SCHWAB MARKET UPDATE

PGWM, LLC

SCHWAB MARKET UPDATE

Stocks Tumble for the Day and Week

U.S. equities finished solidly lower and further pushed the major indexes into the red on a weekly basis, with tech stocks leading the way after Dow member Microsoft announced it will close its physical stores as a result of the rise in COVID-19 cases. Meanwhile, financials also saw pressure after the Fed's banking sector stress test results adopted restrictions on dividends and share buybacks. Moreover, Dow component Nike posted disappointing results, consumer spending rebounded less than expected for May, and June consumer sentiment was revised downward. However, Gap surged after announcing a partnership with Kanye West. Treasury yields were lower as bond prices rose, the U.S. dollar was l

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Charles Schwab and Co., Inc.

Jun 19
9 min

Markets Close Mixed on Second Wave Fears

The U.S. markets closed mixed following a back and forth day, but still finished the week in positive territory. An increase in reported COVID-19 cases in the United States and China has sparked fears of a second wave of the pandemic and put downward pressure on the markets despite recent upbeat economic data and the continued flood of global monetary and fiscal policy relief measures. A Bloomberg report suggesting China plans to boost U.S. agriculture products drove the market early, while crude oil prices rallied, buoying the energy sector. Treasury yields were little changed, the U.S. dollar was higher, and gold gained ground. CarMax posted mixed results but offered upbeat commentary, whi

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Charles Schwab and Co., Inc.

Jun 14
9 min

Stocks Recover…Somewhat

U.S. equities finished the last trading session of the week on an up note, but yesterday's plunge amid elevated worries of a second-wave of COVID-19 brought the major indexes solidly in the red for the week, snapping a three-week winning streak. The concerns dampened reopening optimism, which has been a key catalyst of the decisive bounce off of the March lows, while this week's dovish Fed outlook appeared to also stymie conviction. In equity news, Adobe posted mixed Q2 results, Lululemon missed quarterly forecasts, and Dick's Sporting Goods reinstated its dividend program. Treasury yields were higher after the curve noticeably flattened Thursday and the U.S. dollar added to a recent rebound

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Charles Schwab and Co., Inc.

Jun 6
9 min

Labor Report Sparks Solid Rally in Stocks

The U.S. equity markets rallied sharply, posting a third-straight week of gains, turbocharged by an extraordinary May nonfarm payroll report that showed job growth returned sooner than expected, adding to the already-high optimism surrounding the economic recovery from the severe COVID-19 disruption. Treasury yields, especially on the mid-to-long end of the curve, jumped as bond prices fell. The U.S. dollar was modestly higher, trimming a recent slide, and crude oil prices gained solid ground, while gold tumbled. In equity news, Broadcom posted mixed results and lukewarm guidance, Gap reported a larger-than-expected loss, DocuSign provided positive quarterly results and guidance, and Slack T

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PGWM, LLC