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U.S. equity markets fell Thursday as Beijing moved to stop the spread of the coronavirus and earnings season rolled on.
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All three of the major averages were trading lower, but remained just off their record highs.
Overnight, China locked down three cities to try and contain the coronavirus, which has killed 17 people and sickened more than 500. Biotechnology companies with flu treatments gained.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NVAX | NOVAVAX INC. | 7.65 | +0.56 | +7.90% |
| NNVC | NANOVIRICIDES INC | 5.21 | +1.39 | +36.39% |
Earnings reports continued to roll out with mostly better-than-expected results. Through Wednesday, 58 S&P 500 companies had reported their quarterly results, with 67 percent exceeding estimates.
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On Thursday, Southwest Airlines reported record fourth-quarter revenue despite the grounding of the 737 Max aircraft. Southwest has the most exposure to the aircraft of any U.S. carrier.
American Airlines said its fourth-quarter profit jumped 27 percent from a year ago to $414 million, or an adjusted $1.15 a share, topping estimates.
Meanwhile, JetBlue beat on both the top and bottom lines.
All three airlines were under pressure early amid coronavirus concerns before paring their losses.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| LUV | SOUTHWEST AIRLINES CO. | 54.54 | +1.06 | +1.98% |
| AAL | AMERICAN AIRLINES GROUP INC. | 27.42 | +0.10 | +0.37% |
| JBLU | JETBLUE AIRWAYS | 20.73 | +0.94 | +4.72% |
Elsewhere on the earnings front, Procter & Gamble revenue fell short of expectations as sales from its baby care unit fell by low single digits amid increased competition.
Comcast beat on earnings and revenue as the number of new high-speed Internet customers far exceeded expectations.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PG | PROCTER & GAMBLE COMPANY | 125.28 | -0.28 | -0.23% |
| CMCSA | COMCAST CORP. | 46.39 | -1.05 | -2.21% |
Tesla coverage was resumed at the Zurich-based investment bank UBS with a “sell” rating. Analysts said “shares are over-shooting right now,” though the firm raised its price target to $410 from $160.
Ford announced late Wednesday that it will take a $2.2 billion pre-tax hit in the fourth quarter because of contributions to employee pension plans.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 572.15 | +2.59 | +0.45% |
| F | FORD MOTOR COMPANY | 9.06 | -0.10 | -1.09% |
Commodities were broadly lower, with West Texas Intermediate crude oil down 2.7 percent at $55.19 a barrel and gold lower by 0.1 percent near $1,555.
U.S. Treasurys rallied, pushing the yield on the 10-year note down 3.3 basis points to 1.738 percent.
In Europe, Germany’s DAX was down 0.6 percent while Britain’s FTSE and France’s CAC shed 0.4 percent and 0.3 percent, respectively.
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Overnight, China’s Shanghai Composite was hit hard as authorities attempted to stop the spread of the coronavirus ahead of the Lunar New Year.
Elsewhere in Asia, Hong Kong’s Hang Seng and Japan’s Nikkei fell 1.5 percent and 1 percent, respectively.
