Stock market live updates: Rebound fizzles, Cramer not buying, Micron falls

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The S&P 500 has turned negative as the selling returns to Wall Street following the worst drop for the benchmark in two years. The S&P 500 was up as much 0.65% at its highs. The Dow was up as much as 188 points on the day and is now up just 40 points. Notable losers include Mastercard and other banks as yields continue their slide. -Melloy

The major averages rallied at Tuesday’s open with the Dow rising 0.6%, or 150 points, while the S&P and NASDAQ rose 0.6% and 0.9%, respectively. The gains so far, however, barely dent Monday’s losses, which saw the Dow shed 1,031 points as investors feared that a surge in coronavirus cases outside of China could lead to a global economic slowdown. Home Depot, Microsoft and Apple were the leading gainers in the Dow.– Stevens

Data compiled by The Earnings Scout showed S&P 500 earnings estimates for the first quarter are now negative. Overall, analysts expect S&P 500 earnings to contract by 0.07%. Earlier this month, analysts expected growth of roughly 2.5%. The decline in earnings estimates comes as worries over how the coronavirus outbreak will impact corporate profits grow. “With 2020 EPS [estimates] dropping, future stock gains will require additional P/E multiple expansion,” said Nick Raich, CEO of The Earnings Scout, in a note. —Imbert

  • Jefferies downgraded Tesla to hold from buy.
  • Nomura Instinet downgraded Nvidia to reduce from neutral.
  • Citi raised its price target on Tesla to $312 from $222.
  • Bank of America downgraded Micron to underperform from buy.
  • Goldman Sachs initiated Reynolds Consumer Products as buy.
  • Stephens downgraded Wayfair to equal weight from overweight.
  • HSBC downgraded Anheuser-Busch Inbev to reduce from buy.
  • Loop upgraded HP to buy from hold.

CNBC PRO subscribers can read more here. – Bloom


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