the rise in bond yields steepened the yield curve.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAL | AMERICAN AIRLINES GROUP, INC. | 23.09 | +0.32 | +1.41% |
| UAL | UNITED AIRLINES HLDG. | 56.81 | +0.76 | +1.36% |
| XAL | n.a. | n.a. | n.a. | n.a. |
American Airlines Group Inc. prepaid a $550 million loan that was granted as part of the CARES Act, which in part extended aid to U.S. airlines amid the COVID-19 pandemic. United Airlines Holdings Inc., meanwhile, added flights to coastal vacation destinations starting Memorial Day weekend and announced plans to resume travel to some overseas destinations.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CCL | CARNIVAL CORP. | 25.94 | +0.12 | +0.46% |
| RCL | ROYAL CARIBBEAN CRUISES | 83.55 | +0.20 | +0.24% |
Cruise operators cannot restart U.S. voyages until Nov. 1, the Centers for Disease Control and Prevention said on Wednesday. An industry group had been urging for voyages to restart in early July.
Elsewhere, shares of Chinese tech companies bounced back from the steep losses suffered Thursday when the U.S. Securities and Exchange Commission began rolling out new measures that will boot foreign companies off American stock exchanges if they do not comply with audit standards.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LB | L BRANDS INC. | 63.14 | +3.73 | +6.28% |
In other news, LB Brands Inc. raised its earnings guidance for the current quarter, citing a faster than expected loosening of COVID-19 restrictions and recent government stimulus for improved customer demand.
In commodities, West Texas Intermediate crude oil jumped $1.74 to $60.30 per barrel and gold slipped $2.20 to $1,722.90 per barrel.
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Overseas markets were higher across the board.
Germany’s DAX 30 paced the advance in Europe, trading up 0.8%, while Britain’s FTSE 100 and France’s CAC 40 climbed 0.64% and 0.46%, respectively.
In Asia, China’s Shanghai Composite index rose 1.63%, Hong Kong’s Hang Seng index advanced 1.57% and Japan’s Nikkei 225 added 1.56%.
