Monday’s Headlines: Investors Wary On Second Wave Fears
Here were the biggest movers in the MyWallSt shortlist on Friday:
Moving Up ⬆️
Etsy (ETSY) +9.6%
Chegg (CHGG) +7.4%
Baozun (BZUN) +6.7%
Teladoc (TDOC) +5.0%
Evolent Health (EVH) +4.8%
Moving Down ⬇️
Texas Roadhouse (TXRH) -4.4%
Howard Hughes Corporation (HHC) -4.5%
Hasbro (HAS) -5.1%
Chuy's (CHUY) -5.4%
Nordstrom (JWN) -6.3%
1. With the U.S. reporting the highest surge in coronavirus cases since May 1, the stock market has been seesawing between an opening in the red or the green all morning. The major indexes are coming off their fourth weekly gains in five weeks, with both the Dow (DIA) and S&P 500 (VOO) advancing at least 1% last week while the Nasdaq (QQQ) rose over 3%. Investors still appear wary of the disconnect between Wall Street and the economy as fears of a resurgence continue to plague businesses after the U.S. reported more than 30,000 new coronavirus cases on Friday and Saturday. Read the full story here.
2. As if more evidence wasn’t needed of the threat of a second wave, Apple (AAPL) will reportedly be re-closing many of its stores in infection hot zones Florida, Arizona, North Carolina, and South Carolina. The company is expected to address this news at its online-only World Wide Developer Conference that takes place at 10AM ET/1PM PT, as well as unveil a host of new goodies. Despite closing its stores early on, Apple has fared well in 2020 with its stock rising more than 16% YTD. Read the complete report here.
3. Volatility lovers rejoice, Elon Musk has taken to Twitter (TWTR) again, with the Tesla (TSLA) CEO tweeting late Friday that the company will have to postpone its annual shareholder meeting. Originally scheduled for July 7, the meeting was expected to showcase several important upcoming products, including the weirdly wonderful Cybertruck, the new Tesla Semi, and a longer-lasting battery. Tesla’s board is already under pressure from shareholders of late to vote against reelecting board chair Robyn Denholm, as concerns over high compensation for directors mount. Read more here.