Dow Jones Sheds 400 Points as Nike Reports Dismal Results, Bank Share Buybacks Are on Hold

The coronavirus pandemic is far from over in the United States, and the stock market is beginning to wake up to that reality. The Dow Jones Industrial Average (DJINDICES: ^DJI) was down 1.6% at 10:15 a.m. EDT on Friday.

The U.S. is back to seeing a record number of daily confirmed COVID-19 cases. On Thursday, it recorded 40,000 new confirmed cases, the most ever. States including California, Texas, Florida, and Arizona are suffering dramatic surges, while early hot spots like New York are so far successfully maintaining their progress knocking down the virus.

Shares of Nike (NYSE: NKE), Bank of America (NYSE: BAC), and JPMorgan Chase (NYSE: JPM) were all down Friday morning. Nike reported weak quarterly results due to the pandemic, and the big banks will be limited in their capital return options after the Federal Reserve performed pandemic-related stress tests.

Source Fool.com