Dow Logs Worst Week Since August

A second case of the coronavirus was reported in the U.S.

by Patrick Martin

Published on Jan 24, 2020 at 4:33 PM

The Dow limped into the weekend nursing a triple-digit point loss -- its fourth straight drop -- as coronavirus panic gripped Wall Street. The blue-chip index fell over 300 points at its session lows after a second coronavirus case was confirmed in the U.S, but pared a portion of these losses by the close. The S&P 500 and Nasdaq both settled sharply lower as well, while all three benchmarks logged weekly losses. It was the Dow's worst week since Aug. 16,  the S&P 500's worst weekly decline since Aug. 23, and the Nasdaq's first weekly loss of 2020. 

Continue reading for more on today's market, including:

  • Options bulls blitzed red-hot Square stock.
  • Keep an eye on this Under Armour "sell" signal.
  • Plus, TCOM sinks amid coronavirus fears; an FFIV earnings preview; and overdue bear notes for this mining stock.

The Dow Jones Industrial Average (DJI - 28,989.73) dropped 170.4, or 0.6%. Intel (INTC) led the six winners with an 8.1% win, while Dow Inc (DOW) paced the 24 laggards with a 3.5% drop. For the week, the Dow shed 1.2%.

The S&P 500 Index (SPX - 3,295.47) shed 30.1 points, or 0.9%, while the Nasdaq Composite (IXIC - 9,314.91) finished 87.6 points, or 0.9%, lower. The S&P 500 lost 1% for the week, while the Nasdaq lost 0.8%. 

The Cboe Volatility Index (VIX - 14.56) gained 1.6 point, or 12.2%. It posted a 20.3% weekly win.

Closing Indexes Summary Jan 24

NYSE and Nasdaq Jan 24

5 Items on Our Radar Today

  1. According to sources, the U.S. is scrapping plans to further ban sales to China’s Huawei Technologies. The decision comes after the Department of Defense warned that such a ban would harm U.S. businesses. (Reuters)
  2. The 10-year Treasury yield fell to its lowest point of 2020 today, as worries grow that the coronavirus may be spreading more rapidly than anticipated. The 10-year note fell to 1.68% earlier, its lowest point since Oct. 10. (MarketWatch)
  3. As Trip.com stock spiraled, put volume spiked.
  4. FFIV calls popped ahead of next week's earnings report.
  5. This copper stock was due for bear notes after subpar earnings.

Corporate Earnings Jan 24

UVOL Jan 24

Data courtesy of Trade-Alert

Oil Turns in Worst Week Since May

Oil took cues from U.S. equities once more and finished sharply lower, as fears of plummeting crude demand weighed on markets as the coronavirus spread. March-dated crude futures lost $1.40, or 2.5%, to settle at $54.19 per barrel. For the week, black gold lost 7.5%, its worst weekly loss since May. 

Gold prices took advantage of global anxiety over the coronavirus. February gold futures gained $6.50, or 0.4%, to end at $1,571.90 an ounce. On the week, gold gained 0.7%.



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