Day Traders Diary
The major averages slipped from record highs, as investors grappled with a report there was a jump in the number of coronavirus cases and the virus' possible economic impact.
The Dow Jones Industrial Average slid 128 points, or 0.4%, to 29,423. The S&P 500 fell nearly 0.2% to 3,373 after notching an intraday record earlier in the session. The Nasdaq Composite closed 0.1% lower at 9,711. The tech-heavy index also hit an intraday all-time high before dropping into the close.
Microsoft shares fell about half a percent after to push the Dow lower. Cisco Systems, however, was the Dow's biggest decliner. The industrials sector dropped 0.7% and was the biggest laggard in the S&P 500. Health care also pulled back 0.5%.
United and American Airlines both fell more than 1%. Wynn Resorts and Las Vegas Sands — two proxy stocks for the coronavirus given their exposure to China — declined by more than 2% each.
China said it confirmed 15,152 new cases and 254 additional deaths. That brings the country's total death toll to 1,367 as the number of people infected jumped to nearly 60,000, according to the Chinese government.
U.S. Treasuries finished mixed and little changed. The 2-yr yield increased one basis point to 1.45%, while the 10-yr yield declined one basis point to 1.62%. The U.S. Dollar Index increased 0.1% to 99.10. WTI crude rose 0.5%, or $0.23, to $51.40/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.