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U.S. equity markets were trading at/near record highs Friday morning, shrugging off reports that the coronavirus continues to spread. The S&P 500 and Nasdaq Composite broke out to fresh records while the Dow Jones Industrial Average was trading just off its own peak.
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The coronavirus, which originated in Wuhan, China, has sickened 830 and killed 26 in the country, according to the National Health Commission. Cases of the virus have been found in the U.S., Japan, Korea, Singapore, Thailand and Nepal.
Friday’s gains come after U.S. stocks staged a comeback the prior afternoon following the World Health Organization’s declaration that the outbreak had “not yet become a global health emergency.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 3326.82 | +1.28 | +0.04% |
| I:DJI | DOW JONES AVERAGES | 29234.81 | +74.72 | +0.26% |
| I:COMP | NASDAQ COMPOSITE INDEX | 9429.359655 | +26.88 | +0.29% |
Drugmakers Novavax, NanoViricides and Gilead Sciences continued to gain ground amid hopes they’ll discover a treatment for the coronavirus. Medical mask makers Lakeland Industries and Alpha Pro Technology were also higher.
Meanwhile, Walt Disney Co. slipped after shutting its Shanghai amusement park indefinitely to prevent the spread of the coronavirus.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NVAX | NOVAVAX INC. | 7.95 | +0.29 | +3.77% |
| NNVC | NANOVIRICIDES INC | 7.02 | +1.55 | +28.27% |
| GILD | GILEAD SCIENCES INC. | 63.62 | -0.32 | -0.50% |
| LAKE | LAKELAND INDS | 13.44 | +0.35 | +2.67% |
| APT | ALPHA PRO TECH | 5.25 | +0.16 | +3.14% |
| DIS | WALT DISNEY COMPANY | 141.54 | -0.66 | -0.47% |
Intel spiked after the company said strong demand for PCs boosted its fourth-quarter results. Rival chipmakers AMD, Nvidia and Micron Technology were also higher.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| INTC | INTEL CORPORATION | 68.40 | +5.08 | +8.02% |
| AMD | ADVANCED MICRO DEVICES INC. | 52.40 | +0.69 | +1.33% |
| NVDA | NVIDIA CORPORATION | 255.23 | +2.37 | +0.94% |
| MU | MICRON TECHNOLOGY INC. | 59.30 | +0.10 | +0.16% |
American Express shares hit an all-time high after the credit card giant reported better-than-expected top and bottom-line results.
Elsewhere, Broadcom reached two multi-year agreements to provide Apple with wireless components for its products.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AXP | AMERICAN EXPRESS COMPANY | 136.84 | +5.47 | +4.17% |
| BRCM | n.a. | n.a. | n.a. | n.a. |
| AAPL | APPLE INC. | 321.45 | +2.22 | +0.70% |
Commodities were lower across the board with West Texas Intermediate crude oil down 1.6 percent at $54.67 a barrel and gold weaker by 0.3 percent at $1,567 an ounce.
U.S. Treasurys were little changed with the yield on the 10-year note holding near 1.74 percent.
Britain’s FTSE led the gains in Europe, up 1.6 percent, while Germany’s DAX and France’s CAC gained 1.5 percent and 1.1 percent, respectively.
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In Asia, Hong Kong’s Hang Seng added 0.2 percent and Japan’s Nikkei was higher by 0.1 percent. China’s Shanghai Composite was closed in observance of the Lunar New Year and will remain shuttered through Jan. 30.
