NASDAQ has its worst day since August. Fears about coronavirus send major indices lower.
Major indices are ending the session sharply lower. The Dow and S&P had their worst day since October. The NASDAQ index fared even worse with its worst day since August.
The final numbers are showing:
S&P index -51.89 points or -1.57% to 3243.57. The high reached 3258.85. The low extended to 3234.50 (early in the session).
NASDAQ index fell -175.60 points or -1.89% to 9139.30. The high reached 9185.449. The low extended to 9088.043.
Dow industrial average fell -453.93 points or -1.57% to 28535.80. The high reached 28671.79. The low extended to 28440.47.
Some losers on the day included:
United Airlines, -5.26%
Intuitive Surgical, -3.65%
Delta airlines -3.38%
American Express, -3.32%
Winners in a huge down day included:
Beyond Meat, +4.43%
Procter & Gamble, +0.42%
Walgreens Boots, +0.35%
Whirlpool is reporting and beat of $4.91 versus estimate of $4.27. Revenues fell short of expectations at 5.38 billion versus 5.52 billion estimate. Whirlpool shares are trading at $149 per share that’s up $0.77 or 0.52%.
Earnings releases pickup tomorrow with 3M, Starbucks, Apple, Pfizer and Lockheed Martin as some of the key releases.
European major indices are ending sharply lower on the back of global growth concerns as a result of the coronavirus. The provisional closes are showing:
German DAX, -2.6%
France’s CAC, -2.7%
UK’s FTSE 100, -2.32%
Spain’s Ibex, -1.9%
Italy’s FTSE MIB -2.2%
In the European debt markets, yields are ending sharply lower with Italy leading the way after regional elections turned back attempts from Salvini’s attempt to bring national politics more to the right (and away from the EU). Investors flocked into the Italian debt instruments.
In other markets as European/London traders look to exit are showing:
spot gold up $10.70 or 0.68% $1582.25
WTI crude oil futures are down $1.56 4-2.86% at $52.64. That is off the low $52.13. Brent crude oil futures are down $1.77 or 2.9% at $58.93. It’s low reached $58.50
China has announced that the lunar new year holiday will be extended through Sunday but this is a sign that will be pushed back.
Another big question is whether or not the Chinese market opens on Monday as planned.
The bigger problem with Chinese factories closing is the integration of the global supply chain. Inventories can fill the gap up to a point but eventually there is a product or component that needs to be built and exported to keep factories elsewhere open.
In other coronavirus news, Sri Lanka has diagnosed its first patient infected with coronavirus.
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Reuters reports, citing unnamed sources on the matter
That is a mild revision higher from their previous estimate of 1.0% growth. Overall, it’s still early days and expect the figure to possibly be revised many more times before the year is up. The next official estimate is planned to be released this Wednesday.