Stocks bounce back, try to fight off coronavirus - Fox Business

FOX Business' Charlie Gasparino says coronavirus won't have a 'major impact' on corporate earnings and the U.S. economy.

U.S. equity markets opened higher on Tuesday, rebounding from a major selloff in the previous session, as investors looked past the continued spreading of the coronavirus outbreak in China.

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The Dow Jones Industrial Average was higher by 100 points, or 0.4 percent, in the opening minutes of trading as it looked to put an end to its five-day skid. The S&P 500 and Nasdaq Composite have both fallen for two straight sessions. All three of the major averages fell by at least 1.6 percent on Monday.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	28717.49	+181.69	+0.64%
SP500	S&P 500	3266.66	+23.03	+0.71%
I:COMP	NASDAQ COMPOSITE INDEX	9213.383048	+74.07	+0.81%

China said on Tuesday that were 4,515 confirmed cases of the virus. Almost all of the 106 deaths have been in Hubei province, where the outbreak began.

Airlines, cruise operators and casinos snapped back after suffering steep losses on Monday while drugmakers and medical mask makers gave up a portion of their recent gains.

Ticker	Security	Last	Change	Change %
AAL	AMERICAN AIRLINES GROUP INC.	26.57	+0.47	+1.78%
CCL	CARNIVAL CORP.	45.69	+0.41	+0.92%
WYNN	WYNN RESORTS LIMITED	123.69	-0.20	-0.16%
NVAX	NOVAVAX INC.	7.31	-1.19	-14.00%
LAKE	LAKELAND INDS	14.73	-1.37	-8.51%

Earnings continued to roll out with Dow components United Technologies, 3M and Pfizer all reporting ahead of the opening bell.

United Technologies reported sales rose 16 percent year over year in 2019 to a record of $77 billion.

3M’s fourth-quarter earnings fell short of Wall Street estimates and the conglomerate forecast 2020 profit below expectations due to weaker demand from China.

Pfizer revenue slumped after the drugmaker lost exclusivity for its pain drug Lyrica, pushing sales in its Upjohn unit, which also includes Viagra, down by 32 percent to $2.16 billion.

Ticker	Security	Last	Change	Change %
UTX	UNITED TECHNOLOGIES CORPORATION	151.59	+0.56	+0.37%
MMM	3M COMPANY	167.97	-7.66	-4.36%
PFE	PFIZER INC.	38.89	-1.27	-3.16%

Elsewhere on the earnings front, Lockheed Martin delivered better-than-expected full-year results and raised its sales forecast.

Harley-Davidson’s U.S. vehicle sales fell 3.1 percent to 20,204 units, making for the smallest drop in 12 quarters. However, the company forecast 2020 motorcycle revenue of $4.53 billion to $4.66 billion, versus the $4.57 billion from 2019.

Ticker	Security	Last	Change	Change %
LMT	LOCKHEED MARTIN CORPORATION	433.90	+1.52	+0.35%
HOG	HARLEY DAVIDSON	34.34	-0.50	-1.43%

Beyond Meat slipped after J.P. Morgan Chase cut its outlook to “neutral,” saying the good news is already priced in.

Ticker	Security	Last	Change	Change %
BYND	BEYOND MEAT INC.	121.08	-3.67	-2.94%

Looking at commodities, West Texas Intermediate crude oil was on track for its first gain in six days, trading up 0.5 percent near $53.40 a barrel, and gold was down 0.2 percent at $1,580 an ounce.

U.S. Treasurys slid, sending the yield on the 10-year note up by 2 basis points to 1.625 percent.

In Europe, Britain’s FTSE, France’s CAC and Germany’s DAX were all higher by 0.5 percent.

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Overnight, Japan’s Nikkei shed 0.6 percent while China’s Shanghai Composite and Hong Kong’s Hang Seng remained closed in observance of the Lunar New Year.

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2020-01-28 14:21:58Z
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