The benchmark Dow Jones Industrial Average (DJI), as well as the broader S&P 500, lost all its gains upon opening on Friday that it posted the previous day.
- The Dow Jones Industrial Average is already down by 1.39% and is at 21,116.78.
- The technology-dominated NASDAQ Composite index lost 1.1%.
- S&P 500 is down by 1.1% and is at 2501.
Stocks in focus:
- Pfizer has lost almost 3% since the open.
- Tesla is up by more than 8% in this declining market.
- Apple is down by 1% and is trading just above $241.
Uncertainty regarding Crude production cut adds to woes
Donald Trump had claimed that Russia and Saudi Arabia had agreed to cut Crude oil production to stop the freefall in the price of the precious commodity. However, there has been no such confirmation from either Russia or Saudi Arabia.
Shocking unemployment figures coming up
The US economy is probably facing one of the most challenging times. The number of unemployed people has reached ten million. Factories are getting shut, thereby reducing any chances of further job creation. The number of deaths due to the COVID-19 pandemic has reached staggering levels in the US.
The stock market is simply a snapshot of what is happening to the country – be it the economy, be it the living conditions of the citizens. Right now, Wall Street investors are bracing for an even further decline in the coming two weeks.
However, many analysts are hopeful that the jobs would come back. There have been glimmers of hope as few sectors in the Dow Jones soared up.
The US Federal Reserve is doing all that it can to avoid a deep recession. It is infusing liquidity into the economy in various ways. Investors are hoping for some good news over the weekend.