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Stocks - Wall Street off Lows as Energy, Tech Climb

Stock MarketsMay 04, 2020 03:10PM ET
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© Reuters.

By Yasin Ebrahim 

Investing.com – Wall Street moved off session lows on Monday as a rise in energy and technology stocks eased the steep fall in travel-related stocks and worries over growing rising U.S.-China tensions.

The Dow Jones Industrial Average fell 0.33%, or 77 points, the S&P 500 slipped 0.02%, while the Nasdaq Composite rose 0.68%.

Oil prices pared intraday losses to settle higher for the day, pushing energy stocks higher, as the reopening of the economy stoked investor hopes that the rout in demand could be in rearview. 

Valero Energy (NYSE:VLO), Marathon Petroleum (NYSE:MPC) and Phillips 66 (NYSE:PSX), were above the biggest gainers, with the latter surging nearly 8%.   

The move off the lows was also driven by ongoing demand for large-cap FAANG names, with Netflix (NASDAQ:NFLX) leading the pack, up about 2%.

Elsewhere, Disney fell 3% after Moffett Nathanson downgraded the stock to neutral from buy just a day ahead of its earnings, on worries that its results were likely to suffer a worst-than-expected hit from Covid-19 related disruptions to its studio and theme parks businesses. 

Wall Street got the session underway on a sour note after U.S. President Donald continued to pin blame on China over its handling of the coronavirus pandemic.  

In a virtual townhall on Fox News, U.S. President Donald Trump accused Beijing of making a "horrible mistake" and likening their actions to putting gasoline on an uncontrollable fire.

Warning that the Covid-19 pandemic had changed the fundamentals for airlines, Berkshire Hathaway (NYSE:BRKa) Chairman Warren Buffett said the company had sold its major stakes in airlines stocks during the previous quarter.

American Airlines (NASDAQ:AAL) dropped 9%, United Airlines (NASDAQ:UAL) (UAL) fell 5% and Delta Air Lines (NYSE:DAL) sank 7%.

In another blow to investor sentiment, Buffet signaled the broader market has remained somewhat frothy as Berkshire held off making significant purchases despite the selloff in March.

"We have not done anything because we don't see anything attractive to do," he said.

The hit to investor sentiment comes despite some on Wall Street suggesting that economic activity had bottomed.

"Economic activity has probably bottomed now," Goldman Sachs (NYSE:GS) said in a report on Monday. "Lockdowns and social distancing are starting to diminish as many countries are cautiously reopening their economies."

Stocks - Wall Street off Lows as Energy, Tech Climb
 

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Comments (15)
Chris Sundo
Chris Sundo May 04, 2020 4:22PM ET
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Good reason to be higher. It's clear skies today as the sun is shining
steven gitt
steven gitt May 04, 2020 3:54PM ET
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i dont think the phrase "buy when others are fearful" applies when that person is warren buffet telling you that others are greedy
Pwr Strk
Pwr Strk May 04, 2020 3:54PM ET
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it means BUY when Warren Buffet is fearful
Pwr Strk
Pwr Strk May 04, 2020 3:54PM ET
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he's going out with a big loss.... long live his legacy
Aaron Last Name
Aaron Last Name May 04, 2020 3:54PM ET
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He is going to need a massive bailout if the banks get into trouble
Mark Kim
Mark Kim May 04, 2020 3:32PM ET
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Look at the price of DAL during the financial crisis. It was about $10.
Pwr Strk
Pwr Strk May 04, 2020 3:32PM ET
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what does that have to do with anything? it's like saying interest rates were 19.5% in 1987
Pwr Strk
Pwr Strk May 04, 2020 3:22PM ET
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so I have to ask, why is oil going up if transportation got dumped by Buffet? i mean, airlines demand a big chunk of oil, right?, so.....
Roman Cerny
Roman Cerny May 04, 2020 3:22PM ET
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Well same question can be asked about stocks...
Pwr Strk
Pwr Strk May 04, 2020 3:22PM ET
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people, tomorrow: AIRLINES +15%, OIL -30%
john richards
john richards May 04, 2020 3:15PM ET
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Te fight the fed, dow 14,000, we're retesting those lows always wrong fanaticaiiy brainl8ss left1ist imbec1iles still standing?
Roman Cerny
Roman Cerny May 04, 2020 3:14PM ET
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Stock repurchases from Fed money works. Staying out of this twisted market is the best thing to do now...
Mana Monte
Manamonte May 04, 2020 3:06PM ET
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Buffett sold his aviation stocks, some people sold after him in panic. Herd psychology.
Xin Zhang
Xin Zhang May 04, 2020 2:50PM ET
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People, don't worry! Donald said he would close the shorts very soon!
Pwr Strk
Pwr Strk May 04, 2020 2:50PM ET
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says a chinese operative
Adrian White
Adrian White May 04, 2020 2:50PM ET
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Are you sure Donny wasn't talking about the zipper in his own shorts?
Pwr Strk
Pwr Strk May 04, 2020 2:17PM ET
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i'm actually glad Buffet is off the airlines... he never understood them, proof of that was his lifetime outcomes in them... the guy din't even like to fly! so no surprise LOL
Muhammad Shaheen
shaheen May 04, 2020 2:00PM ET
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Market is sideways and giving a clear message that it cannot go down further....
Muhammad Shaheen
shaheen May 04, 2020 1:56PM ET
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Market sentiments are positive. Bourse is waiting for any good news
Roman Cerny
Roman Cerny May 04, 2020 1:56PM ET
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Have you seen any today?
Fangbing Wu
Fangbing Wu May 04, 2020 1:56PM ET
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Roman Cerny IT went up anyway, couldn't wait for the news. lol
Pwr Strk
Pwr Strk May 04, 2020 1:49PM ET
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oh, and btw, if the airlines are about to break, why is oil going up? LOL LOL
Pwr Strk
Pwr Strk May 04, 2020 1:45PM ET
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Buffet sold his airline stock early to mid April and the market is reacting in May... LOL ...  that was priced in a month ago and you can never call the market naive, so this is just manipulation
Zachary Buszta
Zachary Buszta May 04, 2020 1:36PM ET
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The Selloff is not severe like China, and India, and Europe.
Adriyan Sayed
Adriyan Sayed May 04, 2020 1:23PM ET
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let Buffet sell so the capital market is safe
 
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