Stocks slide as coronavirus spreads in China
Trump: No better place on Earth to invest than US
President Trump argues his efforts have led to 25 percent of global foreign direct investment coming into the U.S. in 2019 at the World Economic Forum in Davos.
U.S. stocks were lower Tuesday as traders returned to work following the Martin Luther King Jr. holiday.
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All three of the major averages were trading just off record highs as concerns over the spreading of a coronavirus in China weighed on sentiment. Chinese officials announced on Tuesday a sixth death due to the virus, which has sickened more than 300 people.
Markets across Asia were under pressure with Hong Kong’s Hang Seng losing 2.8 percent, China’s Shanghai Composite falling 1.4 percent and Japan’s Nikkei sliding 0.9 percent.
|I:DJI||DOW JONES AVERAGES||29270.82||-77.28||-0.26%|
|I:COMP||NASDAQ COMPOSITE INDEX||9376.487092||-12.46||-0.13%|
President Trump gave a speech at the World Economic Forum in Davos, Switzerland on Tuesday morning, touting the booming U.S. economy. The speech came hours ahead of the beginning of the Senate impeachment trial, which is scheduled for a 1 p.m. ET start.
TRUMP TOUTS 'BLUE COLLAR BOOM' IN SPEECH TO GLOBAL ELITE
Looking at stocks, Boeing shares are little changed after reports surfaced Monday suggesting the planemaker is looking to borrow $10 billion or more as costs related to the 737 Max mount.
Meanwhile, airlines were mixed amid mounting concerns about the coronavirus that is spreading in China.
|AAL||AMERICAN AIRLINES GROUP INC.||27.69||-0.71||-2.50%|
|UAL||UNITED AIRLINES HLDG.||86.53||-3.17||-3.53%|
|LUV||SOUTHWEST AIRLINES CO.||54.46||-0.55||-1.00%|
|DAL||DELTA AIR LINES INC.||60.66||-1.38||-2.22%|
Oil services provider Halliburton reported better-than-expected fourth quarter results, but North American revenue plunged 21 percent and the company took a $2.2 billion charge related to its struggling U.S. business.
Netflix was in focus ahead of the company’s fourth-quarter results, which are due out after the closing bell. The streaming giant is expected to earn 52 cents a share on revenue of $5.45 billion, according analysts surveyed by Refinitiv.
On the commodities front, West Texas Intermediate crude oil was down 1.2 percent at $57.90 a barrel and gold was lower by 0.4 percent near $1,555 an ounce.
U.S. Treasurys gained, pushing the yield on the 10-year note down 2.6 basis points to 1.799 percent.
In Europe, Britain’s FTSE and France’s CAC were both lower by 0.8 percent and Germany’s DAX shed 0.2 percent.
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