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    HSBC falls 3% amid reports that top shareholder Ping An is looking to trim its stake

    Citing people familiar with the matter, Bloomberg said that “one option an internal team at the Chinese insurance giant is considering is further share sales, similar to the $50 million sale it disclosed last week.”
    Ping An has butted heads with HSBC’s management in recent years, most notably supporting a shareholder motion in 2023 that sought to spin off its Asia business and establish fixed dividends.

    Customers use automated teller machines (ATM) at an HSBC Holdings Plc bank branch at night in Hong Kong, China, on Saturday, Feb 16, 2019.
    Anthony Kwan | Bloomberg | Getty Images

    Shares of HSBC Holdings fell over 3% in Hong Kong on Friday after reports that its top shareholder Ping An Insurance might be looking to cut its stake in the British bank.
    Despite the fall, HSBC’s share price is still at its highest since August 2018, trading at about 68 Hong Kong dollars per share.

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    Citing people familiar with the matter, Bloomberg reported the Chinese insurer is looking at possibly reducing its stake in the bank further “as it seeks to reduce its $13.3 billion position in Europe’s largest lender.”
    There are several options including “further share sales, similar to the $50 million sale it disclosed last week.”
    Ping An sold HSBC shares worth 391.49 million Hong Kong dollars ($50.19 million) on May 7, cutting its stake from 8.01% to 7.98%.
    The sale marked the first disposal of shares from Ping An since it backed a 2023 shareholder motion that sought to spin off its Asia business and establish fixed dividends. That motion was eventually defeated.
    “A sovereign wealth fund or ultra-rich investor in the Middle East taking a sizable stake is another possibility,” Bloomberg said, citing unnamed sources. More

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    China consumption slows as retail sales and investment data disappoint

    Retail sales rose by 2.3% in April from a year ago, the National Bureau of Statistics said.
    Industrial production rose by 6.7% in April from a year ago, beating expectations for 5.5% growth.
    But fixed asset investment rose by 4.2% for the first four months of the year, lower than the 4.6% expected increase.
    China was also scheduled Friday to kick off a six-month program for issuing decades-long bonds to fund strategic projects.

    Pictured here is a BYD factory producing new energy-powered trucks in Huai’an, China, on February 21, 2024.
    Nurphoto | Nurphoto | Getty Images

    BEIJING — China reported data Friday that pointed to slower growth on the consumer side while industrial activity remained robust.
    Retail sales rose by 2.3% in April from a year ago, the National Bureau of Statistics said. That was less than the 3.8% increase forecast by a Reuters poll, and slower than the 3.1% pace reported in March.

    Industrial production rose by 6.7% in April from a year ago, beating expectations for 5.5% growth. That was also a marked pickup from 4.5% in March.
    But fixed asset investment rose by 4.2% for the first four months of the year, lower than the 4.6% expected increase.
    Real estate investment steepened its pace of decline, and was down 9.8% year-on-year for the first four months of 2024.
    Infrastructure and manufacturing investment during that time both slowed their pace slightly from the level reported as of March.
    The urban unemployment rate in April was 5%. The bureau has previously said it would publish the breakdown by age in the days following the overall data release.

    Retail sales grew by 6.8% year-on-year during a recent holiday period from April 29 to May 3, according to China’s Ministry of Commerce.
    The ministry said retail sales of home appliances rose by 7.9% during that time, while that of automobiles climbed by 4.8%, boosted by nationwide trade-in incentives.
    “Major indicators of industry, exports, employment and prices improved overall, with new driving forces maintain[ing] rapid growth,” the bureau said.
    Some consumers who are uncertain about their future income and other aspects will remain cautious about spending, said Bruce Pang at JLL.
    But he noted that improving employment data and growth in services consumption indicated retail sales could improve down the road.
    The statistics bureau said in a statement that the April figures were affected by the May 1 Labor Day holiday and last year’s high base. 
    A spokeswoman for the bureau, Liu Aihua, pointed out that last year, the multi-day May 1 Labor Day holiday had included two days in April. This year, the holiday didn’t begin until May 1.
    She said the real estate sector remains in a period of adjustment.
    China was also scheduled Friday to kick off a six-month program for issuing decades-long bonds to fund strategic projects. Oxford Economics expects the bulk of any economic impact won’t be felt until the first half of next year.
    Liu noted the issuance of ultra-long bonds could also help boost market confidence.

    Mixed picture so far

    Other data released for April have pointed to a mixed picture for growth.
    Exports grew year-on-year in April, up by 1.5% and in line with expectations, while imports grew far more than expected, up by 8.4%.
    In another indication of stabilizing domestic demand, consumer prices ticked up last month.
    But a measure of prices at the factory level continued to decline. New loan data for April slumped to levels not seen in at least two decades, due largely to changes in data measurement but also reflecting sluggish demand from businesses and households in borrowing for the future.
    A prolonged slump in the real estate sector has yet to show signs of significant turnaround, with many pre-sold apartments still under construction. More cities have eased housing purchase restrictions in the last few weeks in a bid to bolster sales.

    Housing policy details expected

    Officials from the housing ministry, central bank and financial regulator are scheduled Friday afternoon to hold a press conference about policies to support the delivery of homes.
    Dan Wang, chief economist at Hang Seng Bank (China), said in an interview late last month she expected China’s property market to stabilize by the end of next year.
    “It actually looks to me the policy succeeded, in a very brutal way because it’s happening too fast, because it’s essentially stopped speculation,” she said.
    While the real estate slump has weighed in particular on middle-class wealth, she pointed out the economy overall has held up.
    “Data quality aside, it seems like the economy is able to compensate for a big loss in the housing market by industrial investment and manufacturing,” Wang said. “It has showed some strength in the way the Chinese economy is organized and how its industrial policy has been done.”
    China’s official GDP grew by 5.3% in the first quarter versus a year ago, better than expectations for a 4.6% increase. The country has set a target of around 5% GDP growth for 2024.
    The EU Chamber of Commerce in China told reporters last week that recent economic pressures appear cyclical, and that it’s more important for foreign businesses to see an increase in domestic demand rather than industrial investment.
    Retail sales grew by 6.8% year-on-year during a recent holiday period from April 29 to May 3, according to China’s Ministry of Commerce.
    The ministry said retail sales of home appliances rose by 7.9% during that time, while that of automobiles climbed by 4.8%, boosted by nationwide trade-in incentives. More

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    Affluent consumers are creating a ‘bubble’ at Walmart, warns retailer’s former U.S. CEO Bill Simon

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    Higher-income consumers may be creating a frothy situation at Walmart.
    Even though affluent shoppers helped drive the retailer’s latest beat on quarterly results, former Walmart U.S. CEO Bill Simon warns they’ll be hard to keep.

    “The Walmart experience is better than it used to be, but it’s still not a premium experience. Walmart is built on convenience, cost and assortment. Not on service,” he told CNBC’s “Fast Money” on Thursday. “As the economic challenges abate … service will become more important than convenience and price. And, we’ll see a shift back of some of the consumers. That’s the bubble.”
    His warning comes with Walmart stock hitting all-time highs going back to August 1972, when it began trading on the New York Stock Exchange. Shares surged almost 7% on Thursday after the discount retailer’s fiscal first-quarter adjusted earnings and revenue beat estimates. Walmart reported high-income consumers helped drive profits particularly in its grocery business.
    “The challenge is that the tail winds that have come from food inflation that have pushed Walmart along will reverse eventually,” said Simon, who sits on the boards of Darden Restaurants and Hanesbrands.
    Last October on “Fast Money,” Simon warned bargains were losing their magic because consumers were starting to buckle for the first time in a decade. His call at the time applied to lower-income consumers.
    Now, Simon contends higher-income consumers going to Walmart isn’t good news for the broader economy,

    “When money is tight, people react — even high-end consumers react,” he said.
    Despite his bubble warning, Simon thinks Walmart is a “great investment” over the next 12 months.
    “As long as there’s inflation and those tail winds that come from particularly from food inflation, more traffic will come to the Walmart store,” said Simon.
    But he thinks the stock may hit a rough spot in 24 months as inflation comes down and higher-end consumers move away from shopping at discount retailers.
    “When inflation abates and service becomes more important than price, some of those tail winds will become headwinds,” Simon said.

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    The NBA is picking its TV partners — and a deal hinges on Warner Bros. Discovery’s next move

    Warner Bros. Discovery and the NBA continue to have discussions about reaching a new broadcast deal.
    Warner Bros. Discovery has matching rights if the NBA signs a deal with NBCUniversal for a package of games.
    If Warner Bros. Discovery matches NBCUniversal’s bid, it’s unclear if the league has full discretion to walk away from the matched offer, sources told CNBC.

    NBA Commissioner Adam Silver speaks to the media during a press conference as part of the 2022 All-Star Weekend at Rocket Mortgage Fieldhouse on February 19, 2022 in Cleveland, Ohio.
    Jason Miller | Getty Images

    Whether it’s two people in a marriage or a company and a sports league, it’s not easy to break up a 40-year partnership.
    The NBA and Warner Bros. Discovery’s Turner Sports have been in business together for nearly four decades. The relationship is now in jeopardy, as Comcast’s NBCUniversal is attempting to steal away its package of games with a $2.5 billion per-year offer, as CNBC has previously reported.

    The league ended its exclusive window to renew a deal with its two current media partners, Disney and Warner Bros. Discovery, on April 22. Since then, the league has set a framework to renew with Disney, bring in Amazon as a new third partner, and sell its other package to either Warner Bros. Discovery or NBCUniversal, according to people familiar with the matter. The league stands to triple the total value of a new deal from about $24 billion to $76 billion or more.
    Warner Bros. Discovery continues to have discussions with the NBA about keeping the rights, according to people familiar with the matter. The league could still decide to simply renew with its incumbent partner, but it’s not likely, said two of the people, who asked not to be named because the talks are private.
    The more probable path would be for the league to sign papers with NBCUniversal, formally securing its bid. That would trigger a contractual option for Warner Bros. Discovery to match the offer.
    This is where things might get thorny.
    Both the NBA and Warner Bros. Discovery have begun poring over legal language to determine if the league can reject a potential match, the people said. The contractual wording is vague, and it’s unclear if the NBA has full discretion to walk away from Warner Bros. Discovery if it matches the bid, said the people.

    If Warner Bros. Discovery decides to match, and the NBA moves to choose NBCUniversal’s offer, the sides may be headed for a lawsuit. Warner Bros. Discovery believes it’s fairly well protected by the contractual language, one of the people said.
    Still, that remains hypothetical at this point. It’s possible Warner Bros. Discovery won’t match NBCUniversal’s bid, which would avoid potential conflict.
    Some league officials are worried Warner Bros. Discovery’s balance sheet can’t handle spending $2.5 billion a year on the NBA, according to people familiar with the matter. Warner Bros. Discovery has a market valuation of about $20 billion and an enterprise value of about $60 billion, including $43.2 billion of gross debt, as of the end of the company’s fiscal first quarter. The company had a leverage ratio (net debt to adjusted earnings before interest, taxes, depreciation and amortization) of 4.1.
    Warner Bros. Discovery CEO David Zaslav has both publicly and privately preached the importance of financial discipline for the company.
    NBCUniversal parent Comcast has a market capitalization of about $154 billion and an enterprise value of $244 billion. Comcast’s leverage ratio is about 2.5.
    NBA officials are more comfortable Comcast can pay what would amount to more than double the previous price for the package, according to the people familiar to the matter.
    Warner Bros. Discovery had been paying $1.2 billion per year to air NBA games. The new package also includes fewer games than the current one because the NBA is likely to introduce a third partner — most likely to be Amazon.
    Spokespeople for Warner Bros. Discovery and the NBA declined to comment.

    The fate of Venu

    Warner Bros. Discovery, Disney and Fox announced Thursday they plan to name their new sports streaming platform Venu, taking inspiration from where live sports are played. The new joint venture, one-third owned by each media company, will offer a bundle of sports networks and ESPN+ at a still to be determined price that’s less expensive than traditional cable. CNBC reported earlier this year the price could be around $45 or $50 a month. The service will debut in the fall, the companies have said.
    The three companies haven’t yet formally signed paperwork on the venture as they await regulatory approval. If Warner Bros. Discovery loses the NBA, that will diminish the value of the service for consumers, as NBCUniversal and Amazon aren’t partners in the product.
    Warner Bros. Discovery licenses the rights to other sports leagues and groups, including MLB, the NHL and the National Collegiate Athletic Association’s March Madness. The company will also have the NBA next year no matter what, as the new rights deal doesn’t kick in until the end of the 2024-25 season.
    There’s been no discussion about shutting down the venture before it launches if Warner Bros. Discovery loses the NBA, according to a person familiar with the matter. Still, without the NBA, Disney and Fox would be contributing the lion’s share of sports content for the service. Disney’s ESPN and Fox own both college football and NFL packages, unlike Warner Bros. Discovery. The three companies plan to split revenue commensurate with the affiliate fees associated with their linear networks.
    Warner Bros. Discovery could use the money it saves from not obtaining NBA rights to spend on other sports, such as more MLB games or bidding for UFC, which will likely begin renewal discussions with media companies in early 2025.
    ESPN plans to launch its own “flagship” streaming service in the fall of 2025.
    Disclosure: Comcast’s NBCUniversal is the parent company of CNBC.

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    FDA approves Amgen’s treatment for most deadly form of lung cancer 

    The Food and Drug Administration on Thursday approved Amgen’s treatment for patients with the most deadly form of lung cancer. 
    The agency cleared the drug, called Imdelltra, as a second or later-line treatment for adults with advanced small-cell lung cancer.
    In clinical trials, Amgen’s drug has been shown to reduce tumor growth and help people with small-cell lung cancer live longer. 

    The Amgen headquarters in Thousand Oaks, California.
    Eric Thayer | Bloomberg | Getty Images

    The Food and Drug Administration on Thursday approved Amgen’s therapy for patients with the most deadly form of lung cancer. 
    The agency cleared the drug, which will be marketed under the name Imdelltra, as a second or later line of treatment for people with advanced small-cell lung cancer. That means patients can take the drug if their cancer progresses while on or after trying one other form of treatment, which is typically a type of chemotherapy. Amgen’s drug is also known by its generic name tarlatamab.

    In clinical trials, Amgen’s drug has been shown to reduce tumor growth and help people with small-cell lung cancer live significantly longer.
    Of the more than 2.2 million patients who are diagnosed with lung cancer worldwide each year, small-cell lung cancer comprises 15%, or 330,000, of those cases, Amgen said. Around 80% to 85% of people with small-cell lung cancer are diagnosed with an advanced stage of the disease, according to a study published in the Journal of Cancer.
    There are around 35,000 patients with small-cell lung cancer in the U.S., Dr. Jay Bradner, Amgen’s chief scientific officer, told CNBC. 
    Small-cell lung cancer usually starts in the airways of the lung and grows rapidly, creating large tumors and spreading throughout the body. Symptoms include bloody phlegm, cough, chest pain and shortness of breath.
    Only 3% of patients with small-cell lung cancer that has spread to other parts of the body live past 5 years, according to the American Cancer Society. That five-year survival rate accounts for 7% among all patients with the condition, regardless of whether the cancer spreads. Bradner said patients with small-cell lung cancer typically have four to five months to live.

    Lynne Bell, a small-cell lung cancer patient from Atlanta, Georgia, is an exception. She says she was “horrified” and “in a dark place” after she was diagnosed with an advanced stage of the condition in 2021.
    But she started taking Amgen’s Imdelltra in an ongoing clinical trial in September after other treatments, including chemotherapy, stopped working. Since then, Bell said her tumors have shrunk significantly and cancer scans “look great.” She said she specifically noticed her pain go away after taking a second dose of Amgen’s drug.
    When asked how long she would continue Imdelltra, Bell said, “If this medication is working and I’m not having any side effects, I’m good to go. I’m in it to win it.”
    Maida Mangiameli, a small-cell lung cancer advocate and patient mentor from Naperville, Illinois, is also a survivor of the devastating disease. She was diagnosed with an advanced stage of the condition in 2018 but was deemed in remission this year, meaning the treatment she received has reduced the signs and symptoms of the cancer. 
    Mangiameli has been in remission for five years. Her treatments included chemotherapy and 28 days of radiation therapy. She told CNBC that Amgen’s Imdelltra may “not be something for me, but it might be down the road.” 
    Mangiameli added that she’s excited to know that there will be another therapy option for other patients suffering from small-cell lung cancer. She said the development of new treatments for the disease has been “on the back burner” for several years. 
    Amgen’s Bradner also said treatment options “are pretty meager.” 
    “It’s just one of the most dreadful cancers and so we needed a new solution,” he said. 

    Lung cancer tumor and light micrograph, illustration.
    Kateryna Kon | Science Photo Library | Getty Images

    Amgen’s drug is called a bispecific T-cell engager, which is designed to redirect the immune system’s T-cells to recognize and kill cancer cells. 
    The approval is based on results from a phase two trial that followed more than 200 patients with small-cell lung cancer. Cancer tumors shrank in 40% of people who were given a 10-milligram dose of Imdelltra every 2 weeks.
    Notably, the median time that people lived after starting 10-milligram doses of Amgen’s drug was 14.3 months. That compares with around six to 12 months with current treatments, according to the National Cancer Institute. 
    “These patients who would normally only have four to five months enjoy almost another full year of life,” Bradner told CNBC. 
    That time can make a huge difference for patients. 
    For Mangiameli, receiving treatment for small-cell lung cancer gave her years to get closer to her grandchild, who was born not long before she was diagnosed with the disease. 
    “I had the impetus, the drive to make sure I survived. … I just had my first grandchild, I have to live long enough for us to become pals,” Mangiameli said. 
    Meanwhile, Bell said taking Imdelltra gave her the time to travel; she went on a trip with her daughter to San Diego.
    “I’m trying to go as many places that I can get to,” Bell told CNBC.
    Amgen is continuing to study Imdelltra in several trials, including some that will test the drug as an earlier line of treatment for small-cell lung cancer. 
    That includes a late-stage trial comparing Imdelltra with chemotherapy as a second-line treatment for the disease. Amgen also plans to start another phase three study on the drug as a first-line treatment for patients at an advanced stage of small-cell lung cancer. 
    “What makes us hopeful is, as you develop cancer medicines, that if they work in later stages of the disease, they can work even better when you move them” to first-line treatment, Bradner said.

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    Canada Goose jumps 16% after the company reports growth surge in China

    Canada Goose shares soared 16% on Thursday after reporting fiscal fourth-quarter earnings.
    The company also announced it was expecting year-over-year sales growth for fiscal year 2025.
    Canada Goose announced earlier this year that it was going to cut 17% of its corporate workforce.

    Chris So | Toronto Star | Getty Images

    Shares of Canada Goose surged 16% on Thursday after the company reported earnings for the fiscal fourth quarter and announced it was expecting year-over-year sales growth for fiscal year 2025.
    Here’s how the company did:

    Earnings per share: 5 Canadian cents, which may not compare with estimates of 7 Canadian cents
    Revenue: CA$358 million (US$263 million), which may not compare with the CA$315.5 million (US$232 million) expected by LSEG.

    Revenue increased 22% from the same period a year ago.
    Neil Bowden, Canada Goose’s chief financial officer, said on an earnings call with analysts that store comparisons were “relatively flat,” but year-over-year sales growth for the period was led by locations in Greater China — the region comprising Mainland China, Hong Kong, Macau and Taiwan — which saw a 29.7% increase. The broader Asia-Pacific region excluding Greater China was up 29.1%, and North American sales saw an increase of 24.5%.
    Net income for the fiscal fourth quarter ended March 31 swung to CA$7.6 million, or 5 Canadian cents per share, from a loss of CA$10 million, or 3 Canadian cents per share, in the year-earlier period.
    Bowden said the growth was supported by domestic shopping on the Chinese mainland, as well as mainland tourists driving “strong growth” in Hong Kong and Macao.
    Online and in-store sales for the period, he added, were “bolstered by the company’s Lunar New Year marketing campaign and complemented by a longer peak selling period, given the later date of the Lunar New Year compared to last year.”

    Moving forward, the finance chief said the company is expecting mid-single-digit percentage revenue growth the next fiscal year, which he expects will be guided by advances in the direct-to-consumer business. He also said he expects comparable store sales to grow “somewhere in the low single digits.”
    Bowden said Canada Goose’s business increase in China and Asia Pacific over the past three months is in line with the view of mid-single-digit growth for the luxury business. North America, however, has been under “a little bit more pressure,” he said.
    This upbeat performance comes after the company announced back in March that it was going to cut 17% of its corporate workforce. Canada Goose reported the layoffs had generated about CA$20 million (US$14.7 million) in productivity improvements and cost savings for the fiscal fourth quarter.

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    Boeing supplier Spirit AeroSystems lays off workers, citing lower plane delivery rates

    Spirit AeroSystems notified its Wichita workforce of layoffs of up to 450 employees that will take place in the coming weeks.
    The aerospace company cited a slowdown in Boeing plane deliveries.
    The company is also in talks to be acquired by Boeing.

    A Boeing 737 MAX-10 lands over the Spirit AeroSystems logo during a flying display at the 54th International Paris Air Show at Le Bourget Airport near Paris, France, on June 22, 2023.
    Benoit Tessier | Reuters

    Aerospace supplier Spirit AeroSystems on Thursday said it will lay off some of its workers because of slower delivery rates on commercial aircraft as it struggles with a slowdown at its biggest commercial airplane customer, Boeing.
    Spirit AeroSystems told staff in a memo, reported earlier by Wichita-based KSN, that it would cut about 400 to 450 hourly employees.

    “We are committed to implementing this transition in as compassionate a manner as possible,” Spirit AeroSystems said in a statement.
    About 12,600 people worked at the Wichita facility as of the end of 2023, according to the company’s annual filing.
    Spirit AeroSystems makes fuselages at the plant for Boeing’s bestselling 737 Max plane, deliveries of which have slowed in the wake of a door panel blowout and resulting safety crisis at Boeing.
    Last week, Spirit AeroSystems said first-quarter Boeing deliveries decreased 31% from the same period in 2023, and said overall deliveries were down 11.3%.
    It reported a quarterly loss of $616.7 million for the first three months of the year. The company has struggled financially in recent years and was last profitable in 2019. 

    The company is also in talks to be acquired by Boeing, which it spun off from in 2005. About 70% of Spirit AeroSystems’ revenue last year came from Boeing, although the company also makes parts for Boeing’s rival Airbus.
    Boeing CEO Dave Calhoun told CNBC in an interview in April 2024 that it is “more than likely” that the companies reach a deal during the second quarter.

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    The Dow’s road to 40,000 in one chart

    The 30-stock benchmark broke above 40,000 for the first time.
    Investors anticipate artificial intelligence boosting corporate profits and the Federal Reserve possibly cutting rates later this year.
    The Dow first closed above 20,000 in early 2017, on the heels of lower corporate taxes in the U.S. under former President Donald Trump.

    Traders work on the floor at the New York Stock Exchange.
    Brendan McDermid | Reuters

    The Dow Jones Industrial Average reached a milestone Thursday that seemed unfathomable a year ago.
    The 30-stock benchmark broke above 40,000 for the first time. The move comes as investors cheer the prospects of artificial intelligence boosting corporate profits and the Federal Reserve possibly cutting rates later this year as inflation eases further from its pandemic highs.

    It’s been a long and winding road for the Dow to climb to these levels. Here’s a look at the Dow’s trajectory over the past 20,000 points.

    The Dow first closed above 20,000 in early 2017, as investors began pricing in lower corporate taxes in the U.S. under former President Donald Trump. Those expectations were met toward the end of that year and also drove the Dow above 25,000 by January 2018.
    However, the Dow struggled in 2018 after the excitement around lower taxes faded, with trade tensions between China and the U.S. rising and the Federal Reserve raising interest rates. The Dow finished the year down more than 5%.

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    In 2019, the stock market recovered as the Fed pivoted away from raising rates. By early 2020, the Dow was nearing 30,000 — reaching a high of 29,551.42 on Feb. 12, 2020.
    Then came the Covid-19 pandemic. The Dow tumbled 38% from its February 2020 intraday peak to a low of 18,213.65 in March 2020.

    Over the following months, the benchmark would recover as progress on Covid vaccine development ramped up and the Fed and lawmakers took unprecedented measures to support the economy. By November 2020, the Dow had closed above 30,000 for the first time.
    The momentum from the Covid lows carried through to 2021, with the Dow breaking above 35,000. However, the good times wouldn’t last for much longer, as a bear market knocked the Dow all the way down to 28,660.51 before it recovered. Since reaching that low, the Dow has surged 40%.
    — CNBC’s Gabriel Cortés contributed reporting. More