Dow Jones Today: US Stocks Plunge As Coronavirus Spreads; Tesla, Apple, Chip Stocks Slammed


The batch marketplace non-stop neatly reduce Monday as Wall Street wrestled with a probability of a coronavirus pandemic. The Dow Jones currently was down 2.8% only after a opening bell, weighed down by debility in Microsoft (MSFT), UnitedHealth (UNH), Nike (NKE) and Apple (AAPL).


U.S. holds fell broadly Friday as a Nasdaq combination suffered a second true placement day.

The Nasdaq combination was down 2.9% in early trading, harm by debility in semiconductor holds and a 6.5% dump in Tesla (TSLA) stock. Last week, Tesla batch capped a 12th true weekly cost gain. Even with Monday’s decline, a batch is still holding above a 10-day relocating average, a short-term support level.

Semiconductor holds like Nvidia (NVDA) and Advanced Micro Devices (AMD) non-stop neatly reduce Monday, down 7% and 8% respectively. AMD batch is contrast support during a 50-day relocating average. Nvidia is still absolutely above a 50-day line.

After descending 2.9% Friday, a VanEck Vectors Semiconductor (SMH) pennyless support during a 50-day line, down 4.5% in early trading.

Money flowed into holds again early Monday. That sent a 10-year Treasury produce reduce by 9 basement points to 1.38%, a lowest turn given Jul 2016. The Financial Select Sector SPDR (XLF) account was down scarcely 3%.

Gold futures were adult another 2% to $1,682 an ounce. After a dermatitis over a 29.97 buy indicate final week, a VanEck Vectors Gold Miners (GDX) account was adult scarcely 3% to 31.40.

U.S. wanton oil futures cratered 4.5% to $50.94 a barrel.

Coronavirus Update

Total coronavirus cases are impending 80,000, with all though 2,000 within mainland China. Deaths have surfaced 2,450, with over 2,300 in China. There are during slightest 35 coronavirus cases in a U.S.

Meanwhile, new cases have peaked recently in Italy and South Korea. South Korea had 31 reported cases as of Feb. 15, though a series is now some-more than 800, with 7 deaths.

Leaderboard holds were broadly lower, though several positions were embellished Friday to lift cash. A new position was also instituted in ProShares UltraPro Short QQQ (SQQQ). It gain 3 times a different opening of a Nasdaq 100. Shares jumped scarcely 10% in early trading.

Dow Jones Today

Even with Monday’s decline, a Dow Jones is still holding above a 50-day line.

Apple faced vigour in a Dow Jones currently on a heels of final week’s income warning due to a Covid-19 virus. Apple gapped next a 50-day line, down some-more than 3% to 302.75

American Express is contrast support during a 50-day line. Shares were down 3.5% to 130.

U.S. Stocks: Earnings Watch

Key gain reports due after a tighten currently embody Tandem Diabetes (TNDM), Palo Alto Networks (PANW) and Intuit (INTU).

Tandem has been an superb performer given a dermatitis from a bottom with a 72.09 buy point. But it’s good past a 5% buy zone. Rival insulin siphon builder Insulet (PODD) is also extended forward of a Tuesday gain report.

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Headed into Monday, Palo Alto Networks was combining a bottom with a 251.05 buy point.

Intuit is still in buy operation after a dermatitis over a 293.10 entry. It’s reportedly in talks to acquire Credit Karma for $7 billion.

Follow Ken Shreve on Twitter @IBD_KShreve for some-more batch marketplace research and insight.


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