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 opened sharply lower on Monday after Moody's Investors Service said it would review the ratings of countries in the euro area and Intel trimmed its fourth-quarter revenue outlook. The Dow Jones Industrial Average fell 113 points to 12,070. The S&P 500 Index shed 14 points to 1,240. The Nasdaq Composite dropped 40 points to 2,606. Not a lot of good news this morning. The financials are getting hit once again as they fluctuated back and forth everyday. Wells Fargo is lower even though FBR made positive comments. Travelers is also lower on an upgrade while Toll Brothers is down 2% on a downgrade. Diamond Foods is also on a roller coaster ride as investors worry the company is cooking their books. The tech sector was one area where growth looked good until this morning when Intel preannounced due to supply shortages. The stock is down 4% dragging the sector with it. Salesforce.com is down 4% on a downgrade even though cloud computing remains one of the fastest growing sectors in the tech space. We're running out of places to invest. In the energy space a number of oil drillers received positive comments, but are trading lower. Transocean and ESV are two stocks lower on upgrades. Even the best performing sector this year, utilities is trading lower. Southern Company is modestly lower on a downgrade. Through the first hour the averages remained weak with the Dow down over 100 points and the Nasdaq down 44 points. No where to hide this morning. Through the morning the averages drifted lower. No buyers out there. During the lunch hour the Dow fell over 200 points. The Nasdaq dropped over 50 points. No place to hide.
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