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1/24/20 Market Notes


After initially losing more than 200 points, the Dow Jones Industrial Average reversed those losses to end a fraction of a percent lower. Stocks had been down on news that the Coronavirus was spreading quickly, but reversed these after a World Health Organization report said “it’s a bit too early to consider this event (the coronavirus) a public health emergency of international concern”. The S&P, NASDAQ and Russell 2000 all ended slightly higher, as the eleven sectors comprising the S&P 500 ended mixed with 5 positive and 6 negative sectors, led by a 1% rebound in the Industrial sector. The U.S. dollar climbed about 1/3rd of a percent against the Euro, as Treasury Yields fell slightly. Oil prices declined another 2%, while gold and other ‘safe haven’ commodities rose slightly.

Looking ahead to next week, there will be plenty of economic reports and earnings reports for investors to digest. All in all, 425 companies are expected to report fourth quarter earnings next week, including Apple (AAPL), Microsoft (MSFT), Facebook (FB), Starbucks (SBUX) and Pfizer (PFE). On the economic front, market participants will get the following data:

  • Monday: New Home Sales

  • Tuesday: Durable Goods Orders, Case Shiller Home Price index, Consumer Confidence

  • Wednesday: Advance Trade in Goods, Pending Home Sales, FOMC announcement and press conference

  • Thursday: First look at Fourth Quarter GDP

  • Friday: Employment Cost Index, Personal Income & Spending, Chicago PMI, Consumer Sentiment

International bourses are up by more than 1%, with the notable exception of the Chinese Shanghai index, which is down more than 1 ½% as the Coronavirus continues to spread in the that nation. U.S. premarket equity futures are pointing to a higher open ahead of American Express’s earnings report.

Sincerely,


1879 Advisors


Disclosures: This market commentary is written by the 1879 Advisors Investment Committee and represents the views of 1879 Advisors. This commentary is not investment advice and should not be used as a basis to make investment decisions. Please consult with your registered investment advisor before making any investment decisions.


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