Stock market live updates: Dow futures up, Powell testimony, Under Armour plummets

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The Stoxx 600, the broadest measure of European stocks, climbed 0.8% to a record high on Tuesday. The index is also up more than 4% this month, outperforming the S&P 500, which is up 3.9% in February. European stocks have been on fire this year as ECB President Christine Lagarde lobbies for more fiscal stimulus in the region, particularly from Germany. —Imbert, Pisani

Bridgewater founder and billionaire investor Ray Dalio said Tuesday that the impact from the coronavirus may be overdone. The virus, which has now killed more than 1,000 people, “probably had a bit of an exaggerated effect on the pricing of assets,” Dalio told attendees at the annual Milken Conference in Abu Dhabi on Tuesday. “Because of the temporary nature of that, I would expect more of a rebound. It most likely will be something that in another year or two will be well beyond what everyone will be talking about,” he added. —Stevens

As of Monday night, the Chinese government said there were 2,478 new confirmed cases of coronavirus and 108 additional deaths, bringing the total numbers to 42,638 cases and 1,016 deaths in the country. “With 99% of cases in China, this remains very much an emergency for that country, but one that holds a very grave threat for the rest of the world,” WHO chief Tedros Adhanom Ghebreyesus said during opening remarks of a meeting between more than 400 researchers and national authorities, Reuters reported Tuesday. The virus has spread to at least 25 other nations. — Stevens

Federal Reserve Chairman Jerome Powell’s remarks before Congress were released at 8:30 am and we are seeing a muted reaction so far. If anything, futures have come off slightly with Dow futures up only 90 points after being up more than 100 points before the testimony was released. Powell, in his semiannual testimony before Congress, will say that the U.S. economy appears “resilient,” that the Fed is closely monitoring the coronavirus, and that the “current stance of monetary policy will likely remain appropriate,” according to remarks. Traders will now focus on the Q&A portion of his testimony, which begins at 10 a.m. ET. -Melloy

Source: https://www.cnbc.com/2020/02/11/stock-market-today-live.html

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