Monday’s Headlines: Stock Market Falls on Record Coronavirus Cases

Monday’s Headlines: Stock Market Falls on Record Coronavirus Cases

Here were the biggest movers in the MyWallSt shortlist on Friday:

Moving Up ⬆️

Boston Beer Co. (SAM) +5.7%

DocuSign (DOCU) +5.5%

2U (TWOU) +5.4%

Duluth Trading (DLTH) +4.3%

Pure Storage (PSTG) +3.9%

Moving Down ⬇️

TrueCar (TRUE) -6.7%

Twitter (TWTR) -7.4%

Nike (NKE) -7.6%

Eventbrite (EB) -7.7%

Facebook (FB) -8.3%

1. U.S. stock futures turned higher early Monday following an earlier decline as coronavirus cases continue surging in the U.S., stoking concerns about the economic reopening and recovery. The Dow Jones Industrial Average futures implied an opening gain of more than 100 points. S&P 500 futures and Nasdaq-100 futures were little changed. The major averages posted their second weekly declines in three weeks last week as the Dow dropped 3.3%, the S&P 500 lost 2.9%, and the Nasdaq Composite fell 1.9%. Read more here.

2. A bad month for social media companies just got a whole lot worse after Facebook (FB) and Twitter (TWTR) closed on Friday down 8.3% and 7.4% respectively. The not-so-shocking drops come off the back of increasing numbers of businesses pulling their advertising from the platforms over their handling of hate speech and divisive content. Unilever (UNA), Starbucks (SBUX), Proctor & Gamble (PG), and many more have pulled advertising recently, leading Facebook to reverse their policies on Sunday night and pledging to hide or block harmful content. Get the complete report here.

3.  It might be a bit early in the morning for a beer, but investors in Boston Beer (SAM) will have plenty to celebrate this week leading up to the Fourth of July weekend. The Sam Adams-maker closed out Friday with its stock up 5.7%, bringing its rally since its mid-March lows to 84% as consumers continue to buy alcohol for home consumption. Analysts are turning bullish on the beer-maker whom they believe can weather the full effects of the coronavirus, but we will know more when it reports its Q2 earnings in late July. Read more here.

JamieJamie

Sign up for free to continue reading.