<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Stocks reversed gains to trade mostly lower Friday afternoon. Earlier in the session, stocks were higher in a short-lived recovery rally, after the three major indices closed out their worst day since mid-March during the regular session Thursday on Wall Street.” data-reactid=”16″>Stocks reversed gains to trade mostly lower Friday afternoon. Earlier in the session, stocks were higher in a short-lived recovery rally, after the three major indices closed out their worst day since mid-March during the regular session Thursday on Wall Street.

The Dow turned slightly negative just before 2 p.m. ET Friday, after adding as many as 837 points, or 3.33%, shortly after market open. The losses extended declines from the day earlier, when the 30-stock index posted its worst session since March 16 and suffered its fourth largest point-decline on record.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Thursday’s rout came as investors nervously eyed rising coronavirus cases in some parts of the country, and considered officials’ warnings of sustained economic damage due to the outbreak’s after-effects.” data-reactid=”18″>Thursday’s rout came as investors nervously eyed rising coronavirus cases in some parts of the country, and considered officials’ warnings of sustained economic damage due to the outbreak’s after-effects.

“Stocks were overdue for a pullback after rallying more than 40% off the March lows and pricing in what we believe is an overly optimistic economic outlook,” Jeff Buchbinder, equity strategist for LPL Financial, said in an email. “More COVID-19 spread in a few southern and western states and a gloomy outlook from the Fed provided the spark for some of the froth to come out.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Increases in new coronavirus cases in some parts of the country contributed to investors’ worries, triggering the steep sell-off in risk assets and among travel and leisure stocks especially. Officials in Houston, Texas suggested they were considering reestablishing stay-at-home orders amid the latest rise in local cases, with Texas having just reported its biggest one-day jump in cases since the pandemic began on Wednesday. Cases in Florida rose by 1,902, a fresh record high in new cases, as of the latest count Friday morning.” data-reactid=”20″>Increases in new coronavirus cases in some parts of the country contributed to investors’ worries, triggering the steep sell-off in risk assets and among travel and leisure stocks especially. Officials in Houston, Texas suggested they were considering reestablishing stay-at-home orders amid the latest rise in local cases, with Texas having just reported its biggest one-day jump in cases since the pandemic began on Wednesday. Cases in Florida rose by 1,902, a fresh record high in new cases, as of the latest count Friday morning.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Comments from Federal Reserve Chair Jerome Powell were also still fresh in the minds of investors, with the head of the central bank underscoring concerns of a drawn-out recovery process. In his latest press conference Wednesday, Powell flagged the Fed’s “high level of uncertainty” about the economic outlook, and warned there could be a “good number of millions” of Americans sustaining longer-term unemployment due to virus-related disruptions.” data-reactid=”21″>Comments from Federal Reserve Chair Jerome Powell were also still fresh in the minds of investors, with the head of the central bank underscoring concerns of a drawn-out recovery process. In his latest press conference Wednesday, Powell flagged the Fed’s “high level of uncertainty” about the economic outlook, and warned there could be a “good number of millions” of Americans sustaining longer-term unemployment due to virus-related disruptions.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“[Powell] certainly wasn't reinforcing the recovery is around the corner, ‘nothing to worry about here,” Liz Ann Sonders, Charles Schwab chief investment strategist, told Yahoo Finance’s The Ticker on Thursday. “So I think it was just a recipe for some serious profit-taking, especially given where you’re seeing the weakness concentrated.”” data-reactid=”22″>“[Powell] certainly wasn’t reinforcing the recovery is around the corner, ‘nothing to worry about here,” Liz Ann Sonders, Charles Schwab chief investment strategist, told Yahoo Finance’s The Ticker on Thursday. “So I think it was just a recipe for some serious profit-taking, especially given where you’re seeing the weakness concentrated.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The Labor Department reported Thursday morning that another 1.54 million individuals filed new unemployment insurance claims last week, bringing the total over the past three months to more than 44 million. While this was the tenth straight week that new claims fell relative to the week prior, the latest print was still was more than double the peak in new claims at the worst point of the Great Recession.” data-reactid=”23″>The Labor Department reported Thursday morning that another 1.54 million individuals filed new unemployment insurance claims last week, bringing the total over the past three months to more than 44 million. While this was the tenth straight week that new claims fell relative to the week prior, the latest print was still was more than double the peak in new claims at the worst point of the Great Recession.

1:50 p.m. ET: Stocks turn around, dipping back into the red

Here were the main moves in markets, as of 1:50 p.m. ET:

  • S&P 500 (^GSPC): -10.41 points (-0.35%) to 2,991.69

  • Dow (^DJI): -9.52 points (-0.04%) to 25,118.65

  • Nasdaq (^IXIC): -45.38 points (-54%) to 9,551.39

  • Crude (CL=F): -$0.42 (-1.16%) to $35.92 a barrel

  • Gold (GC=F): -$1.50 (-0.09%) to $1,738.30 per ounce

  • 10-year Treasury (^TNX): +2.9 bps to yield 0.682%

12:52 p.m. ET: Stocks hold in positive territory, but come off session highs

The three major indices held higher Friday afternoon, but were off session highs from shortly after market open.

The Dow rose 1.3%, or about 325 points, with gains led by a more than 7% advance in shares of Boeing. The real estate, financials and materials sectors led advances in the S&P 500.

10:01 a.m. ET: Consumer sentiment posts second straight monthly rise in June: University of Michigan

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="An index tracking consumer sentiment rose more than expected in its second straight monthly gain in June, according to the University of Michigan’s preliminary monthly report.” data-reactid=”40″>An index tracking consumer sentiment rose more than expected in its second straight monthly gain in June, according to the University of Michigan’s preliminary monthly report.

Headline consumer sentiment rose to 78.9 in June from 72.3 in May. This was above consensus estimates for 75.0, according to Bloomberg data, and the margin of increase was the largest since 2016. Subindices tracking consumers’ assessments of current conditions and future expectations for the economy also rose more than expected.

“The turnaround is largely due to renewed gains in employment, with more consumers expecting declines in the jobless rate than at any other time in the long history of the Michigan surveys,” Richard Curtin, chief economist for the university’s Surveys of Consumers, said in a statement.

“Despite the expected economic gains, few consumers anticipate the reestablishment of favorable economic conditions anytime soon. Bad times financially in the economy as a whole during the year ahead were still expected by two-thirds of all consumers, and a renewed downturn was anticipated by nearly half over the longer term,” he added. “The most often cited cause of a renewed downturn is a resurgence in the spread of the coronavirus, and the most often cited cause of a slow economic recovery is the financial damage from persistently high unemployment.”

9:30 a.m. ET: Stocks bounce, recovering some losses

Here’s where equity indices opened, as of 9:30 a.m. ET:

  • S&P 500 (^GSPC): +76.64 points (+2.55%) to 3,078.74

  • Dow (^DJI): +688.09 points (+2.74%) to 25,816.26

  • Nasdaq (^IXIC): +230.40 (+2.36%) to 9,718.93

  • Crude (CL=F): +$0.30 (+0.83%) to $36.64 a barrel

  • Gold (GC=F): +$6.50 (+0.37%) to $1,746.30 per ounce

  • 10-year Treasury (^TNX): +4.7 bps to yield 0.7%

7:20 a.m. ET Friday: Stock futures rise overnight, pointing sharply higher into the open

Here were the main moves in markets as of 7:20 a.m. ET:

  • S&P 500 futures (ES=F): 3,068.50, up 58.25 points, or 1.94%

  • Dow futures (YM=F): 25,740, up 575.00 points, or 2.28%

  • Nasdaq futures (NQ=F): 9,759.75, up 143 points or 1.49%

  • Crude (CL=F): +$0.19 (+0.52%) to $36.53 a barrel

  • Gold (GC=F): +$2.90 (+0.17%) to $1,742.70 per ounce

  • 10-year Treasury (^TNX): +5.5 bps to yield 0.708%

6:04 p.m. ET Thursday: Stock futures fall

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:05 p.m. ET:

  • S&P 500 futures (ES=F): 3,007.00, down 3.25 points or 0.11%

  • Dow futures (YM=F): 25,153, down 12 points, or 0.05%

  • Nasdaq futures (NQ=F): 9,604.00, down 12.75 points, or 0.13%

NEW YORK, NEW YORK - MAY 26: The New York Stock Exchange (NYSE) stands in lower Manhattan on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City. While only a small number of traders will be returning at this time, those that do will have to take temperature checks and wear face masks at all times while on the floor. The Dow rose over 600 points in morning trading as investors see economic activity in America picking up (Photo by Spencer Platt/Getty Images)NEW YORK, NEW YORK - MAY 26: The New York Stock Exchange (NYSE) stands in lower Manhattan on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City. While only a small number of traders will be returning at this time, those that do will have to take temperature checks and wear face masks at all times while on the floor. The Dow rose over 600 points in morning trading as investors see economic activity in America picking up (Photo by Spencer Platt/Getty Images)
NEW YORK, NEW YORK – MAY 26: The New York Stock Exchange (NYSE) stands in lower Manhattan on the first day that traders are allowed back onto the historic floor of the exchange on May 26, 2020 in New York City. While only a small number of traders will be returning at this time, those that do will have to take temperature checks and wear face masks at all times while on the floor. The Dow rose over 600 points in morning trading as investors see economic activity in America picking up (Photo by Spencer Platt/Getty Images)

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Follow Yahoo Finance on&nbsp;Twitter,&nbsp;Facebook,&nbsp;Instagram,&nbsp;Flipboard,&nbsp;LinkedIn, and&nbsp;reddit.” data-reactid=”91″>Follow Yahoo Finance on TwitterFacebookInstagramFlipboardLinkedIn, and reddit.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Find live stock market quotes and the latest business and finance news” data-reactid=”92″>Find live stock market quotes and the latest business and finance news

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="For tutorials and information on investing and trading stocks, check out Cashay” data-reactid=”93″>For tutorials and information on investing and trading stocks, check out Cashay