Stocks posted a mixed trading session on Wednesday as investors digested states' economic reopen against more data illuminating the deeper impact the coronavirus pandemic has brought. Large states that were hit harder by the initial wave of the virus are beginning to move forward with slowly relaxing restrictions, with New York and California allowing certain retail and manufacturing to begin again in the coming weeks.
Yet, the growing cracks in the economy are widening at an unprecedented rate. A report from ADP and Moody's Analytics showed that payrolls for the private sector were cut by 20 million in April, the highest amount on record. Adding to the multimillions of unemployment claims that are only expected to grow following Thursday's report, the economic recovery from the coronavirus will most likely be longer than many are hoping for.
Here's how the stock market settled for the mid-week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
In Major Stock News, ahead of its quarterly earnings, Uber
In Stock Sector News, most sectors ended Wednesday's session in negative territory, with only Consumer Discretionary +0.31% and Information Technology +0.71% gaining. The negative performance was as follows: Utilities -3.51%, Energy -2.63%, Financials -2.31%, Real Estate -1.84%, Materials -1.82%, Industrials -1.37%, Consumer Staples -1.10%, Health Care -0.98% and Communication Services -0.40%.
In Commodity and Currency News, crude oil prices were pressured by the increasingly bleak economic data on Wednesday, pushing them to their first decline in multiple sessions. West Texas Intermediate
For Thursday, investors will be focusing on the Labor Department's weekly jobless claims report as well as earnings from Uber and JetBlue