Dow Cools as Coronavirus Outbreak Takes Grasp of Markets

A number of China-focused stocks were hit hard

Jan 24, 2020 at 3:11 PM
facebook X logo linkedin

Stocks, as of this writing, are pacing to close the holiday-shortened week in the red, which would snap a six-week win streak for the Nasdaq Composite (IXIC). The Dow Jones Industrial Average (DJI) and S&P 500 Index (SPX) are themselves set to snap back-to-back weekly win streaks, as traders this week focused on a flurry of earnings releases, more Boeing (BA) drama, and the outbreak of the coronavirus in China and the U.S.

Blue-Chip Earnings Overshadowed By Virus Fears

Earnings season heated up in a major way, as traders considered results from a number of Dow components. IBM (IBM) was one name to enjoy a positive earnings reaction, and fellow tech name Intel (INTC) joined in the winners' circle with Friday's post-earnings gains. Netflix (NFLX) was also on the earnings calendar, and options traders took notice.

The coronavirus outbreak drove much of the trading during the week, however, as more and more headlines emerged about the virus. By Friday, two cases were confirmed in the U.S., sending the Dow and its index peers sharply lower. A number of China-based stocks were under pressure throughout the week as a result of these headwinds, and Disney shares were hit, as well. We made sure to call out one stock that benefited from all the buzz, however.

Stocks to Watch with Fed Ahead

As for the data we were pulling this week, numbers were pointing us to drugmaker Ionis Pharmaceuticals (IONS), which is flashing a signal that's never been wrong. From a more broader perspective, this week's Indicator of the Week featured a breakdown of the best stock charts on Wall Street right now,

Having a firm grasp on the market is crucial right now, given next week brings another Fed meeting. Of course, there will be a number of high-profile earnings releases, as well, including Apple's (AAPL) post-close report on Tuesday.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI