The so-called “stock market bloodbath” has continued on Friday with major indices falling down to the lows of the last October. What's going on?
Dow components push Wall Street
On Wednesday, a trio of Dow components backed the broader market following upbeat quarterly numbers.
As a matter of fact, the Dow Jones rallied by up to 0.9%. The S&P 500 surged by 0.52%. As for the tech-heavy Nasdaq composite, it managed to leap by nearly 0.57%.
IBM shares managed to gain by approximately 7%.
In addition to this, the shares of Procter & Gamble headed north by up to 6% due to the fact that the company had its estimate for full-year organic sales lifted.
Besides this, United Technologies foresees 2019 gains above estimates. The stocks of this company managed to inch up by about 6.1%.
Today’s leap follows Tuesday’s more-than-1% tumble that took place due to the fact that fears about decelerating global surge came to the fore after a downbeat economic outlook from the IMF, indications of further deceleration in the Chinese economy as well as mixed reports on US-China trade negotiations.
The benchmark S&P 500 is still nearly 10% away from its record upward settlement on September 20.
Furthermore, corporate earnings kept dictating early trading considering the rather empty economic calendar because of the US government shutdown. On Thursday, both Republicans and Democrats are expected to vote to cease the everlasting shutdown, although chances of either passing are quite low.
Among other active equities, in the broadcast space Comcast tacked on by 4.2% right after the company posted fourth-quarter outcomes, which topped expectations as Internet subscribers soared. Moreover, Viacom stocks inched up by up to 0.75% due to the fact that the company officially confirmed that it would shell out up to $340 million to purchase Pluto TV.
As for financials, Capital One tumbled by about 4.8% after the company posted quarterly profit, which turned out to be quite below consensus.
Besides coronavirus, other news has been driving the stocks of Apple, Wallmart and General Motors to the lower levels.
Will coronavirus continue keeping the markets in fear? What releases should we wait for? Find out in the news!
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