INSUBCONTINENT EXCLUSIVE:
A recent rebound in domestic equity prices faded further into the distance today, as American stocks fell for a second consecutive day
following modest Tuesday declines.
After rising from new 52-week lows, all domestic indices are down after the American president warned of
difficult weeks ahead as the country reels from the economic and social impacts of COVID-19
The day trading left stocks down heading into Thursday, when a new unemployment claim number is expected.
Some are anticipating a worse
number than last week 3.3 million claims, a result that was historic in size
If tomorrow report is as bad as some expect, it would underscore the scale of economic damage the country endures as it seeks to stem the
spread of COVID-19 after an initially slow national response that has since splintered into a patchwork of state-led efforts
Many Americans are staying home, a condition that could persist for weeks or months, exacerbating economic damage.
Here the day results:
Dow
Jones Industrial Average: -973.65, -4.44%
S-P 500: -114.09, -4.41%
Nasdaq Composite: -339.52, -4.41%
Shares of SaaS and cloud companies, as
tracked by the BVP Nasdaq Emerging Cloud Index, fell 4.83% today
As with the broader technology industry, SaaS firms saw their shares fall sharply before recovering some; and, like their industry peers,
they are now trending down yet again.
Pressure on automakers
The Big Three Detroit automakers — GM, Ford and Fiat Chrysler Automobiles —
also saw stocks slide after reporting first-quarter sales declines
GM reported a 7.1% drop in sales in the first three months of the quarter ended March 31 compared to the same year-ago period
FCA reported a 10.4% decline in sales
Ford is expected to report its quarterly sales numbers on Thursday
Tesla, which saw its shares fall 8.1% to $481.56, is expected to report deliveries this week.
GM shares fell today 7.31% to $19.26, while
FCA saw its price drop 5.15% to $6.82.
GM and FCA were hardly the only automakers to see a drop in sales caused by falling demand for cars,
Hyundai, Nissan and Porsche also reported declines.
With the close of a turbulent Q1 behind us, we are not yet free of the first three
Earnings season looms, and with it an endless retrace of the outbreak of the pandemic domestically, as sketched by the numbers of
domestically listed companies
For some firms, Q1 numbers will prove a bonanza
For most, however, they will likely show the opposite
So get ready for another quarter of confusion, it going to be a long three months.
