US Stock Market Overview – Stocks Slide Driven Lower by Energy; Consumer Staples Buck the Trend

US stocks were lower on Tuesday as the Dow led stocks lower, following a fresh all-time high from the Nasdaq. Most sectors in the S&P 500 index were lower, led down by Energy and financials, consumer staples bucked the trend. The WHO said that coronavirus deather could begin to accelerate again following a recent rise in the number of cases. The Labor Departement released the JOLTS report which showed a sharp decline in the number of layoffs in May. This does not jive with the more than 10-million jobless claims data released in May unless most of the workers that were requesting claims were furloughed instead of laid off. The airlines continued to weigh on the broader markets as the spread of COVID-19 continues to keep travelers off airplanes.

Novavax received a 1.6 billion infusion as part of the operation warp speed to get a vaccine as soon as possible. The VIX volatility index rebounded near the 200-day moving average, rising back to 29 climbing 3% on the day.

Job Layoffs Drop in May

Job Openings and Labor Turnover Survey, a poll of employers, showed a low number of layoffs eased in May. The number of Americans dismissed from their jobs fell to match levels recorded before the coronavirus pandemic and related shutdowns caused widespread layoffs. In May, 1.8 million workers were laid off or otherwise discharged from their jobs, according to the Labor Department. That was down from 7.7 million in April and 11.5 million in March. May’s dismissals were in line with the numbers reported in January and February before the pandemic shut swaths of the U.S. economy.

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