Preparations in several states to ease quarantine measures were the main reason for the growth of the US stock market the previous Monday.

New York Governor Andrew Cuomo said the number of deaths per day and hospitalization rates in the state continued to decline. He also added that some regions of New York State (upstate), where COVID-19 infections are low, will resume economic activity on May 15 while quarantine will be extended in others. According to Cuomo, different strategies for easing restrictions will be developed for different regions of the state. In addition, quarterly reports of companies and data from the Dallas Federal Reserve, which showed a smaller than expected decline in business activity of Texas manufacturers, were in the focus of investors' attention. According to the report, the Dallas Federal Reserve Index fell to -73.7 points in April from -70.0 points in March. Analysts expected a decline to -88.0 points.

On Tuesday, major US stock indexes moved down due to a fall in technology sector stocks. The stocks of Alphabet (GOOG), Facebook (FB), Amazon.com (AMZN), Microsoft (MSFT) fell by more than 2%, putting pressure on the Nasdaq. Meanwhile, a report released by the Conference Board showed that US consumer confidence in April fell to its lowest level since 2014, although consumer expectations improved. The consumer confidence index fell to 86.9 in April after falling to a revised downward 118.8 in March. In addition, the continued decline in oil prices was pressured by the stock market.

On Wednesday the statement by biopharmaceutical company Gilead Sciences (GILD) about the prospects of developing a new antiviral drug Remdesivir pushed up the stock market. Alphabet (GOOG) stocks also boosted optimism in the stock market, which soared 9.5% after the tech giant reported a slower than expected slowdown in revenue growth. Other stocks of other IT giants have also risen in price. Commerce Department report showed that the US economy in the first quarter contracted at the fastest pace since the Great Depression. GDP fell 4.8% year on year after rising 2.1% in the last three months of 2019. Economists predicted a 4% drop in GDP. In turn, the report published by the National Association of Realtors (NAR) showed a more significant than expected drop in pending home sales in the US in March. According to the report, the index of incomplete home sales fell in March by 20.8%, to 88.2, after rising by 2.3%, to 111.4 in February. Economists expected the index to fall 10%. In addition, market participants analyzed the predicted results of the Fed meeting - the range of interest rates on federal funds remained unchanged.

The next day, US stocks declined moderately due to a new batch of macroeconomic data. The report by the Ministry of Labor showed that initial applications for unemployment benefits amounted to 3.839 million, seasonally adjusted for the week of April 25th. This is compared to 4.442 million in the previous week. Last week’s applications raised the number of people seeking unemployment benefits to 30 million from March 21, representing approximately 18.4% of the working-age population. The Washington Post report that the US is considering China's possible liability for the coronavirus pandemic also added nervousness to the market.

The week ended with a notable decrease due to Donald Trump's threats to introduce new tariffs from China due to the coronavirus. According to him, his administration developed a response to the outbreak of COVID-19. Thus, market participants again started talking about a trade war between the two largest economies in the world.

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