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For investors wondering if it's time to buy the dip, Citi said it's too early to sound the all-clear. "There is temptation to try and bargain hunt when there's a broad and quick painful selloff, but there is little hard data to go on with respect to the COVID-19 impact," Citi's head of U.S. equity strategy, Tobias Levkovich, said in a note. "There is definitely meaningful risk to earnings outlooks from direct sales exposures to affected countries as well as supply chain disruption," he added.— Li
As of Thursday's close, 89% of the S&P 500 stocks, or 449 names, are in correction levels, meaning they are 10% or greater below their 52-week highs. More than 190 companies, or 38% of the S&P 500, are in bear market levels, i.e. 20% or greater below their 52-week highs. The 11% of the S&P 500 that are not in correction levels include: Tiffany, Kroger, PepsiCo, Coca-Cola, Monster Beverage, Hershey, Home Depot, Newmont, J&J. — Francolla
Liz Ann Sonders, chief investment strategist Charles Schwab, said Thursday's market declines contained elements of panic for the first time this week. "I think some of the days preceding this didn't really reek of panic but some of the technical stats, you are starting to see a bit of that," she said on CNBC's "Closing Bell." But Sonders said it's too early tell whether technical conditions will allow for market stabilization. — Stankiewicz
Evercore ISI Vice Chairman Krishna Guha said that the Federal Reserve should cut interest rates despite not having a clear picture of what the coronavirus outbreak will do to the U.S. economy. Guha said the outbreak would hit the consumer, service sector and labor market that have been supporting the economy. "Here's what worries me: It is the fact that through screwing around on trade policy and other geopolitical-type issues in 2018-19, we already reduced the other drivers of growth. We've been flying the plane one engine," Guha said on "Closing Bell." — Pound
With Thursday's massive sell-off, the Dow and S&P 500 are on pace for their worst week since 2008. The Dow is down more than 11% week to date while the S&P 500 has lost 10.7%. Thursday's losses also put the Dow, S&P 500 and Nasdaq in correction territory, down more than 10% from their record closes.— Li
The Dow tanked about 1,191 points, falling into correction territory, as coronavirus fears continued to drove investors away from risk assets. The 30-stock benchmark dropped 4.4% for its worst percentage day since Feb. 2018. On the point basis, it was the worst ever in history, exceeding the 1,000-point drop on Monday. The S&P 500 plunged 4.3% in one single session, with all 11 sectors now in the red for the year. — Li
The Dow is now more than 1,000 points lower on the day with minutes away from the closing bell.
Shares of Colorox hit an all-time high of $174.17 per share on Thursday, as the coronavirus outbreak boosted the demand for disinfecting wipes, sprays and bleach. Shares of exchange company CME Group also hit a record high of $225.36 per share. Analysts have said the surging trading volumes during the market turmoil is giving exchanges and trading companies a boost. -Fitzgerald, Li
With roughly one hour left in the trading session, the Dow was down more than 700 points and re-entered correction territory. The S&P 500 and Nasdaq were also down more than 10% from the record highs set earlier this month as investors fretted over the possibility of the coronavirus spreading in the U.S. —Imbert
Oil prices continued their losing streak on Thursday with U.S. West Texas Intermediate crude falling to its lowest level since Jan. 2019. At the low of the day, WTI was down more than 5%, breaking below $46 to trade at $45.88. In afternoon trading, some of those losses were pared, and WTI ultimately settled 3.37% lower at $47.09 per barrel. WTI is now 29% below its 52-week high level, as investors continue to fear that the coronavirus outbreak will dent global demand for oil. All eyes are now on OPEC as the cartel gets set to meet next week in Vienna. – Stevens
The rapid drop in the S&P 500, which reached 10% at one point Thursday, returned the benchmark back to its 2-year trend line and just below it's 100-day moving average. Coronavirus fears aside, it shows that the market was stretched anyway relative to the historical trend and due for a correction anyway. -Melloy, Schoen
The Dow Jones Industrial Average losses picked up stream again, withe average down about 600 points. It was down more than 900 points at the low. One possible catalyst could be headlines coming out of a California Health Department briefing, where the governor said the state is monitoring 8,400 people for the coronavirus. - Fitzgerald
Amid Thursday's brutal sell-off, JPMorgan is advising its clients to buy the dip as the bank believes the coronavirus impact is "likely temporary" and the Federal Reserve will come to the rescue. "Investors should not discount the benefit of announced and unannounced global policy responses that are likely to outlast the impact of COVID-19," said Dubravko Lakos-Bujas, J.P. Morgan's chief U.S. equity strategist. The bank is sticking with its bullish market forecast, with a year-end S&P 500 target of 3,400 representing a 10% rise from here. "Potential Fed insurance cuts at a time when the US employment base is close to full and prime-age participation rate is on a rise could result in an even hotter economy once the COVID-19 impact rolls off and stimulus remains," Lakos-Bujas said.– Li
Traders are getting more aggressive in pricing in the chance of Federal Reserve interest rate cuts. The probability for a March reduction zoomed Thursday to 76.4%, according to the CME's FedWatch tracker. That's a dramatic increase from just 33% a day ago and about 9% a week ago as the market gets increasingly nervous over the coronavirus scare. The market is expecting additional cuts in April and July and is event assigning a 47% probability to a fourth quarter-point cut in December. – Cox
Shares of Teladoc Health soared more than 22% on Thursday to an all-time high of $148.00 per share. Teladoc reported a narrower earnings loss than analysts expected, 26 cents per share compared to the 35 cents expected, according to Refinitiv. Revenue also topped estimates. Firms on Wall Street believe the company, which provides virtual doctors appointments, could get a boost in users due to the coronavirus. JPMorgan, UBS and Cantor Fitzgerald all raised their price targets on the stock on Thursday. —Fitzgerald
The Dow Jones Industrial Average continued to bounce back as the trading day progressed. The 30-stock benchmark fell more than 300 points, after being down more than 900 points earlier in the session. — Fitzgerald
Around midday, the major U.S. stock averages were trading sharply lower as concerns about the coronavirus spreading quickly in the U.S. pressured equity prices. The Dow was down more than 500 points. Those losses put the 30-stock average in correction territory, or more than 10% below its record high. —Imbert
European Central Bank president Christine Lagarde told the Financial Times that the coronavirus hasn't reached the point where monetary policymakers need to step in. The spreading virus has not yet caused a "long-lasting shock," she added. Largarde said the central bank is monitoring the epidemic "very carefully." - Fitzgerald
Airline stock Southwest Airlines has experienced a stunning reversal in just two weeks. On Feb. 14 the stock hit a 52-week high of $58.83 per share, but since has tumbled nearly 20%, landing at a 52-week low of $45.94 per share on Thursday. Airline stocks have been hit especially hard from the coronavirus. Shares of Southwest are down 2.9% on Thursday. – Fitzgerald
Stocks are bouncing off their worst levels of the day. The Dow is off by 530 points after being down as much as 960 points at the low. The Dow is still in correction territory, but the S&P 500 isn't any longer. -Melloy
Shares of the so-call FAANG stocks plunged amid the broader market sell-off on Thursday. Shares of Apple tanked 4.5%, down about 14% since its most recent 52-week high. Facebook shares fell 2.4%, down 14% since its most recent high. Amazon fell more than 3% and Google parent Alphabet tumbled 3.2%. Netflix shares bucked the broader market's trend, gaining 2.3%. – Fitzgerald
U.S. stocks are on pace for their worst week since the 2008 financial crisis. The Dow Jones Industrial Average plunged more than 900 points. —Fitzgerald
The U.S. Dollar Index is down 0.58% to 98.42 after rising slightly on Wednesday. The index is still positive for the month, but is down about 1.5% from its close of 99.87 last Thursday. The Euro is up 1.08% against the dollar today. — Pound
The Dow continued its downward rout, dropping more than 800 points in mid-morning trading. The S&P 500 fell 2.9% and the Nasdaq dropped 3.3%. —Fitzgerald
About 10 stocks listed at the New York Stock Exchange are lower in early trading for every advancer. This comes as the Dow and S&P 500 entered correction territory, down more than 10% from their record highs set earlier this month. —Imbert
As the S&P 500 slid into correction territory on Thursday, three quarters of components in the index are now trading at correction levels, or 10% below recent highs. Further, 34% of the index is in bear market territory, meaning a more than 20% drop from the 52-week high level. - Francolla, Stevens
Bond yields collapsed alongside the market sell-off on the Thursday. The yield on the benchmark 10-year Treasury note skidded to a new low Thursday as concerns over the impact of the coronavirus. The 10-year Treasury yield dropped 5 basis points to below 1.25% for the first time ever while the 30-year yield slipped a similar amount to 1.747%. The 10-year rate has fallen 20 basis points since Monday in a reflection of global demand for the relative safety. —Fitzgerald
If the S&P 500 closes below 3,047.53 Thursday, Friday, or Monday, it will be the fastest 10% decline from an all-time high in the S&P 500's history, according to Bespoke Investment Group. As of this post, both the Dow and the S&P 500 were on track to close in correction territory. — Franck
Shortly after the opening bell the Nasdaq Composite fell into correction territory. The index was last down 2.7%, about 250 points. —Fitzgerald
The Dow Jones Industrial Average dropped more than 500 points after the opening bell on Thursday. This fall brought the 30-stock benchmark along with the S&P 500 into correction territory, down 10% from its most recent high. The S&P 500 fell 1.3% and the Nasdaq was down 2.3% at the open. —Fitzgerald
Energy dividends are very attractive, but the old buyer-beware is still very alive. With the energy sector at a 10-year low, dividends on many energy stocks are well outpacing boring old utilities:
But many companies may again have trouble paying those dividends out from cash flow and may have to borrow to keep shareholders happy. Barron's notes that Chevron needs a Brent price of $57 a barrel and ConocoPhillips, $55 a barrel. Exxon Mobil needs a much higher oil price of $87 a barrel to cover its 2020 dividend from earnings, Barron's says, citing a JPMorgan report. —Pisani
The "next two trading days are gifts," wrote Jeff Kilburg, CEO of KKM Financial, to clients Thursday morning. There will be "significant opportunities to rebalance & reposition and flat out buy names you have been holding off on. Most investors shy away." Kilburg, who says a 'VIX' above 30 isn't sustainable, added he is buying American Airlines, Exxon and Microsoft on the dip. —Melloy
The number of people filing for unemployment benefits for the first time rose to 219,000 last week. That's above a Reuters estimate of 212,000 and above the previous week's print of 210,000. Thursday's data is the latest piece of bad news for the market as investors deal with the recent coronavirus outbreak. —Imbert
The Cboe Volatility Index, a commonly used measure of fear of Wall Street, spiked above the 31 level on Thursday morning, as stock futures indicated another dismal drop at the open. The VIX, a measure of the 30-day implied volatility of U.S. stocks, last broke the 30 threshold on Tuesday when the Dow Jones Industrial Average experienced a 1,000 point decline in a single session. Investors were spooked after the Centers for Disease Control confirmed the first U.S. coronavirus case of unknown origin in Northern California. —Fitzgerald
Shares of airline stocks slid in Thursday's premarket trading as coronavirus fears continued to hit the sector, and as Buckingham Research downgraded seven airline stocks to neutral. American Airlines and United Airlines were among the names downgraded, and were down 6.3% and 4.4%, respectively, in early trading. So far this week American Airlines has lost 19.8%, while United Airlines has shed 14.7%. - Stevens
Goldman Sachs downgraded its earnings growth forecast for the year to $165 per share, representing 0% growth in 2020 for U.S. companies. This is a dramatic departure from consensus estimates, which still forecast earnings to climb 7% this year. "US companies will generate no earnings growth in 2020," Goldman Sachs chief U.S. equity strategist David Kostin said in a note to clients on Thursday. "We have updated our earnings model to incorporate the likelihood that the virus becomes widespread." The firm said the new expectation reflects the severe decline in Chinese economic activity this quarter, low demand for US exporters and disruption to the supply chain, among other weak signposts. – Fitzgerald
The Dow and S&P 500 were set to open in correction territory — down at least 10% from their 52-week highs — as coronavirus fears rattle market sentiment. Dow futures implied a decline of about 400 points, which would put the 30-stock average below 26,596.28. S&P 500 futures pointed to a loss of about 1.5%. A loss of that magnitude would put the broad index below 3,047.53. —Imbert, Schacknow
The 10-year U.S. Treasury note yield broke below 1.3% for the first time ever as concerns over the coronavirus spreading in the U.S. led investors to dump equities in favor of traditionally safer assets. In early morning trading, the 10-year rate hovered around 1.285%. Investors have been loading up on Treasurys at a face pace this week. The 10-year yield started this week trading above 1.4%. —Imbert
One-time market darling Virgin Galactic is falling in premarket trading after two major Wall Street backers threw in the towel, citing valuation. Morgan Stanley and Credit Suisse both removed their buy ratings on the stock. Shares are down 9%, adding to their already bad week. The stock was off 23% for the week already through Wednesday's close. CNBC PRO subscribers can read more here. - Melloy
Shares of Etsy soared more than 10% in extended trading following its strong fourth quarter earnings. The e-commerce website reported earnings per share of 25 cents on revenue of $270 million. Analysts were expecting earnings per share of 16 cents on revenue of $265 million, according to Refinitiv. Etsy also issued full year revenue guidance above Wall Street's estimates. Shares of Etsy have gained nearly 15% this year. – Fitzgerald
It's been a rough week for stocks, and futures suggest there may not be a reprieve just yet. Here's where things stand. - Stevens
On Wednesday U.S. officials confirmed the first possible community transmission of the coronavirus on U.S. soil. The CDC said it did not know how the patient, a resident of Solano County in California, contracted the disease. Stock futures fell when the news was confirmed Wednesday night.
"At this time, the patient's exposure is unknown," the CDC said in a statement. "It's possible this could be an instance of community spread of COVID-19, which would be the first time this has happened in the United States."
This case brings the total number of cases in the U.S. to 60, the majority of which were from people evacuated from Wuhan, China and the Diamond Princess cruise ship. - Stevens
U.S. stock futures are pointing to losses across the board at the open after the CDC confirmed the first U.S. coronavirus case of unknown origin in Northern California, indicating possible "community spread" of the disease. The Dow Jones Industrial Average looked set to open nearly 300 points lower, with the S&P 500 and Nasdaq also pointing to losses.
On Wednesday the Dow gave back a 461 point gain in early trading, ultimately closing down 122 points, bringing its week-to-date fall to 2,031 points. The S&P 500 fell another 0.3%, after suffering its first back-to-back 3% losses since 2015. The Nasdaq eked out a 0.3% gain.
On Wednesday President Trump said in a news conference the risk of coronavirus to people in the U.S. is still "very low." He added the U.S. is going to "spend whatever's appropriate" to deal with the virus. Trump also put Vice President Mike Pence in charge of the U.S. response to the coronavirus. - Stevens
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