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 in the negative on Monday, following European equities after the Group of 20 finance ministers held off on boosting funding for the International Monetary Fund until the euro zone does more on its own. The Standard & Poor's 500 Index fell 10 points to 1,356. The Dow Jones Industrial Average declined 84 points to 12,898. The Nasdaq Composite Index lost 23 points to 2,940. Very few buyers to start the week. On the earnings front Cooper Tires, Transocean, El Paso, and Lowes are higher following better than expected results. Cooper is up 9% while Transocean is up 3%. The energy space is one of the few bright spots this morning. Sandridge Energy is higher on an upgrade. A couple commodities like Alpha Natural Resources and Molycorp are lower on downgrades. Mosaic raised their dividend 150% yet the stock is modestly lower. The tech space is under pressure. Broadcom is lower following an SEC update. Qualcomm was upgraded, but the stock is lower. Even Apple and Google are lower. The financials are lower except for Mastercard. HSBC and Berkshire Hathaway are lower following earnings. Through the first hour the averages improved led by the energy space and better than expected housing numbers. Through the morning the averages moved into the green back to the highs for the year, but the rally is lackluster and volume is light. In the afternoon the Dow moved to new highs for the year only to sell back off in the last hour. Not a lot of conviction in this market. The Dow Jones finished down a point at 12,981. The Nasdaq Composite ended up 2 points at 2,966 while the S&P 500 ended up a point at 1,367.
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