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Wall Street Mixed as Coronavirus Mitigates Optimism

The S&P 500 finished marginally up on Friday after reaching solid results from Nvidia and a report that the White House was thinking about tax incentive measures for Americans to purchase shares.

U.S. stocks edged lower on Friday as vulnerabilities encompassing the coronavirus effects and sluggish economic reading broadly weighed the investor mood.


While the S&P 500 and the Nasdaq indexes were down just unobtrusively, the industrials-overwhelming Dow endured a bigger decay.


The Dow Jones Industrial Average lost 0.09 percent, to 29,398, the S&P 500 and the Nasdaq Composite gained 0.18 percent to reach 3,380 and 0.20 percent, to touch 9,731 respectively before the close bell on Friday.


Covid-19, claimed 1,380 victims and contaminated 63,851, according to official Chinese report.


Despite all this, Chinese manufacturing plants and factories are gradually resuming their activity, giving market participants a hope for early resolution of this situation, when the markets were rattled and supply chains disrupted.


On the economic side, dull retail sales and manufacturing data seemed to explain the U.S. Central bank’s wait-and-see position with respect to its accommodative money policy, pointed out by Fed Chair Jerome Powell not long ago in Washington.


Seven of the 11 main sectors in the S&P 500 were down, with energy stock leading the losses on Friday.


The growth-leaders were real-estate and utilities shares.


Final quarter of corporate season is coming to its end, with 387 companies in the S&P 500 having already presenting their reports.




nvidia stocks surgePhoto: Pixabay




NVIDIA Corp shares soared by 6.9 percent after the chip maker’s beat-and-raise profit report, even as it estimated a $100 million blow from the coronavirus.


Online travel firm Expedia Inc securities jumped by 11.7 percent also due to stronger-than -expected results.


EBay Inc shares increased by 2.3 percent after providing better-than-expected ongoing quarter guidance.


Source: Reuters

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