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 lower Tuesday as Greece's struggle to form a government intensified worry about the region's debt. The Dow Jones Industrial Average fell 95 points to 12,913. McDonalds is one of the weaker components due to comments about slower sales. The S&P 500 retreated 10 points to 1,359. The Nasdaq Composite shed 25 points to 2,932. The news is light this morning, but the news coming in isn't particularly good. A couple doozies when it comes to earnings. Scott Miracle Gro is down 16% on disappointing earnings, Mako Surgical is down 35% on earnings while watch and apparel maker, Fossil is down 36%. Ouch. Wynn Resorts, Molson Coors, Wendy's, and Patriot Coal are all lower as well on earnings. A select few stocks are trading to the upside this morning. Apollo is up 5% and Rosetta Stone is up 13% on earnings. But that's it for the good news. Through the first hour, the averages pushed lower with the Dow dropping 150 points. The Nasdaq followed as heavyweights Apple and Google fell into the red. Through the morning the Dow fell as much as 200 points before rebounding. In the afternoon the averages remained weak improving a little bit into the last hour. The defensive sectors like utilities and telecom are holding up better than other sectors. Within the Dow, Disney is modestly higher ahead of earnings tonight. In the last hour the averages kept improving, but still finishing in the red. The Dow Jones Industrial Average finished down 76 points at 12,932, but far from its' lows when we were down 198 points. The S&P 500 fell 5 points to 1,363, led by retail and financial stocks. The Nasdaq Composite lost 11 points to 2,946.
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