An additional 121 more coronavirus deaths were reported today
The Dow limped into the long weekend with a loss today, after the Chinese National Health Commission reported an additional 121 more COVID-19-related deaths nationwide. The blue-chip index -- although it pared triple-digit losses in late-afternoon trading -- was also pressured by a slew of lackluster economic data, including retail sales, industrial production, and consumer spending -- all of which came in either at or lower than expected. The S&P 500 and Nasdaq, meanwhile, fought back to post marginal gains, while all three benchmarks locked up their second-straight weekly win.
Continue reading for more on today's market, including:
- Here's how Mylan stock can topple its ceiling.
- Coronavirus fears have driven this cruise stock lower.
- Plus, Facebook and Pinterest face off; Home Depot's latest bull note; and EBAY's big breakout.
The Dow Jones Industrial Average (DJI - 29,398.08) finished 25.2 points, or 0.09% lower for the day. Visa (V) paced the 15 winners with a 1.4% gain, while IBM (IBM) fell to the bottom of the barrel on a 2.3% drop. For the week, the Dow gained 1%.
The S&P 500 Index (SPX - 3,380.16) added 6.2 points, or 0.2%, while the Nasdaq Composite (IXIC - 9,731.18) tacked on 19.2 points or 0.2%. The S&P 500 added 1.6% for the week, while the Nasdaq posted a weekly win of 2.2%.
The Cboe Volatility Index (VIX - 13.68) shed 0.5 point, or 3.3%. It fell 11.6% on the week.
5 Items on Our Radar Today
- Treasury yields took a hit today amid the slew of lackluster economic data. The 10-year treasury note fell by almost 4 basis points to 1.6%, reinforcing the emerging narrative of possibly imminent economic weakness. (MarketWatch)
- Automaker General Motors (GM) is monitoring the coronavirus outbreak closely at its factories. A spokesman said the company doesn't expect to pause production in American factories, but did note that it is "in close communications with our tier-one suppliers to mitigate any risk to production in North America.” (Bloomberg)
- Pinterest is now head-to-head with Facebook.
- Wells Fargo had some high praise for Home Depot stock.
- eBay stock just wrapped up its best day in months.
Data courtesy of Trade-Alert
Oil Logs Best Week of 2020
Crude futures logged another day of gains today, as investors eye the impact the coronavirus will have on Chinese demand for crude. March-dated oil added 63 cents, or 1.2%, to settle at $52.05 per barrel. For the week, black gold added 3.4%, it's first in six weeks and best of 2020.
Gold futures added to their weekly total today, with safe-haven assets looking more valuable as coronavirus panic looms. Gold for April delivery gained $7.60, or 0.5%, to settle at $1,586.40 an ounce. Gold finished the week with an 0.8% weekly win.