Mid-Morning Market Update: Markets Open Lower; Coronavirus Spreads Outside China

Following the market opening Monday, the Dow traded down 2.47% to 28276.64 while the NASDAQ fell 2.69% to 9,318.61. The S&P also fell, dropping 2.37% to 3,258.77.

Leading and Lagging Sectors

Utilities shares slipped just 0.3% on Monday. Meanwhile, top gainers in the sector included Xcel Energy Inc. XEL, up 0.5%, and Alliant Energy Corporation LNT, up 0.5%.

In trading on Monday, energy shares fell 3.7%.

Top Headline

U.S. stocks tumbled in today’s trading, as worries over the spread of the coronavirus outside China continued to rise.

Confirmed cases of the virus climbed in South Korea to 833 as at least 231 new cases were reported on Monday alone. Italy has confirmed at least 152 cases of the coronavirus with four reported deaths. Hong Kong also reported a rise of five more cases of the coronavirus on Monday, bringing the total to 79 cases.

Equities Trading UP

NanoViricides, Inc. NNVC shares shot up 38% to $9.14 following continued increase in the number of coronavirus cases outside China. Italy now has over 200 confirmed cases in 7 different regions. South Korean officials have reported over 700 cases of coronavirus and Iran has seen 50 deaths from the virus.

Shares of Enlivex Therapeutics Ltd. ENLV got a boost, shooting 26% to $11.71 after the company said it will increase its manufacturing capacity for the potential treatment of Coronavirus in Israel.

Genprex, Inc. GNPX shares were also up, gaining 25% to $6.66 after surging around 22% on Friday.

Equities Trading DOWN

Aethlon Medical, Inc. AEMD shares tumbled 20% to $2.0665.

Shares of Lumber Liquidators Holdings, Inc. LL were down 17% to $8.70. Lumber Liquidators is expected to report quarterly results on Tuesday before the opening bell. Heading into the earnings report, shares of the company have been up 8 straight sessions and gained more than 40%.

Carter's, Inc. CRI was down, falling 13% to $95.97 after the company reported downbeat Q4 earnings and issued weak FY20 earnings forecast. The company also announced a $500 million buyback program.

Commodities


In commodity news, oil traded down 4% to $51.27, while gold traded up 2.2% to $1,685.80.

Silver traded up 1.2% Monday to $18.76, while copper fell 1.7% to $2.563.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 dropped 3.6% the Spanish Ibex Index declined 3.4%, while Italy’s FTSE MIB Index dipped 4.8% Meanwhile, the German DAX dropped 3.7%, and the French CAC 40 fell 3.7% while UK shares fell 3.3%.

Economics

The Chicago Fed National Activity Index climbed to -0.25 in January, versus a revised reading of -0.51 in the prior month.

The Dallas Fed manufacturing index for February will be released at 10:30 a.m. ET.

The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.