Coronavirus Fears Slam Stocks, VIX Snaps Skid

All three indexes did grab weekly wins, their best in months

Deputy Editor
Feb 7, 2020 at 4:36 PM
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Stocks spent most of Friday in the red, as anxieties surrounding the coronavirus began to pick back up again amid speculation of the effect it could have on China's economy. The Dow slid 277 points, while the S&P 500 and Nasdaq also suffered steep losses. The three indexes did enjoy wins for the week, however, including a 3% pop for the Dow -- its biggest since August. For the S&P and Nasdaq, it was their best week since June and November 2018, respectively. Meanwhile, the Cboe Volatility Index (VIX) managed to snap its four-day skid, though it still suffered a weekly loss. 

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

The Dow Jones Industrial Average (DJI - 29,102.51) lost 277.3 points, or 0.9% for the day, but added 3% for the week. Verizon paced the five winners with a 0.8% gain, while Caterpillar (CAT) fell to the bottom of the barrel on a 2.8% drop. 

The S&P 500 Index (SPX - 3,327.71) dropped 18.1 points or 0.5%, with a 3.2% gain for the week, while the Nasdaq Composite (IXIC - 9,520.51) shed 51.6 or 0.5%, while adding 4% for the week.

The Cboe Volatility Index (VIX - 15.47) tacked on 0.5 point, or 3.4%, but for the week it lost 17.9% -- its biggest drop since September. 

Closing Indexes Summary Feb 7

NYSE and Nasdaq Stats Feb 7

5 Items on Our Radar Today

  1. A detailed jobs report accompanied today's payroll data, with a chart showing a surge in construction jobs, thanks to a milder-than-usual winter, and continuous growth in healthcare employment. Today's payrolls data blew analysts' estimates out of the water today, tacking on 225,000 jobs for January. (CNBC)
  2. Sneaker specialist Skechers USA Inc (NYSE:SKX) got a boost today after posting its fourth-quarter results, which included toppling a $5 billion market cap.The firm's CEO Robert Greenberg noted the chunky sneaker trend helped boost sales. Skechers also upped its first-quarter guidance, but said it was taking the potential impact of coronavirus-related headwinds into account. (MarketWatch)
  3. Breaking down the winners (and the losers) of earnings season this week. 
  4. Why analysts and options traders picked up Uber stock today. 
  5. How Canada Goose's lowered full-year forecast ruffled some feathers. 

Corporate Earnings Feb 7

Unusual Options Activity Feb 7

Data courtesy of Trade-Alert

Oil Drops, Gold Marks More Gains

Crude futures erased yesterday's win on reports that Russia will need more time before deciding to commit to cut crude production, per the request of the Organization of the Petroleum Exporting Countries (OPEC). March-dated oil lost 63 cents, or 1.2%, to settle at $50.32 per barrel. For the week, black gold fell 2.4%, it's fifth straight weekly decline.

Gold futures, on the other hand finished higher, as nervous investors turned back to the haven despite well-received U.S. employment data. Gold for April delivery gained $3.40, or 0.2%, to settle at $1,573.40 an ounce. It lost 0.9% on the week.

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