The market opened lower and showed no sign of recovery after China reported nearly 2,000 new cases of the Wuhan coronavirus were diagnosed over the weekend. Overseas markets in Asia were mostly closed for various holidays and led to some of the nervousness and gap lower.The major indexes came close to losing their gains for the year, and month, with the blue-chips briefly falling below its starting point for 2020. The Centers for Disease Control and Prevention said there have been no new U.S. coronavirus cases confirmed. However, the U.S. upped its level of caution about travel to China, raising its warning level to reconsider travel.The Nasdaq tested an opening low of 9,088 while closing below the 9,200 level. There is additional weakness towards the 9,000 level with a close below 9,100.The Dow was down for the 5th-straight session with the low tapping 28,440 and the close at 28,535. There is continued risk towards 28,200-28,000 if the 28,400 level and the 50-day moving average fails to hold.The S&P 500 settled at 3,243 and below crucial support at 3,250. There is additional selling pressure towards the 3,200 and the 50-day moving average on a move below 3,225.The Russell 2000 closed at 1,644 following the opening back-test to 1,633. Key support at 1,650 and the 50-day moving average was breached and failed to hold with risk towards 1,625 on continued weakness.
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Biogen (BIIB) upgraded to Buy from Hold at CanaccordDenali Therapeutics (DNLI) upgraded to Buy from Neutral at Goldman SachsMarathon Oil (MRO) upgraded to Buy from Hold at StifelAmerican Express (AXP) downgraded to Equal Weight from Overweight at StephensIntel (INTC) downgraded to Market Perform from Outperform at NorthlandXPO Logistics (XPO) downgraded to Equal Weight from Overweight at Barclays
TUESDAY’S EARNINGS ANNOUNCEMENTS Before the open: 3M (MMM), Autoliv (ALV), CIT Group (CIT), Diana Containerships (DCIX), Flagstar Bancorp (FBC), Graphic Packaging International (GPK), Harley-Davidson (HOG), HCA Healthcare (HCA), Lear (LEA), Lockheed Martin (LMT), McCormick & Company (MKC), Nucor (NUE), Pentair (PNR), Pfizer (PFE), Polaris Industries (PII), PulteGroup (PHM), Republic First Bancorp (FRBK), SAP (SAP), United Technologies (UTX), Xerox (XRX)After the close: Advanced Micro Devices (AMD), Apple (AAPL), Boston Properties (BXP), Calix (CALX), eBay (EBAY), First Hawaiian (FHB), LifeVantage (LFVN), Maxim Integrated Products (MXIM), MicroStrategy (MSTR), OSI Systems (OSIS), Principal Financial Group (PFG), Rexnord (RXN), Starbucks (SBUX), Trustmark (TRMK), Veritex Holdings (VBTX), Xilinx (XLNX)
TUESDAY’S ECONOMIC NEWSDurable Goods Orders – 8:30amRedbook – 8:55amS&P Corelogic Case-Shiller – 9:00amRichmond Fed Manufacturing Index – 10:00am
METALS/ OILGold closed at $1,577.40 an ounce, down $5.50Silver settled at $18.06 an ounce, down $0.05Copper finished at $2.59 a pound,