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The Dow Jones Industrial Average was down points, or 0.8%, the S&P was off 0.4%, and the Nasdaq Composite
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 –
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
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]
(Read More) () Full coverage and live updates on the Coronavirus (Covid – )
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