On Tuesday, the US stocks were on the lower side as the traders returned to work after 3-day long holiday due to the President’s day on Monday. The low trading was also due to the declaration put forward by numerous companies regarding the effect of coronavirus on their quarterly results.
4.18 PM – DOW plunged low after the announcement from Apple regarding coronavirus hit the market.
Here’s how the major indices settled at 4.21 pm on Tuesday –
- S&P 500 (^GSPC): – 0.29% or -9.87 points to 3,370.29
- Dow (^DJI): – 0.56% or -165.89 points to 29,232.19
- Nasdaq (^IXIC): +0.02% or +1.57 points to 9,732.74
- Crude oil (CL=F): +0.08% or +0.04 to 52.09 a barrel
- Gold (GC=F): +1.17% or +18.50 to 1,604.90 per ounce
2.26 PM – DOW slipped 163 points after Apple announces it cannot meet its targets
As of 2.26 PM, here are the major moves in the market –
- S&P 500 (^GSPC): -0.27% or -9.16 points to 3,371.00
- Dow (^DJI): -0.56% or -163.60 points to 29,234.48
- Nasdaq (^IXIC): +0.01% or +0.98 points to 9,732.15
- Crude oil (CL=F): -0.29% or -0.15 to 51.90 a barrel
- Gold (GC=F): +1.12% or +17.80 to 1,604.20 per ounce
1.55 PM- Positive news – Virgin Galactic stocks soar high
The space tourism backed by Richard Branson, Virgin Galactic (SPCE) shares had a gain of around 13% on Tuesday. On a day when other shares were more or less struggling to set a foothold in the market, such a huge gain did leave everyone else surprised! According to reports from Reuters, the shares of Virgin Galactic were the most traded ones on Fidelity’s online brokerage in recent times.
12.42 PM- Walmart and Apple were among the first major companies citing coronavirus impact
The COVID-19 virus in China is continuously claiming lives and infecting new patients. Such an unstoppable outbreak has hit the major corporations on the belly and it was more or less expected to happen with time. Walmart (WMT) and Apple (AAPL) are two of the biggest mammoths of Corporate America and on Tuesday both of these companies informed about the impact of the virus on their demand-supply chain. Apple had to close its shutter in China due to the weakened demand and this is more of a reason why they will not be able to achieve its financial goals this quarter.
12.20 PM – Macy’s credit rating cut
Macy’s (M) faced a rating cut by the S&P 500 which led it to the “junk” status. The rating was cut from BB+ to BBB -.
These were only some of the major moves in the market on Tuesday!