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THU, FEB 27, 2020
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YOUR AFTERNOON NEWS UPDATE AND MARKET ACTION FROM CNBC
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DJIA |
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+% |
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S&P 500 |
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+% |
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NASDAQ |
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+% |
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Yes, again. Late morning, the Dow dropped more than 900 points. No real "reason" beyond the market spooking itself, essentially: we've now dropped 10% from the recent highs, and fell through some levels traders were eyeing, and so forth. The ugly action in crude and bond yields again isn't helping.
But as I write this, we've halved that decline. The Dow's down about 450 right now, and perhaps one "reason" is the tweet from Starbucks CEO Kevin Johnson, at 11:05 a.m. ET, that they "now have 85 percent of stores open across China."
Again, it's really hard to attribute "causes" to trading days like these. Sometimes the catalysts are pretty clear; today is not one of those days.
It is one of those machine-driven, this-selloff-is-sparking-that-selloff kind of sessions. Just look at the action in two of the biggest momentum stocks this year, Virgin Galactic (ticker SPCE), and Tesla. Virgin Galactic was down 30% at the lows! Tesla was down double-digits, and is now down about 9% to just over $700 a share.
There are so many more angles to mention--Netflix up today, Zoom up again (everyone's staying at home!), Teledoc (obviously) is up 22%. Meanwhile Uber and Lyft are selling off because, yes, everyone's staying at home.
Much, much more at 1 p.m.
See you then!
Kelly
P.S. The Exchange is now a podcast! Click to subscribe.
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