Markets Sell Off on Rise in COVID Cases; KB Home Misses Ests

Markets Sell Off on Rise in COVID Cases; KB Home Misses Ests

Wall Street main indexes opened lower on Thursday following their worst day in two weeks, as investors were unnerved by an alarming rise in new coronavirus cases and an elevated weekly jobless claims number.

The Dow Jones Industrial Average fell almost 700 points, or over 2.6%, as news of a significant amount of new COVID-19 cases across the US appears to have investors spooked. The S&P 500 slumped 80.93 points, or 2.6%, to end at 3,0501.33. The Nasdaq, which was coming off its second all-time high this week, fell 222.20 points, or 2.2%, to 9,909.17.

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Clouds are not only gathering over the United States recovery, but the picture for the global economic recovery is also darkening.

But the latest data on the outbreak is undercutting some of that optimism. Energy stocks fell the most as the price of oil dropped sharply. Royal Caribbean Cruises Ltd, Norwegian Cruise Line Holdings Ltd, and Wynn Resorts all tumbled by at least 9% while the NYSE Arca Airline index plunged 7.04%.

Travel-related stocks were some of the weakest as those companies have been hit hard in the past by lockdowns. New cases nationwide are back near their peak level of two months ago. Several states set single-day records Tuesday, including Arizona, California, Mississippi, Nevada and Texas.

Human Error Caused Pakistan Plane Crash That Killed 97
There was also a failure on the part of the air traffic control, as they didn't provide the radio frequency to the tower. What is sad is that because of the overconfidence and lack of focus of pilot and co-pilot, such a big incident happened.

The spectre of escalating transatlantic trade tensions threw yet even more uncertainty into the Wednesday market mix, with the U.S. weighing new tariffs on $3.1bn of exports from France, Germany, Spain and the United Kingdom.

"There's the possibility of shutdowns, but probably more realistically delays in reopening", Kinahan said.

"Financial disorders are easing, and the early June surveys have improved markedly, but with USA situation counts on the increase, and little clusters register globally, investors stay jittery", Stephen Innes, the main sector strategist at AxiCorp Ltd., wrote in a observe.

"The disconnect between real and financial markets raises concerns of excessive risk-taking, and this is a significant vulnerability", the IMF's chief economist Gita Gopinath told reporters during a webcast on Wednesday. "Investors might start to get nervous that earnings and guidance could disappoint". It tends to move with investors' expectations for the economy and inflation. Retailer Gap also fell 8%. Markets in Asia closed mostly higher.

Global benchmark Brent crude for August delivery briefly fell below $40 a barrel before settling down more than 5 percent at $40.31 a barrel. Brent crude, the worldwide standard, rose 86 cents to $43.93 per barrel.

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