Stock Market Update Wednesday, February 26th, 2020

Today stocks made an attempt at a rebound…and failed.

Stocks opened higher this morning and rallied.

But after a choppy morning, the major indices drifted lower during lunch.


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Then a quick sell off in the afternoon sent stocks to session lows. And by the end of the day the S&P and DOW were looking at their 5th losing session in a row.

The NASDAQ finished slightly higher. But it wasn’t anything to get excited about.

After all, the NASDAQ was up more than 2.0% before ending the day with just a 0.2% gain.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.4% loss. Down 12 points, the S&P ended at 3,116.
  • The DOW ended lower by 0.5%. Dropping 124 points the DOW closed at 26,958.
  • The NASDAQ was up 0.2%. With an 18 point gain, the NASDAQ finished at 8,983.

Crude Oil (CL) finished lower for the 4th day straight. Down 2.4%, Crude Oil finished the day at $48.69 a barrel. Today’s close was the lowest since the beginning of 2019.

The coronavirus continues to be the main focus for traders. Germany reported that the country is at the beginning of the epidemic, with 20 cases. And in New York 83 people are in self-quarantine over concerns that they were exposed to the virus.

This evening, President Trump is holding a press conference on the virus at 6:30pm ET.

Right now there appears to be a disconnect between health officials and the White House. Yesterday the President tweeted that “the Coronavirus is very much under control in the USA.” But the Center for Disease Control (CDC) asked for the the public to prepare for a possible pandemic outbreak on the same day.

Booking Holdings (BKNG) said that revenue could fall by 9.0% because of the virus. The stock finished the day lower by 2.8%.

Disney (DIS) was the biggest loser in the DOW today, losing 3.8% after Disney’s CEO stepped down.

Here is the economic calendar for the week:

Real Time Economic Calendar provided by Investing.com.

Source: RockwellTrading by Markus Heitkoetter | Original Link

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