Friday’s Headlines: Latest Job Reports Sends Market Tumbling
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Moving Down ⬇️
1. Stocks dropped on Thursday as Wall Street digested the 2.4 million jobless claims this week and rising tensions between China and the U.S. The Dow, S&P 500, and Nasdaq composite each fell roughly 1%, led by a dip in Big Tech stocks, including a more than 2% decline from both Amazon and Netflix. U.S.-China relations have become strained once more as Congress ramps up on a bill to delist Chinese stocks in the U.S., while the Phase One trade deal signed last December appears to be failing across several sectors. Get the full story here.
2. Shares in Tesla rose on Thursday after the electric vehicle maker returned to ‘normal operations’ at U.S. car and battery factories. Tesla wound down operations at its main U.S. car plant in Fremont, California as of March 24, but resumed production there the weekend of May 9 in defiance of earlier local health orders. Tesla has been on a tear despite the coronavirus, its stock rising just shy of 300% year-over-year, and will be hoping to get manufacturing back on track to maintain its growth. Read the complete report here.
3. Shares in Under Armour jumped 5.34% on Thursday after the company announced that it is offering $400 million of convertible senior notes that mature in 2024. The move shows investors that the struggling sports apparel maker can boost liquidity during the coronavirus pandemic just as stores across the U.S. begin reopening this week. Under Armour has had a rough time of late, its stock falling 15% in the past month alone to add to its 65% drop over the past year. Read more here.