The New York Times - USA (2020-07-28)

B2 Y THE NEW YORK TIMES BUSINESSTUESDAY, JULY 28, 2020 K

Months

36 2510 30

Years

220

240

260

’16 ’18 ’20

400

500

600

700 thousand

’16 ’18 ’20

80

100

120

’16 ’18 ’20

0

5

10%

’16 ’18 ’20

0

2

4

$6 a bushel

’12 ’14 ’16 ’18 ’20

0

50

$100 a barrel

’12 ’14 ’16 ’18 ’20

0

1

2

3

4

5

6%

’10 ’15 ’20

90

100

110

120

’15 ’16 ’17 ’18 ’19 ’20

1.0

1.1

1.2

$1.3

’15 ’16 ’17 ’18 ’19 ’20

0

1

2

3%

0

1

2

3%

’19 ’20

+1.5

+1.0

+0.5

0.0

–0.5

–1.0

–1.5

Information technology %

Materials

Real estate

Consumer discretionary

Communication services

Health care

Consumer staples

Industrials

Energy

Financials

Utilities

+1.6

+1.4

+1.1

+0.9

+0.8

+0.7

+0.5

+0.4

+0.2

–0.8

–1.3

1. Vanguard Mid Cap Index Admiral(VIMAX) +2.7% +8.4% $43.4


2. Vanguard Small Cap Index Adm(VSMAX) –3.7 +6.8 36.3


3. Fidelity Extended Market Index(FSMAX) +4.0 +8.4 23.3


4. T. Rowe Price New Horizons(PRNHX) +28.8 +20.2 20.5


5. Vanguard Extended Market Index Admiral(VEXAX) +4.0 +8.4 20.3


6. T. Rowe Price Mid-Cap Growth(RPMGX) +5.9 +12.0 19.4


7. Fidelity Low-Priced Stock(FLPSX) –1.1 +5.0 19.0


8. DFA US Small Cap I(DFSTX) –8.8 +3.9 13.6


9. Vanguard Explorer Adm(VEXRX) +6.2 +11.0 12.4


10. Vanguard Small Cap Growth Index Admiral(VSGAX) +9.7 +10.7 12.3


11. AMD (AMD) $68.97 –0.6% 107.6


12. Intel (INTC) 49.57 –2.0 106.5


13. GE (GE) 6.71 –2.2 70.4


14. American Airl (AAL) 11.39 0.0 69.0


15. Ford Motor (F) 6.93 +0.7 60.3


16. BofAML (BAC) 24.14 –0.9 53.6


17. Carnivl (CCL) 13.75 –7.1 37.3


18. Wells Fargo (WFC) 25.49 –2.9 34.2


19. Nrwn Crs Ln (NCLH) 13.38 –7.0 33.5


20. AT&T (T) 29.29 –1.0 33.4


21. Hasbro (HAS) $71.84 –7.4%


22. Carnivl (CCL) 13.75 –7.1


23. Nrwn Crs Ln (NCLH) 13.38 –7.0


24. Nordstrom (JWN) 14.13 –6.2


25. Cabot Oil & G (COG) 17.97 –5.6


26. AEP Inc (AEP) 83.26 –5.4


27. Peoples Uni (PBCT) 11.36 –5.3


28. MGM Resorts I (MGM) 14.96 –5.3


29. Kohls (KSS) 19.78 –5.2


30. Edison Intl (EIX) 53.16 –5.1


31. Alexion Phar (ALXN) $106.85 +5.3%


32. Weyerhaeuser (WY) 27.48 +5.3


33. Biogen (BIIB) 286.19 +5.1


34. Whirlpool (WHR) 165.72 +4.9


35. KLA Corp (KLAC) 197.07 +4.7


36. Regeneron Ph (REGN) 637.40 +4.7


37. Lennar (LEN) 73.03 +4.6


38. Varian Med Sy (VAR) 133.05 +4.6


39. Fortune Bran (FBHS) 74.26 +4.6


40. Corning (GLW) 30.63 +4.6

+20%

+15%

+10%

+ 5%

2,800 0%

3,000

3,200

3,400

3,600

May June July

+20%

+15%

+10%

+ 5%

8,500 0%

9,000

9,500

10,000

10,500

May June July

+20%

+15%

+10%

+ 5%

24,000 0%

26,000

28,000

30,000

May June July

3239.41 0.7% 10536.27 1.7% 26584.77 0.4%

Shanghai +0.3%

Tok yo – 0.2%

Frankfurt 0.0%

London –0.3%

Toronto +1.0%

New York +0.7%

$1 = 105.38

$1.1753 Unemployment Rate

New-home sales

Consumer confidence

Industrial production

Mid- and small-capitalization

stock mutual funds

S&P 500 Nasdaq Composite Index Dow Jones industrials

Best performers Worst performers Most active

Sector performance

Bonds

Yield curve

Key rates

Borrowing rate

Crude oil

Corn

Savings rate

yen

10-year Treas.

YESTERDAY

1-YE AR AGO

2-year Treas.

Fed Funds

Currencies Consumer rates Commodities Economy

How stock markets fared yesterday in Asia ... ... in Europe ... and in the Americas.

CLOSE

S&P 500 SECTORS

CLOSE CLOSE 1 YR 5 YRS

TOTAL RETURNASSETSTOTAL

CHANGE CHANGE CHANGE IN MIL. IN BIL.

VOLUME

POWERED BY

What Happened in Stock Markets Yesterday

What Is Happening in Other Markets and the Economy

Major stock market indexes

6 p.m. E.T. 8 10 12 a.m. 2 4 6 a.m. 8 10 12 p.m. 2 4 6 p.m.

Maturity

1-year CDs

30-year fixed mortgages

S&P 500 COMPANIES S&P 500 COMPANIES S&P 500 COMPANIES

Source: Morningstar

1 euro =

The Digest

Wall Street’s rally got back on

track Monday, while gold rushed

to a record at the start of a week

packed with potentially market-

moving events.

The S&P 500 rose 0.7 percent to

more than recover all its losses

from last week, as Apple and other

tech giants returned to their win-

ning ways. Nervousness was still

hanging over markets, though,

and gold shot up to touch a record

high.

The S&P 500 climbed 23.78

points to 3,239.41. The Dow Jones

industrial average rose 114.88, or

0.4 percent, to 26,584.77, and the

Nasdaq composite gained 173.09,

or 1.7 percent, to 10,536.27.

“If there ever was a week to pay

attention, this is likely the one,”

Kevin Giddis, chief fixed income

strategist at Raymond James,

wrote in a report. “There is as

much going on for the markets as

there has been since the crisis be-

gan, and almost all of it has some

potential meaning on the future of

the US economy.”

At the head of the pack is a two-

day meeting for the Federal Re-

serve on interest rates that begins

Tuesday. The Fed helped end the

market’s sell-off in March, cata-

pulting it into a tremendous rally,

after promising to keep interest

rates at record lows and to hoover

up a wide range of bonds to sup-

port the economy. Investors are

waiting to hear what the Fed says

this week about the economy’s

prospects and what it plans to do

on interest rates.

This week is also a busy one for

corporate earnings, with more

than a third of the companies in

the S&P 500 scheduled to report

how they fared from April through

June.

So far, profit reports have been

better than Wall Street forecast,

though still far weaker than a year

earlier because of the recession.

Several of the market’s most in-

fluential companies are scheduled

to report this week, including Am-

azon, Apple, Facebook and

Google’s parent company. Those

four account for 16 percent of the

S&P 500’s total value, which gives

their movements outsize influ-

ence on the index.

Such tech-oriented giants have

cruised through much of the pan-

demic on expectations that they

can continue to grow regardless of

whether the economy is quaran-

tined. But critics say their stocks

have bubbled too high, even after

accounting for their huge profits.

The tech titans stumbled last

week on such concerns, which

helped pull the S&P 500 to its first

weekly loss in four weeks.

Worries about an uptick in lay-

offs across the country also hurt

stocks last week, as businesses

close down again amid rising co-

ronavirus counts across much of

the Sun Belt. An extra $600 in

weekly unemployment benefits is

set to expire soon, and Congress is

still arguing about how to offer

more aid for the economy.

The Trump administration’s

chief negotiators spent the week-

end on Capitol Hill working on a

relief bill.

“Investors are optimistic about

the impending stimulus coming

out of Congress, and they are ex-

pecting that it could be even great-

er than the current $1 trillion

amount that is being floated,” said

Sam Stovall, chief investment

strategist at CFRA. “In order for

the Democrats to come on board,

it could end up being double that

amount.”

All the uncertainty about the

economy, the pandemic and how

long interest rates will remain at

nearly zero have helped drive the

price of gold higher, making it the

best-performing investment of

2020.

Gold for delivery in August add-

ed another $33.70 to settle at

$1,931 per ounce Monday, after

earlier climbing as high as

$1,941.90, an intraday record for

the most actively traded contract,

and it followed up on Friday’s

record high for a settlement price.

The yield on the 10-year Treas-

ury note ticked up to 0.62 percent

from 0.59 percent late Friday.

Benchmark U.S. crude rose 31

cents to settle at $41.60 per barrel.

Brent crude, the international

standard, rose 7 cents to $43.41 a

barrel.

Markets Rally Despite a Hint of Nerves

By The Associated Press

The S& P 500 Index

Position of the S& P 500 index at 1-minute intervals on Monday.

Source: Reuters THE NEW YORK TIMES

3,210

3,240

3,220

3.230

10 a.m. Noon 2 p.m. 4 p.m.

Previous close

3,215.63

Source: Commerce Department

THE NEW YORK TIMES

’19 ’20

Durable Goods Orders

Manufacturers’ total new

orders for durable goods,

seasonally adjusted.

150

175

250

225

200

$275 billion

APRIL

–18.4%

MAY

+15.1%

JUNE

+7.3%

STOCKS & BONDS

10-YEAR TREASURY YIELD

0.62%

+0.03 points

CRUDE OIL (U.S.)

$41.60

+$0.31

S&P 500 INDEX

+0.74%

3,239.41

DOW JONES INDUSTRIALS

+0.43%

26,584.7 7

NASDAQ COMPOSITE INDEX

+1.67%

10,536.27

GOLD (N.Y.)

$1,931.00

+$33.70

MANUFACTURING

Durable Goods Orders

Jump 7.3% in June

Orders for big-ticket manufac-
tured goods rose a solid 7.3 per-
cent in June, the second big
monthly gain as manufacturing
tries to climb out of a spring slump
triggered by the coronavirus pan-
demic.
The Commerce Department
said Monday that the June gain in
durable goods orders, which was
better than expected, followed an
even bigger 15.1 percent increase

in May. Those two increases came

after sharp declines in March and

April as factories shut down.

A closely watched gauge of

business investment posted a 3.3

percent increase in June after a 1.6

percent rise in May.

Even as factories come back to

life, economists caution that man-

ufacturing could slump again if

surging cases in many parts of the

country derail a broader eco-

nomic rebound.

The June increase was led by a

20 percent gain in the transporta-

tion sector as orders for cars,

trucks and parts surged 85.7 per-

cent. A.P.

TECHNOLOGY

Garmin Cyberattack

Knocked Services Offline

The GPS device maker Garmin
acknowledged Monday being vic-
timized by a cyberattack last
week that encrypted some of its
systems, knocking its fitness
tracking and pilot navigation
services offline. It said systems
would be fully restored in the next
few days.
The attack crippled company
services including Garmin Con-
nect, which is popular with run-
ners and cyclists for tracking
workouts, and the FlyGarmin
navigation service for pilots.
“We have no indication that any
customer data, including pay-
ment information from Garmin
Pay, was accessed, lost or stolen,”
Garmin said in a statement. The
attack did not affect the function-
ality of its products, which include

fitness watches, it added.

The online cybersecurity news

site BleepingComputer identified

the malware as WastedLocker,

which various security firms

have attributed to the Russian cy-

bercriminal gang Evil Corp. The

U.S. government announced in

December that it was freezing the

assets of members of the group.

A.P.

SOCIAL MEDIA

Twitter Faces Backlash

Over Anti-Semitic Posts

Some Twitter users are staging a
48-hour boycott of the platform
over its handling of a stream of
anti-Semitic comments that were
posted on the British rapper Wi-
ley’s social media accounts.
The boycott, under the hashtag
#NoSafeSpaceForJewHate, fol-
lowed complaints that Twitter was
too slow to remove offensive ma-
terial. Some offensive material
was also posted on Instagram.

Some of Wiley’s posts were visible

for more than 12 hours before be-

ing removed.

Twitter banned the grime artist

for seven days after posts Friday

and Saturday. He was also

dropped by his management com-

pany after he shared the com-

ments, which called Jews “cow-

ards” and “snakes,” among other

things.

The 41-year-old artist, whose

real name is Richard Cowie, is

known as the Godfather of Grime.

He received an MBE for services

to music in 2018. A.P.

JAE C. HONG/ASSOCIATED PRESS