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- HSBC downgraded Nike to hold from buy
- Argus upgraded Domino’s Pizza to buy from hold.
- SunTrust downgraded D.R. Horton, PulteGroup, & KB Home to hold from buy.
- Baird named Capital One as a fresh pick.
- Jefferies downgraded SmileDirectClub to hold from buy.
CNBC Pro subscribers can read more here.Â â Bloom
In the last two sessions the Dow has shed 6.59% â its worst two-day performance since Feb. 2018 â but history shows that two day drops of this magnitude are typically a sign that negative sentiment has become too extreme, too quickly. Looking at performance over the last 30 years, data analytics tool Kensho found that following a drop of more than 6% over two consecutive sessions, 75% of the time the index rallied over the next two weeks, and 88% of the time it rallied over the following month. Outside of the financial crisis, the Dow was higher one month later in every single instance. â Stevens
Shares of Apple are flat in premarket trading after the tech giant dipped into correction territory on Tuesday. Shares have slid 10.98% in the last week as the rising number of coronavirus cases outside of China has spooked investors. In the last four trading sessions Apple has erased $140 billion in market value. Earlier in February the company said it does not expect to meet its prior revenue guidance due to the impact from the coronavirus. â Stevens
Futures on the Dow Jones Industrial Average now rose 100 points, indicating a near 150-point higher open. Stock attempt to come back from its worst two-day rout since 2015. The S&P 500 posted its first back-to-back losses of more than 3% in more than four years, while the Dow has tumbled 1,900 this week on coronavirus fears.Â â Li