Coronavirus has officially surpassed SARS in death toll
The Dow picked up an impressive triple-digit win today, despite trading more than 100 points in the red at its session lows. Powered by a 2.6% burst from Microsoft (MSFT), the blue-chip index at least for a day shook off the worsening coronavirus outbreak, which has now surpassed SARS with a death toll of 908. Meanwhile, the S&P 500 roared higher in last-minute trading to nab a record close, while the tech-heavy Nasdaq -- thanks to a big day from Amazon.com (AMZN) -- finished comfortably in the black and hit an intraday record high.
Continue reading for more on today's market, including:
- Puts were popular today for this gold ETF.
- Why this drug stock scaled the Nasdaq.
- Plus, an Under Armour bear signal; LB eyes Victoria's Secret sale; and QSR's big chicken sandwich win.
The Dow Jones Industrial Average (DJI - 29,276.82) gained 174.3, or 0.6% for the day. Microsoft paced the 23 winners with a 2.6% gain, while Walmart (WMT) fell to the bottom of the barrel on a 1.1% drop.
The S&P 500 Index (SPX - 3,352.09) tacked on 24.4 points, or 0.7%, while the Nasdaq Composite (IXIC - 9,628.39) added 107.9 points or 1.1%. Each index touched fresh record highs of 3,352.26 and 9,628.66, respectively.
The Cboe Volatility Index (VIX - 15.04) gave back 0.4 point, or 2.8%.
5 Items on Our Radar Today
- Amazon.com (AMZN) is seeking depositions from President Donald Trump and members of his cabinet over the awarding of a Pentagon cloud contract. Amazon Web Service (AWS) wants to depose Trump, Defense Secretary Mark Esper and former Defense Secretary James Mattis over the $10 billion cloud contract given to Microsoft (MSFT) over Amazon. (CNBC)
- Last year, according to a confidential report, North Korea reportedly improved its nuclear and ballistic missile programs; a direct violation of United Nations (UN) sanctions. The U.S. and North Korea had denuclearization talks in 2019 that stalled and were looking to be revived in 2020. (Reuters)
- Under Armour stock just flashed a bearish signal ahead of earnings.
- Victoria's Secret and L Brands may be splitting up.
- Call traders target more gains after QSR's chicken sandwich success.
Data courtesy of Trade-Alert
Oil Drops, Gold Grabs Fourth Straight
Crude futures took another hit today, breaching the psychologically significant round $50 level as the coronavirus fueled expectations of sapped demand. March-dated oil lost 75 cents, or 1.5%, to settle at $49.57 per barrel, their lowest settlement since January 2019.
Gold futures grabbed their fourth-straight gain, as safe haven assets continue to become popular amid the fast-moving outbreak of the coronavirus. Gold for April delivery gained $6.10, or 0.4%, to settle at $1,579.50 an ounce.