Stocks Give Back Gains Despite Coronavirus Slowdown
Gold snapped its four day win streak today
Despite roaring out of the gate for a new record high, the Dow finished marginally lower today. The blue-chip index pared triple-digit gains while investors unpacked the testimony of Fed Chair Jerome Powell, but ultimately pivoted lower later in the day. The S&P 500 and Nasdaq held on to their gains though, both nabbing fresh record closes thanks in part to reports that coronavirus cases in China are slowing.
Continue reading for more on today's market, including:
Bullish signal says this chip stock has room to run.Hasbro stock brushed off a revenue miss today.Plus, a software stock to target; Mastercard stock's big surge; and the big wireless carrier merger that finally happened.The Dow Jones Industrial Average (DJI - 29,276.34) finished 0.5 point lower for the day. Intel (INTC) paced the 16 winnerswith a 1.5% gain, while Verizon (VZ) fell to the bottom of the barrel on a 2.6% drop. Nike (NKE) broke even. The Dow earlier hit a fresh record high of 29,415.39.
The S&P 500 Index (SPX - 3,357.75) tacked on 5.7 points, or 0.2%,while the Nasdaq Composite (IXIC - 9,638.94) added 10.6 points or 0.1%. Each index touched fresh record highs of 3,375.63 and 9,714.74, respectively.
The Cboe Volatility Index (VIX - 15.18) gained 0.1 point, or 0.9%.
5 Items on Our Radar Today
The second Democratic primary is underway in New Hampshire today. The crowded field is looking for separation while also erasing the negative publicity fromthe Iowa caucuses that delayed the release of results for days. Senator Bernie Sanders and Indiana Mayor Pete Buttigieg are the early front runners heading into today, with former Vice President Joe Biden looking to gain ground. (Reuters)The Job Openings and Labor Turnover Survey (JOLTS) fell to its lowest point in two years in December. The sudden drop at the end of 2019 is worrisome to some economists, and potentially signals a slowdown in the U.S. labor market. (MarketWatch)Buy calls on this software outperformer. Mastercard just got a big China approval. Sprint and T-Mobile finally tied the knot.
Data courtesy of Trade-Alert
Oil Bounces Back, Gold Takes a Breather
Crude futures bounced back today from yesterday's more than 52-week lows.March-dated oil added 37 cents, or 0.8%, to settle at $49.94 per barrel. Black gold is off its session highs though, after the Energy Information Administration lowered its 2020 forecast for crude prices.
Gold futures took a breather, snapping a four-day winning streak. The rise in U.S. equities related to the easing coronavirus fears fueled the pullback. Gold for April delivery gained $9.40, or 0.6%, to settle at $1,570.10 an ounce.