Portfolio

US close: Stocks mostly lower amid ongoing coronavirus fears

By Josh White

Date: Thursday 27 Feb 2020

US close: Stocks mostly lower amid ongoing coronavirus fears

(Sharecast News) - Wall Street's benchmark was back into the red by the close on Wednesday, with the S&P 500 also falling further after its worst two-day run in four years.
The Dow Jones Industrial Average ended the session down 0.46% at 20,957.59 and the S&P 500 lost 0.38% to 3,116.39, while the Nasdaq Composite managed gains of 0.17% to settle at 8,980.77.

At the open, the Dow was 319.57 points higher on Wednesday after stocks recorded some heavy losses in the previous session amid concerns about a potentially prolonged global economic slowdown in the wake of the Wuhan coronavirus outbreak.

Tuesday's sell-off accelerated after US health officials cautioned that the virus was "likely" to spread throughout the nation.

The 10-year Treasury yield bounced back to 1.36% early on Wednesday, recovering from a record low of 1.31% during the previous session.

In coronavirus headlines, South Korea reported 169 new cases overnight, bringing the country's total to 1,146, while in Italy, infections hit 325. China reported 406 new confirmed cases and another 52 deaths.

"Coronavirus may have been headline news for most of us for the last month but it's taken until this week to truly infect the markets, as investors flee risk amid a growing belief that we have a full-blown pandemic on our hands," said Oanda's Craig Erlam.

"Cases are popping up right, left and centre outside of China, with the infection and fatality rate in Iran causing particular concerns for the middle east.

"Italy and South Korea are the other two countries that have been highlighted as being problematic but other countries are far from immune and Tuesday seemed to bring updates of new cases almost on the hour, every hour."

On the macro front, the Commerce Department revealed new home sales jumped 7.9% to a seasonally adjusted annual rate of 764,000 units in January, the highest level seen since July 2007.

In the corporate space, Walt Disney was down 3.77% after it announced that chief executive Robert Iger was stepping down from that role, to be succeeded by current chairman of parks, experience and products Bob Chapek.

Fast food brand Wendys was off 4.66% after it met expectations for its fourth quarter profit, but came up short in terms of guidance.

Salesforce was down 1.32% after its earnings for the final quarter failed to meet Wall Street estimates.

Dow Jones - Risers

Pfizer Inc. (PFE) $34.72 2.33%
Apple Inc. (AAPL) $292.65 1.59%
3M Co. (MMM) $148.96 1.44%
Microsoft Corp. (MSFT) $170.17 1.25%
Boeing Co. (BA) $305.59 0.48%
Walgreens Boots Alliance, Inc. (WBA) $47.67 0.34%
JP Morgan Chase & Co. (JPM) $126.64 0.30%
Verizon Communications Inc. (VZ) $57.14 0.04%
Dowdupont Inc. (DWDP) $30.52 0.00%
Intel Corp. (INTC) $59.65 -0.13%

Dow Jones - Fallers

Walt Disney Co. (DIS) $123.36 -3.77%
Chevron Corp. (CVX) $98.04 -2.65%
Exxon Mobil Corp. (XOM) $53.01 -2.20%
American Express Co. (AXP) $118.50 -1.99%
Travelers Company Inc. (TRV) $128.56 -1.71%
International Business Machines Corporation (CDI) (IBM) $139.75 -1.38%
Cisco Systems Inc. (CSCO) $42.16 -1.36%
Procter & Gamble Co. (PG) $120.16 -1.05%
Nike Inc. (NKE) $92.00 -0.97%
McDonald's Corp. (MCD) $210.10 -0.94%

S&P 500 - Risers

TJX Companies Inc. (TJX) $63.99 7.15%
Gilead Sciences Inc. (GILD) $74.70 6.56%
CME Group Inc. (CME) $220.18 5.69%
Netflix Inc. (NFLX) $379.24 5.32%
Regeneron Pharmaceuticals Inc. (REGN) $457.92 3.52%
Public Storage (PSA) $228.23 3.33%
Pfizer Inc. (PFE) $34.72 2.33%
Oracle Corp. (ORCL) $52.05 2.14%
Nvidia Corp. (NVDA) $267.65 2.14%
Autodesk Inc. (ADSK) $190.67 2.11%

S&P 500 - Fallers

Fluor Corp. (FLR) $11.02 -10.83%
Royal Caribbean Cr (RCL) $82.34 -8.05%
Norwegian Cruise Line Holdings Ltd (NCLH) $36.21 -7.89%
TripAdvisor Inc. (TRIP) $23.61 -7.85%
Carnival Corp. (CCL) $33.14 -7.53%
Expedia Group Inc. (EXPE) $101.19 -7.09%
Macy's Inc. (M) $13.59 -6.92%
Cimarex Energy Co (XEC) $33.87 -6.59%
Diamondback Energy Inc. (FANG) $63.14 -5.99%
Devon Energy Corp. (DVN) $16.71 -5.96%

Nasdaq 100 - Risers

Gilead Sciences Inc. (GILD) $74.70 6.56%
Netflix Inc. (NFLX) $379.24 5.32%
Regeneron Pharmaceuticals Inc. (REGN) $457.92 3.52%
JD.com, Inc. (JD) $39.92 2.78%
NetEase Inc. Ads (NTES) $345.85 2.35%
Nvidia Corp. (NVDA) $267.65 2.14%
Autodesk Inc. (ADSK) $190.67 2.11%
Ross Stores Inc. (ROST) $119.20 2.10%
Amgen Inc. (AMGN) $214.54 1.98%
Illumina Inc. (ILMN) $274.70 1.76%

Nasdaq 100 - Fallers

Qurate Retail Inc. (QRTEA) $6.46 -24.44%
Expedia Group Inc. (EXPE) $101.19 -7.09%
American Airlines Group (AAL) $22.31 -3.50%
Dish Network Corp. (DISH) $36.32 -3.46%
Marriott International - Class A (MAR) $120.19 -3.14%
Booking Holdings Inc. (BKNG) $1,678.20 -2.80%
Wynn Resorts Ltd. (WYNN) $110.75 -2.76%
Sirius XM Holdings Inc (SIRI) $6.79 -2.72%
Tesla Inc (TSLA) $778.80 -2.64%
Check Point Software Technologies Ltd. (CHKP) $103.66 -2.56%

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