The Dow Jones Industrial Average was down sharply Friday afternoon along with the other major stock indexes. Goldman Sachs (GS), Nike (NKE) and JPMorgan (JPM) took the biggest hits in the DJIA. Facebook (FB) was the worst performing FANG stock after Unilever (UL) became the latest company to stop advertising on the social network because of what they see as Facebook’s lack of response to hate speech on its platforms. Facebook plunged nearly 8% as it tests support at the 50-day moving average. Financial stocks led a bullish performance for the stock market Thursday, but banks were among Friday’s biggest losers after the Federal Reserve late Thursday announced new restrictions on stock buybacks and dividends. Financial Select Sector SPDR (XLF) was down more than 4%. The Dow Jones was down 2.7%, while the S&P 500 and Nasdaq composite gave back 2.3%. The Russell 2000 small-cap indexes fell 2.5%. Another distribution day was taking shape for the S&P 500 and Nasdaq, with volume tracking higher than Thursday’s levels.
After hitting resistance at its 200-day moving average, the Dow Jones is nearing a test of its 50-day moving average. The S&P 500, meanwhile, is testing support at its 200-day line after a bounce off the support level Thursday. The Nasdaq is close to another test of its 21-day moving average, where it’s been finding support.
Money flowed into bonds, sending the 10-year yield lower by 5 basis points to 0.63%.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| DOW Jones | (0DJIA) | 25105.04 | -640.56 | -2.49 |
| S&P500 | (0S&P5) | 3023.67 | -60.09 | -1.95 |
| Nasdaq | (0NDQC) | 9824.24 | -192.76 | -1.92 |
| Russell 2000 | (IWM) | 137.03 | -3.42 | -2.44 |
| IBD 50 | (FFTY) | 33.86 | -0.54 | -1.57 |
Last Update: 2:42 PM ET 6/26/2020 |
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Dow Jones stock Nike slumped 7% after the company reported an unexpected loss and disappointing revenue. Losses in Goldman Sachs, JPMorgan and American Express (AXP) ranged from 4% to 8%. Sentiment was negative as the coronavirus continues to spread in the U.S. As the U.S. economy reopens, several states are experiencing record levels of new Covid-19 cases and hospitalizations as case counts rise. Texas, one of the hardest hit states, said it will halt its reopening. In the U.S. Thursday, new coronavirus cases topped 40,000, a new daily record. Florida reported a record 8,942 new coronavirus cases over the past 24 hours, while in Texas, Governor Greg Abbott announced that he is pausing the state’s reopening plan amid the surge in new coronavirus cases. San Francisco is also delaying its reopening over fears that new infections might be increasing rapidly. Nick Note: Hear me well here. This is the wipe out of the 10 year endless easing. The entire Wall Street con job was broke in the 2008 wipeout. The only money the Listed companies are making is from borrowing to buy share buyback and bribe investors with dividends paid form capital (all Borrowied) how do you think this is going to turn out. Did i hear depression. Your DAMN Straight and none None NONE will survive.