Tuesday’s Headlines: Is The Market Starting To Rebound?
1. Stocks rose on Monday, building on a strong rally from last week as the U.S. extended measures to contain the coronavirus outbreak. The Dow rose 3.2%, while the S&P 500 and Nasdaq also jumped 3.4% and 3.6% respectively, with all 3 looking likely to open up on Tuesday, after rebounding from a massive COVID-19 sell-off. The Dow is now up 20% from its coronavirus sell-off low reached on Monday while the S&P 500 has risen more than 17% from those levels. The Nasdaq has bounced more than 13%. Read the full report here.
2. Shares of Microsoft closed up 7% on Monday, outperforming other major technology stocks for the day after the company disclosed a surge in the use of its online services. “We have seen a 775% increase in Teams’ calling and meeting monthly users in a one-month period in Italy, where social distancing or shelter in place orders have been enforced,” Microsoft said on Monday. Meanwhile, its older Skype app is seeing 40 million daily users, up 70% from one month ago. Get the full story here.
3. Lululemon announced Thursday fiscal fourth-quarter results that topped expectations, as its same-store sales surged 20% during the period. Earnings per share came in at $2.28 versus the $2.24 expected, on top of revenue of $1.40 billion versus $1.38 billion expected; this is thanks largely in part to more men shopping in its stores and online. However, due to the uncertainty from the coronavirus pandemic, the yoga pants maker said it will not be providing a fiscal 2020 outlook at this time. Read the complete earnings report here.
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️