Stock market live Friday: Dow drops 700, TX reverses reopen, Gap jumps 19% on Kanye collab

Finance

Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease (COVID-19) continues New York, May 27, 2020.

Lucas Jackson | Reuters

This is a live blog. Check back for updates.

7:14: Stock futures point to mixed open

U.S. stock index futures pointed to a mixed open for the major averages on the final trading day of a volatile week. The Dow Jones Industrial Average was set to shed 40 points at the open, while the S&P 500 and Nasdaq-100 were set to rise 0.1% and 0.2%, respectively. Bank stocks weighed on the market after the Federal Reserve imposed restrictions on bank dividends following its annual stress test. During Thursday’s session the sector had rallied after the Federal Deposit Insurance Commission officials said they were loosening some restrictions on the Volcker Rule.

Elsewhere in the market, stocks most sensitive to the economy’s reopening, including airlines and cruise lines, moved higher, despite Texas and Florida pausing their reopening efforts as the number of Covid-19 cases in the states jump.

For the week, the S&P and Dow are slated to register their second weekly loss in three weeks, while the Nasdaq Composite is on track to end the week higher. – Stevens 

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