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S&P 500 trims weekly gain, but not Nasdaq
19-Jun-20 16:15 ET
Dow -208.64 at 25871.48, Nasdaq +3.07 at 9946.13, S&P -17.60 at 3097.61

https://www.briefing.com/stock-market-update

[BRIEFING.COM] The S&P 500 declined 0.6% on this quadruple-witching expiration Friday, as renewed concerns about a recovery and the coronavirus tempered the market's early enthusiasm. The Dow Jones Industrial Average lost 0.8%, and the Russell 2000 lost 0.6%. The Nasdaq Composite (+0.03%), however, eked out an incremental gain.

Today's price action was relatively volatile. The S&P 500 gained as much as 1.3% shortly after the open but then declined as much as 1.0% into negative territory by the afternoon. The following coronavirus-related developments were attributed to the intraday decline:

Apple (AAPL 349.72, -2.01, -0.6%) will reportedly re-close some stores in four states due to COVID risks. Arizona, Florida, and California reported noticeable increases in daily coronavirus cases. Boston Fed President Rosengren said a second-half economic rebound will likely be slower than initially hoped due to the continued spread of the coronavirus.

The market closed off its lows, but most sectors still finished lower, including the S&P 500 utilities (-3.1%) and energy (-1.7%) sectors at the bottom of the standings. The health care sector (+0.9%) was the lone sector in the green amid gains in its biotech components. The iShares NASDAQ Biotechnology ETF (IBB 137.85, +4.36) rose 3.3%.

CarMax (KMX 91.78, -6.13, -6.3%) was among the weakest performers in the S&P 500 after the company provided mixed earnings results. Shares initially traded higher after the company said sales have progressively improved since hitting a trough in early April.

U.S. Treasuries ended the session near their flat lines after trading lower in early action. The 2-yr yield and the 10-yield remained unchanged at 0.19% and 0.70%, respectively. The U.S. Dollar Index increased 0.3% to 97.67. WTI crude rose 2.5% (+$0.95) to $39.74/bbl.

Friday's economic data was limited to the Current Account Balance for the first quarter, which narrowed to $104.2 billion (Briefing.com consensus -$99.8 billion) from $109.8 billion in the fourth quarter of 2019. Looking ahead, investors will receive the Existing Home Sales report for May on Monday.

Nasdaq Composite +10.9% YTD
S&P 500 -4.1% YTD
Dow Jones Industrial Average -9.4% YTD
Russell 2000 -15.0% YTD

Market Snapshot
Dow 25871.48 -208.64 (-0.80%)
Nasdaq 9946.13 +3.07 (0.03%)
SP 500 3097.61 -17.60 (-0.56%)
10-yr Note +1/32 0.695
NYSE Adv 990 Dec 1868 Vol 3.5 bln
Nasdaq Adv 1548 Dec 1792 Vol 6.0 bln

Industry Watch
Strong: Health Care
Weak: Utilities, Industrials, Real Estate, Energy

Moving the Market

-- Market tamed by coronavirus/recovery concerns

-- Arizona, Florida, and California report noticeable increases in COVID-19 cases

-- Apple (AAPL) reportedly planning to temporarily re-close some stores again due to COVID risks

-- Boston Fed President Rosengren offers cautious outlook on economy

WTI crude rises toward $40 per barrel
19-Jun-20 15:25 ET
Dow -40.19 at 26039.93, Nasdaq +17.72 at 9960.78, S&P -1.75 at 3113.46

[BRIEFING.COM] The S&P 500 has battled back to its flat line, as investors buy the intraday dip.

One last look at the S&P 500 sectors before the close shows health care (+1.0%), materials (+0.3%), and consumer discretionary (+0.2%) trading higher, while the industrials (-0.6%), utilities (-0.6%), and financials (-0.5%) sectors lag.

WTI crude settled today's session higher by $0.95 (+2.5%) to $39.74/bbl.