What's moving markets today: May 6, 2019

By CNN Business

Updated 7:49 a.m. ET, May 7, 2019
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11:41 a.m. ET, May 6, 2019

These stocks are getting hit the hardest today

From CNN Business' Anneken Tappe

Stocks have recovered from their initial lows today, but they are still solidly in the red an hour and a half into trading.

Nike (NKE) is the worst performer in the Dow, having dropped 2.9%. Apple (AAPL) and 3M (MMM) are right behind Nike — they are down about 2% and 1.9%, respectively.

In the S&P 500, investment manager Affiliated Managers Group (AMG) is faring the worst — down 10.4% — after missing first quarter earnings projections.

11:08 a.m. ET, May 6, 2019

Sinclair soars higher following sports networks deal

From CNN Business' Jordan Valinsky

Sinclair Broadcast Group (SBGI) shares are moving way higher in a sea of declines.

The stock is up nearly 30% the first trading day after it announced its $9.6 billion acquisition of 21 regional sports networks from Walt Disney Company (DIS) on Friday.

Investors appear to be bullish on the local TV owner's plan to double down on live sports and news as it future-proofs itself against streaming competitors.

"While consumer viewing habits have shifted, the tradition of watching live sports and news remains ingrained in our culture," Sinclair CEO Chris Ripley said in a release.

10:31 a.m. ET, May 6, 2019

Today's plunge wipes out three weeks of gains on the Dow

From CNN Business' Anneken Tappe

Monday's stock selloff wiped out some three weeks of gains in the Dow.

The Dow dropped 450 points at the open before recovering some of its losses. At mid-morning it was down roughly 280 points, or 1.1%.

Despite this dramatic start to the week, the Dow remains up 13.6% for the year. So for anyone who invested on December 31, these gains still look pretty good.

11:23 a.m. ET, May 6, 2019

The economy can weather this storm

From CNN Business' Jordan Valinsky

The strong jobs and GDP numbers could be why President Donald Trump is reigniting trade tensions between the United States and China.

"The trade hawks around him have always said, 'The economy is strong. If we're really going to fix this imbalance with China, we've got to do it now when the US economy can weather it,'" said CNN's Christine Romans.

Romans noted that the trade talks originally had a March 1 deadline, but Trump extended it because the two sides were making progress. Now, she said, the president seems impatient.

"It sounds to me like he is frustrated that there are core structural issues that the Chinese haven't moved far enough on, and he doesn't want to blamed for taking a 'headline win' for a weak deal," she said.

Watch more:

10:44 a.m. ET, May 6, 2019

Big Oil, Big Macs and big box retail hold up well as stocks slide

From CNN Business' Paul R. La Monica

Only two of the thirty Dow stocks were higher Monday morning while the broader market fell -- McDonald's and oil giant Chevron. Exxon Mobil and Walmart were holding up reasonably well too.

Why weren't big oil stocks, Walmart and Mickey D's tumbling?

Chevron (CVX) likely rose more than 2% because it looks increasingly like it may not win an expensive bidding war for Anadarko Petroleum (APC) with Warren Buffett-backed Occidental Petroleum (OXY). Occidental boosted the amount of cash it is willing to spend as part of an Anadarko takeover on Sunday.

Chevron was also boosted by the fact that crude prices were relatively stable Monday -- news that probably helped Exxon too.

As for McDonald's (MCD), restaurant companies are often viewed as being more resistant to macro stock market trends. Consumers probably aren't going to cut back on already affordable fast food even if the economy slows.

To that end, Wendy's (WEN) and Burger King owner Restaurant Brands (QSR) were higher Monday too. Walmart rival Target (TGT) was down less than the overall market too.

McDonald's and Walmart are also viewed as safer stocks because they pay healthy dividends. Two other Dow components that offer large dividend yields, Pfizer (PFE) and Dow (DOW), were flat on Monday too.

9:51 a.m. ET, May 6, 2019

Investors are running scared again

From CNN Business' Paul R. La Monica

So much for investor complacency.

The VIX (VIX), a measure of volatility that often skyrockets during times when Wall Street is scared, soared more than 30% Monday morning to its highest level since late January.

The CNN Business Fear & Greed Index, which looks at the VIX and six other gauges of investor sentiment, fell as well. It dipped into "neutral" territory and was not far from the "fear" zone. It had been trading at "greed" levels on Friday.

And the price of gold, which also tends to rise when investors are nervous, was slightly higher as well.

9:47 a.m. ET, May 6, 2019

Stocks open sharply lower; Dow plummets 450 points

From CNN Business' Anneken Tappe

US stocks started the day deep in the red after President Donald Trump threatened further tariffs on Chinese goods, derailing market hopes for a near-term trade deal.

  • The Dow opened 1.8%, or 450 points, lower
  • The S&P 500 kicked off down 1.5%
  • The Nasdaq opened 2.2% lower

Stocks in the industrial sector and those with tight ties to China fell.

Apple (AAPL) shares dropped 2.6%. Boeing (BA) and Caterpillar (CAT) both fell as well, trading 2.5% and 2.4% lower, respectively.

9:34 a.m. ET, May 6, 2019

Warren Buffett says the market reaction is 'rational'

From CNN Business' Jordan Valinsky

Billionaire Warren Buffett says the market declines are "rational" following the new flare up between China and the United States over trade.

In the same CNBC interview, Buffett said "if you went to bed a week ago and you thought there was a 1% chance of a trade war and then subsequent events make you think there’s a 10% chance, markets reflect that very quickly."

Earlier today, Buffett said a new trade war would "be bad for the whole world."

9:49 a.m. ET, May 6, 2019

Uber picked one hell of a week to go public

From CNN Business' Seth Fiegerman

Uber outmaneuvered rivals, weathered an endless series of scandals and restocked virtually all of its C-Suite in a remarkably short period of time in order to go public.

But now, Uber may need to overcome a new hurdle: President Donald Trump's tweets.

President Trump surprised investors by threatening to impose higher tariffs on China in a tweet on Sunday. The Dow fell 450 points at the open on Monday morning, as the market once again confronted trade war fears.

That could be bad news for Uber. The ride-hailing company is the latest -- and biggest -- tech unicorn racing to go public, with its Wall Street debut expected on Friday.