Dow Drops as Oil Stays Hot

Retail sales, industrial production, and consumer data all were lackluster

Managing Editor
Feb 14, 2020 at 4:36 PM
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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. 

closing indexes Feb 14

NYSE and Nasdaq Feb 14

5 Items on Our Radar Today

  1. 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)
  2. 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
  3. Pinterest is now head-to-head with Facebook. 
  4. Wells Fargo had some high praise for Home Depot stock.
  5. eBay stock just wrapped up its best day in months.

Earnings Chart Feb 14

UVOL Feb 14

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.

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