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Stocks Moving Premarket: Delta, American Airlines – Barron's, Barrons.com

Stocks Moving Premarket: Delta, American Airlines – Barron's, Barrons.com
              


                  

                  

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    Stocks are dropping, setting up the major U.S. market indexes for a third consecutive session of losses, following a news-packed weekend.

          

    President Donald Trump spoke, the secretary of state spoke , and Warren Buffett spoke, too. Not all the news delivered was what investors wanted to hear

    .       

             The Dow Jones Industrial Average       was down points, or 0.8%, the          S&P       was off 0.4%, and the          Nasdaq Composite

  •       was up 0.3%. Small-cap stocks continued to underperform, with the Russell down 1.1%. The small-cap index is down % so far this year, compared to the large-cap S&P 1260 ‘s
  • % drop.
  •       

    Overseas stocks were in the red too on Monday, as some markets reopened after a three-day break. The Hang Seng dropped 4.2% in Hong Kong, and India’s Sensex fell 5.9%. The German DAX fell 3.6% and the French CAC (decreased 4.2%.)               

    President Donald Trump said during his Sunday evening town hall meeting that the administration is “ very confident a coronavirus vaccine will be ready by year-end. That’s the good news. He also renewed attacks on China, as did Secretary of State Mike Pompeo, who suggested on a Sunday morning (ABC news program that Covid –

  • was man made. Trump hinted last week that he could use tariffs to respond to China for its handling of the covid – 31 outbreak.
  •              

    A renewed trade war would slow the recovery of a global economy already battered by the pandemic. Data released on Monday showed the Italian manufacturing purchasing managers index fell to a record low of . 1 in April, and Spain’s manufacturing PMI dropped to 8. Any readings below indicate deteriorating conditions.

          

    Over the weekend,              Warren Buffett’s Berkshire Hathaway

  •       (ticker: BRK.A) reported a $ (billion) (quarterly loss) . The loss was large, in part, because accounting rules mandate Berkshire recognize stock-market fluctuations in its income statement The S&P was down about (% year to date through March . The declines hit Berkshire’s huge stock portfolio significantly. Berkshire stock was down 3%.       

    Buffett also said on Saturday that he sold his entire stake in US airline stocks . Berkshire owned, roughly, between 8% and % of the for largest US air carriers. The news has cratered the stocks Monday morning.              United Airlines       (UAL) shares are down 7.7%.              American Airlines       (AAL) stock is off 5%.              Southwest Airlines       (LUV) has fallen 7.6%.              Delta Air Lines       is down 9.3%.

          

    Amid the turmoil, investors are looking for safety again. Gold miner              Newmont       (NEM) shares are up 3.2%, as the precious metal gained 0.8%.

          

    And some stocks of companies developing Covid – treatments are moving as well.              Gilead Science       (GILD) shares were up 0.2%. Vaccine

    developer              Moderna)       (MRNA) stock rose 3.7%.              Roche       (ROG.Switzerland) shares are up 0.6% after the (FDA approved) (a Covid) antibody test.       

    (Write to) (Al Root at) [email protected] and Steve Goldstein at [email protected]

          

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