• About
  • Advertise
  • Privacy & Policy
  • Contact
Daily Houston News
  • Houston
  • U.S.
  • International
  • Politics
  • Business
  • Latino
  • Tech
  • Science
  • Health
  • Living
  • Entertainment
  • Sports
No Result
View All Result
  • Houston
  • U.S.
  • International
  • Politics
  • Business
  • Latino
  • Tech
  • Science
  • Health
  • Living
  • Entertainment
  • Sports
No Result
View All Result
Daily Houston News
No Result
View All Result

Stocks sink before House weighs $2T coronavirus aid package

Leandro by Leandro
March 27, 2020
in Business
Stocks sink before House weighs $2T coronavirus aid package
Share on FacebookShare on Twitter

U.S. equity markets stumbled Friday morning as investors awaited a House vote on the bill that would extend $2 trillion worth of aid to individuals, small businesses and corporations hit hardest by the COVID-19 pandemic.

Concerns emerged Thursday evening that Rep. Thomas Massie, R-Ky., could try to prevent a so-called voice vote on the House floor that would fast-track the process. A voice vote would allow those present to yell “yea” or “nay” to express their support or dissent with the loudest side prevailing.

The Dow Jones Industrial Average tumbled 792 points, or 3.52 percent, in the opening minutes of trading, while the S&P 500 and Nasdaq Composite dropped 3.1 percent and 2.8 percent respectively.

On Thursday, the Dow emerged from its bear market, capping off a 3-day advance of 3,960.24 points, or 21.30%. It was the biggest 3-day percentage gain since 1931.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES21853-699.17-3.10%
SP500S&P 5002554.57-75.50-2.87%
I:COMPNASDAQ COMPOSITE INDEX7573.64297-223.89-2.87%

Looking at stocks, airlines were in focus after Treasury Secretary Steven Mnuchin said the government would take stakes in the companies in exchange for billions of dollars of aid extended through grants.

TickerSecurityLastChangeChange %
UALUNITED AIRLINES HLDG.32.85-2.70-7.61%
AALAMERICAN AIRLINES GROUP INC.14.62-1.04-6.64%
DALDELTA AIR LINES INC.30.04-1.67-5.25%
LUVSOUTHWEST AIRLINES CO.38.35-2.88-6.99%

Meanwhile, cruise operators, which are not domiciled in the U.S. and won’t be receiving government assistance, were under significant pressure.

TickerSecurityLastChangeChange %
CCLCARNIVAL CORP.14.45-3.37-18.91%
RCLROYAL CARIBBEAN CRUISES33.71-6.90-16.98%

Electric-vehicle maker Tesla will be slashing about 75 percent of the workforce at its Nevada battery plant, according to a website posting by Storey County manager Austin Osborne.

On the earnings front, video-game retailer GameStop reported mixed fourth-quarter results and CEO George Sherman said the company was seeing “increased demand” for its products in the wake of COVID-19.

Apparel chain Lululemon reported better-than-expected quarterly results and a 20 percent surge in same-store sales. Lulu declined to give an outlook for fiscal year 2020 due to uncertainty caused by COVID-19.

TickerSecurityLastChangeChange %
TSLATESLA INC.502.21-25.95-4.91%
GMEGAMESTOP CORP4.34-0.07-1.59%
LULULULULEMON ATHLETICA INC.191.99-8.81-4.39%

Looking at commodities, gold fell 1.1 percent to $1,642 an ounce and West Texas Intermediate crude oil was down 4.8 percent at $21.51 a barrel.

U.S. Treasurys gained, dropping the yield on the 10-year note by 4.7 basis points to 0.761 percent.

In Europe, Britain’s FTSE, down 5.8 percent, paced the decline after U.K. Prime Minister Boris Johnson tested positive for coronavirus and said he was experiencing mild symptoms. Elsewhere, France’s CAC and Germany’s DAX were lower by 4.8 percent and 3.7 percent, respectively.

Asian markets clawed their way higher, with Japan’s Nikkei gaining 3.88 percent, Hong Kong’s Hang Seng advancing 0.56 percent and China’s Shanghai Composite adding 0.26 percent. The gains came despite a historic drop in China’s industrial profits.

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)

Related

Leandro

Leandro

RelatedPosts

Apple has issued an urgent security update, urging users to promptly update their iPhones, Watches, Macs, and iPads.
Business

Apple has issued an urgent security update, urging users to promptly update their iPhones, Watches, Macs, and iPads.

September 25, 2023
Persecution and Kidnapping in Mexico: The Tragedy Enveloping the Valencia Family in a Nightmare, with One Brother in Jail and Another in the Hands of Organized Crime
Business

Persecution and Kidnapping in Mexico: The Tragedy Enveloping the Valencia Family in a Nightmare, with One Brother in Jail and Another in the Hands of Organized Crime

September 24, 2023
Over 58K pounds of raw ground beef recalled in multiple states
Business

Over 58K pounds of raw ground beef recalled in multiple states

September 21, 2023
Driver followed home, another leaving Taco Bell before being shot in separate acts of road rage
Business

Driver followed home, another leaving Taco Bell before being shot in separate acts of road rage

March 20, 2023
Houston barber shares COVID-19 recovery story to help others
Business

Houston barber shares COVID-19 recovery story to help others

August 14, 2021
Jimmy John’s despide a todos los empleados involucrados en el video de ‘soga de masa’
Business

Jimmy John’s despide a todos los empleados involucrados en el video de ‘soga de masa’

July 7, 2020
Facebook Twitter Youtube RSS

Browse by Category

  • Business
  • Entertainment
  • Health
  • Houston
  • International
  • Latino
  • Living
  • Local
  • News
  • Politics
  • Science
  • Sports
  • Tech
  • U.S.

© 2023 Copyright Daily Houston News

No Result
View All Result
  • Houston
  • U.S.
  • International
  • Politics
  • Business
  • Latino
  • Tech
  • Science
  • Health
  • Living
  • Entertainment
  • Sports

© 2023 Copyright Daily Houston News