It was a mixed session on the stock market today. the S&P 500 opened lower and pushed higher into positive territory in morning trade, before falling and falling 1.6% over the day.
From the March low to Tuesday’s peak, the S&P 500 rebounded 20.5%. It just shows how badly investors have suffered as the index has not even been able to recover half of the losses it has suffered despite a rally so far.
As the recent market dynamics begin to cool, investors are looking for direction. This is when investors wonder if there are more benefits in store or if we will launch into a retreat. All the while, the CBOE Volatility Index (VIX) is still north of $ 50.
Stock market movers today
American steel (NYSE:X), Alcoa (NYSE:AA), Cleveland-Cliffs (NYSE:CLF), Freeport-McMoRan (NYSE:FCX) and others increased as President Donald Trump lobbied for new infrastructure legislation.
Asset tweeted that the plan “should be VERY BIG & BIG, two trillion dollars, and focus only on jobs and rebuilding the once great infrastructure of our country!” Friday, after signing a $ 2.2 trillion federal aid bill, Senate Majority Leader Mitch McConnell thinks lawmakers should wait and see how everything with the current crisis unfolds in first.
Amarin (NASDAQ:AMRN), stocks fell 70% after losing a key patent battle. According to reports, “the high triglyceride treatment is based on one type of fish oil and the defendants claim that the benefits have been known for decades.” The company plans to appeal the decision, but the title was hammered following Tuesday’s information.
Video zoom (NASDAQ:ZM) caught the attention of Letitia James, Attorney General of New York. She examines the company’s privacy practices and learns about any new security measures due to the increase in traffic at this time. Zoom declares that it is happy to comply with these requests and takes the confidentiality of its users seriously. The news comes as reports allege that Zoom collects and shares user data with third parties.
J.C. Penney (NYSE:JCP) joins the growing list of companies planning to hire temporary workers due to the pandemic. The company will also expand its store closings. Although JCP has already laid off many supply chain and logistics center employees, it will hire many hourly store employees from April 2.
Urban Outfitters (NASDAQ:URBN) is also extending its store closings until further notice. Starting April 1, the company will lay off many employees from stores, home offices and wholesalers for 60 days. However, employees will continue to receive benefits during this period.
Add Simon Property Group (NYSE:SPG) to the list as well. The country’s largest shopping center operator plans to hire about 30% of its staff. This decision will have an impact on full-time and part-time workers.
Visa (NYSE:V) provided another update, and it is not good. From March 1 to March 28, the volume of payments in the United States fell 4% year over year. Cross-border volumes in constant currencies fell by 19% year on year. While the numbers weren’t horrible, US consumption didn’t slow down much at the start of the month, so concerns remain as more states get stuck.
Title V fell 2.7% on the day.
Domino’s Pizza (NYSE:DPZ) also shared an update, providing an update on sales results for the same store. Dominoes fell 6.5% after the company announced that comparable preliminary first quarter sales were up only 1.6% in the U.S. – Domino’s worst result in its streak growth of 36 quarters, which began in 2011.
The company also withdrew the rest of its remaining $ 158 million line of credit, which gives it $ 300 million to tackle the new coronavirus while getting its financial advice.
Bret Kenwell is the director and author of Future Blue Chips and is on Twitter @BretKenwell. At the time of this writing, Bret Kenwell had no holdings in any of the titles mentioned above.