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US major indices close lower on coronavirus concerns

  
Analysis, US Market
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No records today

The major US indices are closing lower as concerns about the coronavirus worried investors.
  • The S&P index closed down -8.83 points or -0.27% at 33 to 0.79
  • NASDAQ index fell -18.135 points or -0.19% at 9370.80. The high reached 9397.578 (new all-time intraday high. The low reached 9350.20
  • Dow fell -152.06 points or -0.52% at 29196.04. The high reached 29341.21. The low extended to 29146.47
After the close Netflix reported earnings
  • revenues 5.47 billion versus 5.45 billion estimate
  • global net adds 8.76 million versus 7.6 million estimate
  • +550 K subscribers in US and Canada
  • earnings-per-share $1.30 versus $0.52 expected
  • sees first-quarter streaming paid net change of +7.00 million versus 7.82 million estimate
  • sees first-quarter EPS of $1.66 versus $1.16 estimate
Netflix stock is currently trading down $5.37 or -1.59% at $332.74 and after hours trading despite the beat. The subscriber numbers estimate for the 1st quarter is hurting the market even though this quarters global net adds surpassed the estimates by 1.1 million.
Meanwhile IBM reported:
  • earnings of $4.71 versus estimates of $4.69
  • revenues $21.8 billion versus $21.6 billion estimate
  • IBM is currently trading up $6.69 in after-hours trading

Reminder: US markets are closed today

  
Analysis, US Market
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It is Martin Luther King Day in the US

MLK

Major currencies are continuing to trade in a rather subdued manner today and may yet carry on later in North American trading, as we observe a long weekend in the US.
Liquidity conditions are expected to stay thin and with Wall St not offering any direction for investors to latch onto, trading sentiment remains rather indecisive to start the week.
The pound has been the notable mover so far in the European morning but it isn’t too big a move as the currency stays pressured ahead of the BOE meeting next week.
Meanwhile, European stocks are more mixed with some slight weakness but are keeping near flat levels overall. That isn’t lending to much direction in the risk mood with USD/JPY still resting at 110.17, trapped in a 17 pips range so far today.

The earnings calendar for next week includes Netflix, IBM, Intel, and American Express

  
Analysis, US Market
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A lot of the big names are still ahead but some interesting names reporting next week

Tuesday, January 21
  • UBS
  • Netflix
  • United Airlines
  • Capital One
  • IBM
Wednesday, January 22
  • Abbott
  • Johnson & Johnson
  • Texas Instruments
Thursday, January 23
  • Comcast
  • P&G
  • Intel
  • American Airlines
  • Kimberly-Clark
Friday, January 24
  • American Express
  • synchrony
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