Day Traders Diary
The major averages pulled back from record levels on Tuesday after the Centers for Disease Control told Reuters that a traveler from China was diagnosed with the first U.S. case of coronavirus in Seattle.
The Dow Jones Industrial Average finished down 152 points, or 0.5% to 29,196 led by a drop of 3% in Boeing. The S&P 500 slid 0.3% to 3,320 while the Nasdaq Composite dipped 0.2% to 9,370. The Dow snapped a five-day winning streak while the S&P 500 and Nasdaq posted their first loss in four sessions.
Shares of casino and hotel companies Wynn Resorts and Las Vegas Sands fell more than 6% and 5%, respectively, amid fears that the coronavirus outbreak in China would dent international travel.
Airline stocks hit their lows of the day following the news. United Airlines and Delta Air Lines both declined more than 2.5%. Shares of Southwest and American Airlines were down 2.7% and 4.2%, respectively.
Boeing shares added to the downturn, falling more than 3% on news the company doesn't expect regulators to sign off on the beleaguered jet, the 737 Max, until June or July. The shares were briefly halted.
The 2-yr yield fell four basis points to 1.52%, and the 10-yr yield fell seven basis points to 1.77%. The U.S. Dollar Index finished flat at 97.58. WTI crude declined 0.5%, $0.30, to $58.25/bbl.
All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.