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2/19/20 Market Notes



It was a rough start of the week for investors, as long feared supply chain issues related to the coronavirus became evident, in this case with Apple (AAPL) suppliers. Shares of Apple fell by more than 3% before rebounding and ending 1.83% lower. A disappointing holiday shopping season for Walmart (WMT) caused the giant retailer to miss earnings estimate, none-the-less shares rose 1.48%. By the time the closing bell rang, the Dow Jones Industrial Average lost 165 points (0.56%), while the S&P 500 declined 0.29% and the NASDAQ eked out a 0.02% gain. The Ten Year Treasury yield fell 3 basis points to 1.554%, as gold rose above $1,600 and the U.S. dollar gained about ¼% against major currencies. Eight of the eleven sectors comprising the S&P ended lower, led down by Energy and the Financial sectors, while Consumer Discretionary, Communication Services and Utilities gained ground. European and Asian shares are bouncing back from yesterday’s sell-off, as investors feel that some of the fears related to the coronavirus are exaggerated. Premarket U.S. equity futures are also pointing to a higher open, as investors wait for the latest housing related data and the FOMC meeting minutes which are set to be released at 2:00 PM. While few expect any surprises in the meeting minutes, it will be interesting to see if there is any mention of the new liquidity measures the Federal Reserve Banking System has had to inject into markets. If these measures are mentioned, market participants might interpret this as worrisome.

Sincerely,


1879 Advisors


Disclosures: This market commentary is written by the 1879 Advisors 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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