As concerns over the coronavirus (also referred to as COVID-19) continue to dominate news headlines, cause volatility in the marketplace, and test investor confidence in securities markets, one thing remains unchanged - Leigh Baldwin & Co. and its commitment to assist clients through turbulent times. Along with the securities markets, we remain open and available to clients, ready to assist with any needs, questions, or concerns as they arise.
U.S. stocks were off to a shaky start on Monday after five straight weeks of losses, maintaining just above its April low. The Dow Jones Industrial Average declined 5 points to 12,146. The Standard & Poor's 500 dipped a point to 1,299. The Nasdaq Composite Index added 2 points to 2,735. A few bright spots within the tech and commodity sectors this morning. Apple is higher ahead of their conference later today. The other big cap techs are modestly higher. Red Hat is higher on an upgrade. An analyst made positive comments on Texas Instruments, however, the stock is not reacting. In the commodity space, Cliffs Natural Resources is higher after one analyst reiterated guidance. Freeport McMoran is also higher. The financials in a word are awful. The sector is down over a percent heading toward a 52 week low. Bank of America is pennies from a new low. Stifel Financial is one of the few financials higher on an upgrade. After the first hour the averages pushed lower with only the techs and a select number of commodities trading higher. Through the morning the averages remained stuck in the red, but not down much. In the retail space American Eagle and Gap are modestly higher on upgrades. Harley Davidson is up 3% on rumors of a takeover. The financials aren't getting any better. Bank of America is down 3.5% at a new 52 week low. Even Apple sold off following their cloud conference. In the last hour the averages sold off with the Dow dropping 80 points only to recover a little into the close. The Dow Jones Industrial Average finished down 61 points at 12,089. The S&P 500 dropped 13 points to 1286 while the Nasdaq declined 30 points to 2702. Another down day.
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