Stock market live updates: Dow down 200, JPMorgan sees sell signals, hedge funds buy tech

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Deere shares jumped about 8% after the construction equipment maker reported earnings per share and revenue that easily beat analyst expectations. The company posted a profit of $1.63 per share on revenue of $6.53 billion. Analysts polled by Refinitiv expected earnings of $1.25 per share on sales of $6.409 billion. CEO John May said fiscal first-quarter results showed “early signs of stabilization” in the U.S. farm sector. —Imbert

Amid the lingering fears about the coronavirus, the Dow fell about 120 points to start Friday’s session, on pace to post its first weekly loss in three weeks. The S&P 500 dipped 0.5%, while the Nasdaq Composite dropped 0.4%. The so-called FANG stocks are all in the red at the open.  — Li

David Bailin, chief investment officer at Citi Private Bank, told CNBC on Friday that investors could get burned in a “rush to safety” due to coronavirus concerns. Gold, treasuries, utilities stocks and growth stocks “actually are going to turn out to be dangerous places in the market to be … when we get over the hump of the coronavirus,” Bailin said in a “Squawk Box” interview. “We think those are going to turn out to be places where the market is overvalued, and we’ll actually see reversals.” Bailin said he’s “constructive” on the overall market. However, he advises investors to pick their spots because, in his view, the S&P 500 is “fully priced.” —Belvedere

Goldman Sachs notes that “the typical hedge fund now carries 69% of its long portfolio in its top 10 positions, up from 55% in 2005.” Top favorites of the hedge fund crowd include Amazon and Microsoft, according to a Goldman note. The firm also points out that all investors are crowding into the biggest stocks and that could be worrisome. “In the S&P 500, the 10 largest companies account for 25% of market cap, nearing the 27% share reached at the peak of the Tech Bubble in 2000,” the Goldman note stated. —Melloy


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