Wall Street ended Friday's session even lower as stocks like Amazon (NASDAQ: AMZN) and Apple (NASDAQ: AAPL) pressured the Nasdaq and new trade tensions between the United States and China pressed on the broader market. The late session emergency FDA approval of Gilead Sciences' (NASDAQ: GILD) remdesiver as a treatment for COVID-19 could not do much to save the falling market.
Amazon shares fell 7.6% on Friday after the company stated in its quarterly earnings that it would spend all of its second quarter profits, expected to be $4 billion, on the company's coronavirus efforts. Apple reported in its quarterly earnings that the coronavirus had slowed the tech company's growth compared to last year. The company declined to offer finical outlook for 2020, giving investors a hint at the true impact the coronavirus has wrecked on global supply chains.
Adding to stock market pressure, President Donald Trump has threaten new tariffs on China in response to the coronavirus pandemic. "We signed a trade deal where [China is] supposed to buy, and they've been buying a lot, actually. But that now becomes secondary to what took place with the virus," Trump told reporters on Friday. "The virus situation is just no acceptable.
Here's how the market closed out the week:
S&P 500 Index (NYSE: SPY): -2.81% or -81.72 points to 2,830.71
Dow Jones Industrial Average (NYSE: DIA): -2.55% or -622.03 points to 23,723.69
Nasdaq Composite Index (NASDAQ: QQQ): -3.2% or -284.6 points to 8,604.95
In Major Stock News, Tesla (NASDAQ: TSLA) share dropped as much as 12% on Friday after CEO Elon Musk tweeted: "Tesla stock price is too high imo." Major Airlines--Untied (NASDAQ: UAL), American (NASDAQ: AAL), Delta (NYSE: DAL)--all fell with the market as investors begin digest data of the initial coronavirus impact on global travel. Clorox (NYSE: CLX) gained after the company reported a 15%% sales increase in t form its previous quarter. Exxon Mobil (NYSE: XOM) and Chevron (NYSE: CVX) both slid as the oil companies posted quarterly losses.
In Stock Sector News, all sectors fell with the market, with Energy leading the decline at -6%. The rest of the negative performance was as follows: Consumer Discretionary -4.61%, Financials -3.32%, Real Estate -3.24%, Industrials -2.98%, Information Technology -2.92%, Utilities -2.45%, Materials -2.17%, Health Care -2.08%, Communication Services -1.56% and Consumer Staples -1.18%.
In Commodity and Currency News, West Texas Intermediate's (NYSE: USO) barrel price increased about 5% on Friday to $19.78. Brent Crude (NYSE: BNO) slightly fell -0.15% to bring barrel prices to $26.44 each. Gold (NYSE: GLD) increased about +0.70% to bring the metal back over the threshold of $1,700. Finally, the U.S. Dollar (NYSE: UUP) also gained slightly at +0.06% to end the week.
For Monday, investors will focus on the slow reopening of U.S. economy as well as earnings for companies like Tyson Foods (NYSE: TSN), Shake Shack (NYSE: SHAK) and Skyworks Solutions (NASDAQ: SWKS).