Stocks Sharply Lower After Coronavirus Hits U.S.
The CDC reported the first U.S. case of the coronavirus earlier
The Dow finished lower by triple digits today and snapped a five-day winning streak in the process. The blue-chip index was down more than 200 points at its session low, after the Centers for Disease Control and Prevention (CDC) reported the first U.S. case of the coronavirus that's killed at least six people in China. Boeing (BA) also dragged on the Dow, on news the aerospace giant's grounded 737 MAX may not be cleared for flight until mid-2020.
The S&P 500 and Nasdaq joined the Dow in the red -- although the latter did nab a fresh record high earlier in the day.Amid the panic, Wall Street's "fear gauge," the Cboe Volatility Index (VIX) logged its biggest gain since Jan. 3.
Continue reading for more on today's market, including:
Signal says pass on this weed stock.Calls popped after Halliburton's big earnings beat.Plus, a steel stock at new lows; two PT hikes for AMD; and breaking down a bullish STM trendline.The Dow Jones Industrial Average (DJI - 29,196.04) gave back 152.1 points, or 0.5%. Intel (INTC) led the 12 winners with a 1.6% win, while Boeing (BA) paced the 18 laggards with a 3.3% drop.
The S&P 500 Index (SPX - 3,320.79) lost 8.8 points, or 0.3%,while the Nasdaq Composite (IXIC - 9,370.81) finished 18.1 points, or 0.2%, lower.
The Cboe Volatility Index (VIX - 12.85) gained 0.8 point, or 6.2%.
5 Items on Our Radar Today
The impeachment trial of President Donald Trump began in the Senate this afternoon, with Supreme Court Chief Justice John Robertspresiding. Senate Majority Leader Mitch McConnell, R-Kentucky, and Senate Minority Leader Chuck Schumer, D-New York, both gave remarks on the floor starting at 1 p.m. ET. (CNBC)Consumer products company Reynolds Consumer set the terms of its initial public offering (IPO) today. The Hefty maker will offer 47.17 million shares with a price range between $25 and $28 per share, which values the company at up to $5.07 billion. (MarketWatch)This steel stock hit a nearly four-year low today.Advanced Micro Devices stock picked up two more bull notes.We went behind the curtain on this bullish STM trendline.
Data courtesy of Trade-Alert
Oil, Gold Slip to Start the Short Week
Oil fell again today, as investor concerns about global supply remained amid Libya's crude production issues. On their expiration day, February-dated crude futures lost 20 cents to end at $58.34 per barrel. March-dated crude futures gave back 20 cents as well, to settle at $58.38 per barrel.
Gold prices also dropped today, as buying diminished in the wake of China's coronavirus outbreak.February gold futures fell $2.40, or 0.2%, to end at $1,557.90 an ounce.