Stock market live updates: Stocks rebound, FedEx pops, Tesla jumps again

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The Dow was quick to bounce back from a 106.85-point loss, trading back around the flatline after its initial decent at the open. The S&P 500 and Nasdaq Composite also rebounded from their slight losses at the open. Shares of Amazon and Microsoft are leading the comeback—Imbert

Apple’s iPhone production in China remains uncertain amid the coronavirus outbreak. Apple supplier Foxconn was approved to resume production in Zhengzhou, a key manufacturing plant in the region, Reuters reported Sunday, but so far only 10% of the workforce has returned. The tech giant has shut down all stores and offices in the country. Shares of Apple are down 0.4% in morning trading. —Li

The Dow Jones Industrial Average fell about 100 points, on track for its second straight day of losses, as fears around the deadly coronavirus linger. Apple is the biggest loser in the 30-stock index, down more than 1%. The S&P 500 dipped about 0.3% at the open, following a 3% rise last week, which is the benchmark’s best weekly performance since June. —Li

The rebound in stocks despite the lingering coronavirus fears showed that the bull market is still strong, Morgan Stanley’s Michael Wilson said in a note to clients, and supports his first-half bull case of 3500 for the S&P 500. If economic growth snaps back after the virus is contained, the market may finally see a sustained rotation into smaller cap and value stocks, Wilson said, after several smaller rotations in recent years. “Bottom line, the liquidity-driven bull market is intact but it’s too early to bet big on new trends in cyclical value or small-caps,” Wilson wrote. — Pound

Source: https://www.cnbc.com/2020/02/10/stock-market-today-live.html

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