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Stocks fell to session lows with the Dow down more than 100 points, dragged lower by IBM and Caterpillar, which were down 2.4% and 1.8%, respectively. A number of tech names are also in the red today, including Amazon and Apple. – StevensÂ
Shares of Tesla were down about 0.3% on moderate trading volume midday, with the stock swinging both positive and negative in a range between about $785 a share and $813 a share. Evercore ISI analyst Chris McNally noted Tesla’s stock “‘run-over’ the shorts (and us)” but stuck by his underweight rating on Elon Musk’s automaker. Wall Street’s consensus view continues to lag far behind the stock’s climb this year, with the average price target about 40% below Tesla’s current level. âSheetz
Coffee futures are up nearly 10% this week, putting the commodity on track for its first positive week of the year, and its best week since May. Weather and crop concerns in Brazil and Uganda are fueling the gains, although for the year coffee is still down 15% due to a fall in demand in China as the coronavirus outbreak continues. â Francolla, Stevens
The major stock averages were trading around the flatline at midday ET, but were on pace to notch back-to-back weekly gains. The S&P 500 and Dow Jones Industrial Average are up at least 1% week to date while the Nasdaq has risen around 2%. The weekly gains come as investors digested strong corporate earnings while grappling with the uncertainty around the coronavirus. âImbert