The Gartman Letter editor and publisher Dennis Gartman argues given continued fears of coronavirus and China’s misleading the world about the disease, it is not a good time to start buying stocks.
U.S. equity markets fell on Thursday as the number of new coronavirus cases reported in China surged amid the use of a new reporting method.
Continue Reading Below
The early selling has dropped all three of the major U.S. averages from Wednesday’s record highs.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 3372.14 | -7.31 | -0.22% |
| I:DJI | DOW JONES AVERAGES | 29381.42 | -170.00 | -0.58% |
| I:COMP | NASDAQ COMPOSITE INDEX | 9696.481146 | -29.48 | -0.30% |
China said Thursday that the number of people infected by the coronavirus jumped by more than 15,000 to at least 59,804. The death toll climbed by 254 to 1,367.
Looking at stocks, United Airlines said Wednesday it would extend its China flight cancellations through late April, matching a move by rival American Airlines on Tuesday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UAL | UNITED AIRLINES HLDG. | 81.14 | -1.06 | -1.29% |
| AAL | AMERICAN AIRLINES GROUP INC. | 30.10 | -0.37 | -1.21% |
| DAL | DELTA AIR LINES INC. | 58.87 | -0.60 | -1.01% |
Inovio Pharmaceuticals soared after saying it created a coronavirus vaccine. Other drugmakers were also higher.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| INO | INOVIO PHARMACEUTICALS | 3.74 | +0.40 | +11.94% |
| NVAX | NOVAVAX INC. | 7.95 | +0.64 | +8.76% |
| GILD | GILEAD SCIENCES INC. | 67.08 | +0.13 | +0.19% |
Meanwhile, Tesla shares fell after announcing a $2 billion stock offering.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 766.95 | -0.34 | -0.04% |
On the earnings front, Cisco Systems shares were lower after saying it expects a pause in technology investment decisions at some companies due to the uncertain economic environment.
PepsiCo reported its fourth-quarter profit plunged 74 percent year over year as its tax boost faded, but earnings and revenue still topped expectations.
MGM Resorts posted mixed fourth-quarter results and withdrew its 2020 guidance due to headwinds from the coronavirus outbreak and weakness in Las Vegas. Additionally, CEO Jim Murren announced he was stepping down.
Aurora Cannabis said fiscal second-quarter revenue slid 11.4 percent from a year ago and declined to say the size of its loss. Dow Jones had estimated Aurora would lose 1 billion Canadian dollars in the quarter after announcing goodwill and impairment charges.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CSCO | CISCO SYSTEMS INC. | 46.78 | -3.15 | -6.31% |
| PEP | PEPSICO INC. | 144.54 | -1.53 | -1.05% |
| MGM | MGM RESORTS INTERNATIONAL | 31.78 | -1.88 | -5.59% |
| ACB | AURORA CANNABIS INC. | 1.55 | +0.09 | +6.16% |
Commodities were mixed with West Texas Intermediate crude oil down 0.7 percent at $51.05 a barrel and gold up 0.3 percent at $1,577 an ounce.
U.S. Treasurys were little changed with the yield on the 10-year note holding near 1.59 percent.
In Europe, Britain’s FTSE paces the decline, down 1.2 percent, while Germany’s DAX and France’s CAC were lower by 0.6 percent and 0.8 percent respectively.
CLICK HERE TO READ MORE ON FOX BUSINESS
Markets fell across Asia with China’s Shanghai Composite falling 0.7 percent, Hong Kong’s Hang Seng slid 0.3 percent and Japan’s Nikkei slipping 0.1 percent.
