A broad-based market sell-off has been the theme of the day to start the week. The reason for the sell-off? The Coronavirus, there are 2,862 confirmed cases so far in China, and the death toll in China has risen to 81. The World Health Organization's director-general is traveling to China to meet with government and health officials. In the U.S., the fifth case of coronavirus was confirmed over the weekend.
The DOW fell over 500 points, and one point or -1.6% at the open and has continued to trade at those levels, the S&P 500 dropped -1.4%, and the NASDAQ has lost -1.8%. All three indexes were poised for their worst day since October.
The selloff was broad-based. Ten of 11 sectors in the S&P 500 slumped, as did 28 of the 30 Dow components. Utility stocks, often considered a safety play because of their steady dividend yields, were the group to rise on the day hitting record levels.
Gold and the U.S. dollar are headed higher, but crude oil continues to fall, losing almost -3% over the last day and a half and is currently trading at the $52 level.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 3,214.64
- Dow (INDEX:DJI): 28,418.63
- NASDAQ (NASDAQ:COMP): 8,943.50
- U.S. Dollar (ICE:DX): 96.54
- Gold (NYMEX:GC.G20): 1,555.80
- Crude Oil (NYMEX:CL.H20): 55.95
- Bitcoin (BITCOIN:BITSTAMPUSD): 7,310.00
Every Success,
Jeremy Lutz
INO.com and MarketClub.com
