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June 2, 2020, 4:43 p.m. EDT

Dow closes 267 points higher as Wall Street focuses on easing coronavirus lockdowns amid civil unrest

Curfews continue across major American cities

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By Chris Matthews, MarketWatch , Joy Wiltermuth

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He pointed to the unprecedented fiscal and monetary stimulus to the coronavirus crisis as benefiting stocks. “Overall, I’m still constructive on equity versus fixed-income. There’s no return in credit right now with the risk-free rate close to zero.”

Which stocks were in focus?

  • Stitch Fix Inc . /zigman2/quotes/208173073/composite SFIX -0.41%  shares gained 2.5% after the company notified roughly 1,400 California stylists Monday, or about 18% of its total staff, that they would be losing their jobs.

  • Square Inc . /zigman2/quotes/205989440/composite SQ -4.40%  shares gained 6.4%, booking the highest close in nearly 18 months, amid some signs of stabilization in the payments universe.

  • Warner Music Group Corp is returning to public markets after nine years of being private and is expected to raise up to $1.82 billion by selling 70 million shares priced at $23 to $26 each, while restarting the stalled IPO market.

  • Union Pacific Corp . /zigman2/quotes/209717171/composite UNP +1.85%  shares rose 0.9%, snapping a three-day losing streak, after the railroad operator provided an optimistic volume outlook at an industry conference

  • Pfizer Inc . /zigman2/quotes/202877789/composite PFE +0.47%  said Tuesday it is planning to invest up to $500 million in biotech companies to support the sector’s most promising clinical development programs. “There has never been a more important moment to pursue new collaborations in our industry,” said John Young, Pfizer’s chief business officer, as he unveiled the Pfizer Breakthrough Growth Initiative. Shares gained 2%.

  • Cisco Systems In c. /zigman2/quotes/209509471/composite CSCO -0.71% shares gained 1.3% after the company postponed its Cisco Live 2020 online conference scheduled for this week due to the continuing nationwide protests. The conference had already been canceled as a live event due to the coronavirus pandemic.

  • Seagate Technology PLC /zigman2/quotes/201824240/composite STX +0.78%  said Tuesday it is planning to cut 500 jobs across 12 countries as part of a cost-containment plan. Shares closed 1.1% higher.

  • Shares of Dick’s Sporting Goods Inc . /zigman2/quotes/200566298/composite DKS +0.24%  rose 3.7% after the retailer reported a wider-than expected loss in the first quarter, leaving the stock down 23.6% year-to-date.

  • Zoom Video Communications Inc. /zigman2/quotes/211319643/composite ZM -3.55%  shares rose 1.9%, ahead of quarterly results set for release Tuesday after the close of trade. The videoconference company has benefited from global stay-at-home orders.

  • Amazon.com, Inc . /zigman2/quotes/210331248/composite AMZN -1.78%  shares gained 0.1%, a day after borrowing $10 billion in the corporate bond market for the first time since 2018.

  • Facebook Inc . /zigman2/quotes/205064656/composite FB +1.19%  shares tacked on 0.4%, after dozens of workers staged a “virtual walkout” on Monday to protest a decision by the company’s top leadership to leave inflammatory posts by President Donald Trump unchallenged.

  • Shares of gun makers and ammunition suppliers soared Tuesday amid the violence in U.S. cities, with Sturm, Ruger & Co. Inc . /zigman2/quotes/200036418/composite RGR +2.52% gaining 4.4%, Smith & Wesson Brands Inc . /zigman2/quotes/202273249/composite SWBI +2.69%  up 10.1% and Vista Outdoor Inc . /zigman2/quotes/205852373/composite VSTO +4.49%  advancing 7.5%.

How did other markets trade?

Oil prices rose to end at a three-month high Tuesday on the hope that major producers will extend production cuts. West Texas Intermediate crude for July delivery gained $1.37 or 3.9%, to close at $36.81 a barrel.

In precious metals, August gold fell $16.30, or 0.9%, to settle at $1,734 an ounce on the New York Mercantile Exchange, ending its second day in a row lower.

In global equities, the Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +0.29% booked a 1.6% gain, while the FTSE 100 index /zigman2/quotes/210598409/delayed UK:UKX +0.09% closed 0.9% higher.

In Asia, Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -0.39% rose 1.2%, the China CSI 300 added 0.3% /zigman2/quotes/210598128/delayed XX:000300 -1.15%  and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.60% added 1.1%.

The 10-year Treasury note yield /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y 0.00%  rose 1.7 basis points to 0.679%. Bond prices move in the opposite direction of yields.

The greenback lost ground against its major rivals, with the ICE U.S. Dollar index /zigman2/quotes/210598269/delayed DXY +0.65% down about 0.1%.

<STRONG>Mark DeCambre contributed reporting</STRONG>

/zigman2/quotes/208173073/composite
US : U.S.: Nasdaq
$ 22.13
-0.09 -0.41%
Volume: 958,045
Aug. 7, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.28 billion
Rev. per Employee
$207,811
loading...
/zigman2/quotes/205989440/composite
US : U.S.: NYSE
$ 147.22
-6.78 -4.40%
Volume: 15.58M
Aug. 7, 2020 4:00p
P/E Ratio
245.82
Dividend Yield
N/A
Market Cap
$64.08 billion
Rev. per Employee
$984,824
loading...
/zigman2/quotes/209717171/composite
US : U.S.: NYSE
$ 182.93
+3.32 +1.85%
Volume: 2.19M
Aug. 7, 2020 4:00p
P/E Ratio
22.73
Dividend Yield
2.12%
Market Cap
$124.18 billion
Rev. per Employee
$544,047
loading...
/zigman2/quotes/202877789/composite
US : U.S.: NYSE
$ 38.45
+0.18 +0.47%
Volume: 21.91M
Aug. 7, 2020 4:04p
P/E Ratio
15.29
Dividend Yield
3.95%
Market Cap
$213.58 billion
Rev. per Employee
$580,595
loading...
/zigman2/quotes/209509471/composite
US : U.S.: Nasdaq
$ 47.43
-0.34 -0.71%
Volume: 17.05M
Aug. 7, 2020 4:00p
P/E Ratio
18.83
Dividend Yield
3.04%
Market Cap
$200.26 billion
Rev. per Employee
$684,933
loading...
/zigman2/quotes/201824240/composite
US : U.S.: Nasdaq
$ 45.31
+0.35 +0.78%
Volume: 2.78M
Aug. 7, 2020 4:00p
P/E Ratio
11.93
Dividend Yield
5.74%
Market Cap
$11.63 billion
Rev. per Employee
$263,814
loading...
/zigman2/quotes/200566298/composite
US : U.S.: NYSE
$ 45.80
+0.11 +0.24%
Volume: 1.52M
Aug. 7, 2020 4:00p
P/E Ratio
44.73
Dividend Yield
2.73%
Market Cap
$4.10 billion
Rev. per Employee
$186,650
loading...
/zigman2/quotes/211319643/composite
US : U.S.: Nasdaq
$ 258.73
-9.52 -3.55%
Volume: 5.02M
Aug. 7, 2020 4:00p
P/E Ratio
1,503
Dividend Yield
N/A
Market Cap
$72.99 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210331248/composite
US : U.S.: Nasdaq
$ 3,167.46
-57.54 -1.78%
Volume: 3.94M
Aug. 7, 2020 4:00p
P/E Ratio
121.75
Dividend Yield
N/A
Market Cap
$1586.55 billion
Rev. per Employee
$359,671
loading...
/zigman2/quotes/205064656/composite
US : U.S.: Nasdaq
$ 268.44
+3.16 +1.19%
Volume: 72.77M
Aug. 7, 2020 4:00p
P/E Ratio
32.79
Dividend Yield
N/A
Market Cap
$764.59 billion
Rev. per Employee
$1.57M
loading...
/zigman2/quotes/200036418/composite
US : U.S.: NYSE
$ 87.55
+2.15 +2.52%
Volume: 256,861
Aug. 7, 2020 4:00p
P/E Ratio
32.96
Dividend Yield
1.21%
Market Cap
$1.53 billion
Rev. per Employee
$270,839
loading...
/zigman2/quotes/202273249/composite
US : U.S.: Nasdaq
$ 26.33
+0.69 +2.69%
Volume: 1.73M
Aug. 7, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.46 billion
Rev. per Employee
$316,336
loading...
/zigman2/quotes/205852373/composite
US : U.S.: NYSE
$ 21.16
+0.91 +4.49%
Volume: 1.71M
Aug. 7, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.23 billion
Rev. per Employee
$370,951
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
363.55
+1.06 +0.29%
Volume: 0.00
Aug. 7, 2020 11:03p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
6,032.18
+5.24 +0.09%
Volume: 0.00
Aug. 7, 2020 4:59p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
22,329.94
-88.21 -0.39%
Volume: 0.00
Aug. 7, 2020 3:15p
loading...
/zigman2/quotes/210598128/delayed
XX : China Securities Index
4,707.93
-54.84 -1.15%
Volume: 21.35B
Aug. 7, 2020 3:00p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,531.62
-398.96 -1.60%
Volume: 1.61M
Aug. 7, 2020 4:08p
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
0.57
0.00 0.00%
Volume: 0.00
Aug. 7, 2020 4:59p
loading...
/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
93.39
+0.60 +0.65%
Volume: 0.00
Aug. 7, 2020 6:00p
loading...

Joy Wiltermuth is a MarketWatch markets reporter and editor based in New York.

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