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2/12/20 Market Notes

A 2 ½% drop by Visa (V) and Microsoft (MSFT) led the Dow Jones Industrial Average to relinquish a 100 point plus gain to end the session flat, while the S&P 500 and NASDAQ gained slightly and the small cap Russell 2000 index rose more than ½%. Eight of the eleven sectors of the S&P rose, led by the Real Estate, Energy and Consumer Discretionary sectors. Oil prices rose and ultimately crossed the $50 per barrel mark in after hours trading, and Treasury yields rose slightly with the benchmark Ten Year yield crossing the 1.6% mark. On the international front, European and Asian bourses are up nearly 1% across the board in overnight trading, as fears surrounding the coronavirus ebb and investors focus their attention on economic and earnings data. Both earnings and economic data continue to be better than forecast, helping to support record high stock prices. There is little economic data being released today, as market participants will hear a second day of testimony from Fed Chairman Powell and look forward to tomorrow’s inflation data and Friday’s retail sales figures.


1879 Advisors

Disclosures: This market commentary is written by the 1879 Advisors and represents the views of 1879 Advisors. This commentary is not investment advice and should not be used as a basis to make investment decisions. Please consult with your registered investment advisor before making any investment decisions.

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