Stock market live updates: Dow drops 50 points at open as Feds Clarida hits market, E-Trade surges

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Gold rose 0.5% to $1,621.60 per ounce on Thursday, its highest level since Feb. 15, 2013. The metal is on pace for its sixth straight positive day, and eighth positive week in nine. As the coronavirus outbreak continues, investors fearing a slowdown in global growth are piling into so-called safe haven trades such as gold. —Francolla, Stevens

Shares of Virgin Galactic rose as much as 5% as investors continued to trade the stock at a breakneck pace. More than 10 million shares of Virgin Galactic changed hands in the first five minutes of Thursday trading, according to FactSet, more than half the stock’s daily average volume. — Sheetz

Stocks opened modestly lower across the board to start Thursday’s session as UnitedHealth dragged the Dow into negative territory. Equities came under pressure in premarket trading following Federal Reserve Vice Chairman Richard Clarida’s comments to CNBC that threw cold water on the prospects of a future interest rate cut, which investors had been pricing in. E-Trade led the S&P 500 higher after Morgan Stanley said it’s agreed to buy the brokerage for $13 billion. L Brands, ViacomCBS were among the biggest losers. — Franck

Stock futures fell to their lows of the day after Federal Reserve Vice Chairman Richard Clarida told CNBC’s Steve Liesman that traders expecting a rate cut could be off. “Market pricing on rate cuts is a little tricky,” Clarida said, noting that he prefers to look at economists’ forecasts over futures markets on Fed rates. Clarida noted the majority of economists do not expect a rate easing soon from the Fed. Fed futures are pricing in about a 50% chance of a rate easing by the Fed through June, according to the CME Group’s FedWatch tool. Dow futures were last down 90 points after being down around 40 points before the Clarida interview.

Source: https://www.cnbc.com/2020/02/20/stock-market-today-live.html

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