The Dow Is Dropping Ahead of Jobs-Market Data -- Barrons.com
DOW JONES & COMPANY, INC. 8:27 AM ET 3/26/2020
Symbol Last Price Change
F 5.39up 0 (0%)
CAKE 18.87down 0 (0%)
SIG 7.33up 0 (0%)
GRPN 0.8939up 0 (0%)
QUOTES AS OF 06:30:00 PM ET 03/25/2020
Brace yourself.
Stocks dipped in premarket trade as Wall Street prepared itself for the release of weekly data on claims for unemployment benefits. This week's tally is expected to be record-breaking, reflecting workers who were sidelined last week as large chunks of the economy have been shut down to slow the spread of the coronavirus.
Also weighing on Wall Street is the Senate's approval of the $2 trillion emergency relief package. While everyone from Wall Street to Main Street has been clamoring for relief, many wonder if this bill will be enough.
Futures for the Dow Jones Industrial Average were off 350 points, or 1.6%. The S&P 500 and Nasdaq Composite were down 2% and 1.6%, respectively. Oil ticked down 3.2% with the price of West Texas Intermediate falling to $23.71 a barrel. The yield on the 10-year Treasury note dipped down to 0.775% as investors sought the safety of bonds. The price of gold ticked up 0.4% to $1,639.90 an ounce.
Here are some of the stocks making the biggest moves premarket Thursday.
Ford Motor (F) shares plunged 5.8% after the automaker's credit rating was cut from BB+ from BBB- by S&P, pushing it into junk territory.
Cheesecake Factory (CAKE) shares plunged 16% after the company sent a notice to landlords, informing them that it will be unable to pay its rent to April 1.
Signet Jewelers (SIG) soared 13% after reporting quarterly earnings that beat expectations both in terms of sales and the bottom line. The jewelry retailer suspended its dividend and is not providing guidance for its fiscal year, mimicking similar moves by other companies.
Groupon (GRPN) shares fell 1.5% following the sudden exits of chief executive Rich Williams and chief operating officer Steve Krenzer. The two will stay on as employees of the company and the board has established a search committee for a permanent CEO.
Write to Carleton English at carleton.english@dowjones.com
(END) Dow Jones Newswires
03-26-200827ET
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