Investing.com - U.S. stocks plummeted on Thursday, the biggest one-day drop since March 16. Previously, data showed signs of a rebound in the epidemic in more than 20 states in the United States, and investors were still digesting the Federal Reserve's pessimistic economic forecast.
- The Dow Jones Industrial Average closed down 1861.82 points, or 6.90%, at 25128.17 points;
- The US S&P 500 Index closed down 188.04 points, or 5.89%. , reported at 3002.10 points;
- The Nasdaq Composite Index closed down 527.62 points, or 5.27%, at 9492.73 points;
- VIX panic index soared 47.95% to 40.79.
- As of 09:10 Beijing time, Investing.com US stock market conditions showed that the US S&P 500 index futures rose 0.42% to 3023.38 points; the Dow Jones 30 Index futures rose 0.58% to 25312.0 points; Nas Dak 100 Index futures rose 0.13% to 9,631.25 points.
- FTSE China A50 Index futures rose 0.26%.
[Important information affecting US stocks]
As more states relax restrictions, the cumulative number of confirmed cases of new coronavirus pneumonia in the United States exceeds 2 million. According to US media "Today" news on the 11th local time, cases in 21 states have surged after the United States restarted its economy. New Mexico and Florida have seen a 40% increase in cases, while Utah and Arkansas, which have never established statewide stay-at-home orders, have seen a 60% increase. Arizona has seen a 93% increase in cases, and state officials are urging hospitals to activate emergency plans.
U.S. Treasury Secretary Mnuchin said on the 11th that even if the number of new coronavirus cases surges again, the United States should no longer close its economy. Mnuchin said: "We have realized that if we shut down the economy, we will cause greater losses." "We cannot shut down the economy again." Mnuchin believes that Trump is right to urge states to relax restrictions. He believes that, If there is a resurgence, restrictions won't have to be reintroduced because coronavirus testing and case tracking are improving, and officials have learned how to control outbreaks.
At the end of a two-day monetary policy meeting on Wednesday, the Federal Reserve released its first pandemic-era economic outlook, after which Chairman Jerome Powell warned that the road to recovery would be long.
Overnight data from the U.S. Department of Labor showed that the number of initial jobless claims in the United States last week was 1.542 million, compared with market expectations of 1.55 million and the previous value of 1.897 million.
[Latest stock ratings]
Disney (NYSE:DIS): JPMorgan Chase reiterated its "overweight" rating and $135 target price on Disney. Disney closed down 7.81% to $112.64.
[Details of overnight stock news]
Boeing notified its largest supplier to suspend production of restarted 737 MAX parts
Boeing Company (NYSE: BA) plunged 16.43% to US$170.00. Boeing has told its largest supplier, Spirit AeroSystems Holdings Inc., to suspend recently restarted 737 Max parts production to prevent an oversupply of new planes as airlines adjust to falling demand during the pandemic. . Spirity AeroSystems Holdings announced a 21-day furlough of employees working in production and support for the Boeing 737 program.
Travel-related sectors plummeted, airline stocks and cruise operators fell sharply.
Airline stocks plummeted. The New York Stock Exchange Ark Air Index plummeted 15.18%. Delta Air Lines (NYSE: DAL) closed down 14.03%, American Airlines (NASDAQ: AAL) closed down 15.51%, United Airlines (NASDAQ: UAL) closed down 16.11%, Southwest Airlines (NYSE: LUV) It closed down 11.60%.
Cruise operator Carnival Cruise Line (NYSE: CCL) fell 15.30%, Norwegian Cruise Line (NYSE: NCLH) fell 16.46%, and Royal Caribbean Cruises (NYSE: RCL) fell 14.28%.
The market value of the five major U.S. technology giants has shrunk by nearly 2700 00 million US dollars
Among the five major U.S. technology giants, Microsoft Corporation (NASDAQ: MSFT) fell 5.37%, Facebook (NASDAQ: FB) fell 5.20%, and Apple (NASDAQ: AAPL) fell 4.80% , google (NASDAQ:GOOGL) fell 4.29%, and Amazon (NASDAQ:AMZN) fell 3.38%. The five most valuable technology companies have lost more than $269 billion in market value.
Energy stocks and financial stocks led the decline in the S&P 500 index
Among the major sectors of the S&P 500 index, energy stocks and financial stocks suffered the largest percentage declines, falling 9.5% and 8.2% respectively. Rate-sensitive bank stocks fell 9.6% after the Federal Reserve said key interest rates will remain near zero until at least 2022.
[After-hours news]
The epidemic is good for digital product revenue, Adobe rose 4% after the market
Adobe (NASDAQ: ADBE) rose 4.06% after the market. Adobe reported second-quarter net profit of US$1.1 billion, or US$2.27 per share, compared with US$632.6 million, or US$1.29 per share, in the same period last year. Adjusted earnings per share were $2.45, compared with $1.83 a year ago and analysts expected $2.32. Revenue rose to $3.13 billion from $2.74 billion in the same period last year, slightly missing estimates of $3.16 billion.
The company said it has been a huge driver of growth in its digital products as millions of people moved to work from home during the pandemic.
Adobe expects third-quarter adjusted earnings per share of about $2.40 on revenue of about $3.15 billion, while analysts had expected earnings of $2.46 per share on revenue of $3.26 billion.
Lululemon Q1 sales fell short of expectations and fell 5% after the bell
Lululemon (NASDAQ: LULU) fell 5.07% after the bell. Lululemon said it earned $29 million, or 22 cents a share, in the first quarter, compared with $97 million, or 74 cents a share, in the same period last year. Analysts expected a profit of 20 cents.
sales fell 17% to $652 million, as online sales growth was not enough to make up for the decline in store sales due to the epidemic. Analysts expected $692 million. The company did not provide guidance for fiscal 2020.
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