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US Stock Markets Ended Jan. 24, 2020
The widening outbreak of the coronavirus rattled investors, leading to the biggest weekly decline in the S&P 500 since August. The virus has led to 80 deaths in China and five cases have been reported in the U.S. Investors worry a breakout like the SARS virus could lead to a global slowdown. With earnings season in full swing for financials, American Express Co. guided above most analysts' estimates after increasing benefits on some cards and predicting "more rational" value propositions from key competitors. By contrast, Discover Financial Services tumbled after announcing a large increase in spending in the coming year on marketing and technology to mitigate loan losses. Citizens Financial Group moved lower amid a mixed quarter as net interest income remained relatively flat on lower interest rates. In other earnings announcements, shares of Intel Corp. were a bright spot on robust growth from PC and data center processors. International Business Machines Corp. gained after reporting an increase in quarterly sales, snapping a long streak of shrinking revenues. Looking ahead to next week, investors will be watching the spread of the coronavirus and a number of key earnings announcements including Apple Inc., Starbucks Corp. and 3M Co. Economic news will also be center stage with the first reading of fourth-quarter GDP and the Fed's January meeting.
Monday, January 27, 2020 @ 9:42 AM
These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.