Stock market live updates: Stocks slip from records, all eyes on Tesla, coronavirus names fall

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The ETFs that track the S&P 500 real estate and utilities sectors hit intraday records on Thursday as traders hedged some of their risk exposure amid renewed coronavirus fears. The Real Estate Select Sector SPDR Fund (XLRE) rose 0.6% while the Utilities Select Sector fund (XLU) gained 0.8%. Real estate and utilities are considered to be defensive sectors because they are typically less tied to economic turbulence. —Imbert, Francolla

Shares of solar company SunPower dropped 18% after the company reported fourth quarter earnings that fell short of analyst expectations. On an adjusted basis, the company said it earned 23 cents per share for the quarter on $607 million in revenue. According to estimates from FactSet, analysts had been calling for EPS of 24 cents, and $627.7 million in revenue. For the full-year, the company reported an adjusted loss of 29 cents per share. Following earnings, Cowen downgraded the stock to a market perform rating. The firm said it’s optimistic about a number of the company’s initiatives, including its solar plus storage offering, but that “the near and mid-term catalysts are largely baked in.” Thursday’s drop is in sharp contrast to Wednesday’s trading session when the stock gained 10.6%. —Stevens

Shelton has been peppered with questions on both sides regarding her views on the gold standard, Fed independence and deposit insurance, among other issues. Both Democrats and Republicans have challenged her, though the stronger criticism has come from the former side. “The bottom line is, Ms. Shelton has too many alarming ideas and has flipped-flopped on too many important issues to be confirmed for this job,” said Sen. Sherrod Brown, the Ohio Democrat. By contrast, her fellow nominee, Christopher Waller, has faced comparatively few questions and appears on the way to easy confirmation. – Cox

During her confirmation hearing, Federal Reserve nominee Judy Shelton said anyone is welcome to criticize the central bank – even the president. “I think what we’ve seen historically is some Fed chairman have felt they were being pressured behind the scenes. In some ways, it’s refreshing that that’s out in the open.” —Cox

Source: https://www.cnbc.com/2020/02/13/stock-market-today-live.html

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