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Dow falls | Coronavirus confusion | Unstoppable Tesla

Email sent: Feb 13, 2020 4:26pm

Is this your brand on Milled? You can claim it.

Tesla's amazing surge pushed the Nasdaq to a record, before coronavirus fears emerged again.

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THU, FEB 13, 2020

EVENING BRIEF
 

AS OF THU, FEB 13, 2020 • 04:26 ET

DJIA 29423.31
-0.43% -128.11
S&P 500 3373.94
-0.16% -5.51
NASDAQ 9711.97
-0.14% -13.99

 

Most Active
DOW
NAME LAST CHG %CHG
CSCO 47.32 -2.61 -5.23%
MSFT 183.71 -1.00 -0.54%
AAPL 324.87 -2.33 -0.71%
S&P 500
NAME LAST CHG %CHG
F 8.25 +0.01 +0.12%
GE 12.94 -0.22 -1.67%
AMD 54.53 +0.64 +1.19%
NASDAQ
NAME LAST CHG %CHG
AMD 54.53 +0.64 +1.19%
CSCO 47.32 -2.61 -5.23%
KHC 27.77 -2.27 -7.56%

EDITOR'S NOTE

 
 

Investors got a little too optimistic about the coronavirus, trusting questionable Chinese data and getting right back into ‘buy-the-dip’ mode this month.

 

But Thursday brought another reality check about the unpredictable disease. The Centers for Disease Control and Prevention confirmed a 15th case in the U.S., while skepticism is rising that China might be underreporting its infection data.

 

A senior administration official told CNBC that the U.S. does “not have high confidence in the information coming out of China” regarding the count of coronavirus cases.


The market had managed to fully recover from the initial coronavirus-related sell-off in less than three weeks. The S&P 500 is actually up about 1% over the past 17 trading days since the outbreak.

Image

But if history is any guide, the market might be too optimistic about how this will play out and more losses could be on the way as investors realize the mounting costs to the global economy from the virus.

 

Looking back 20 years, previous epidemics, from SARS in 2003 to the Ebola scare six years ago, shaved 6% to 13% off the S&P 500 over different lengths of time, according to Citi’s head of U.S. equity strategy Tobias Levkovich. Stocks have fared much better this time, at least for now.

 

“It is one thing for market pundits to tell investors that they should not panic over the coronavirus, but it’s another thing to tell them it won’t have ANY impact…and thus they should continue buying stocks with both hands,” Matt Maley, chief market strategist at Miller Tabak, said in a note Thursday.

 

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