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The Dow quickly added to its gains in morning trading, now up 315 points, rebounding from a brutal sell-off earlier this week. Big tech is leading the comeback, with Microsoft and Netflix rising 2.2% and 3.2%, respectively. Apple rose 1.4%, after dipping into correction territory in the previous session.â Li
The Dow climbed about 150 points at the open, recovering a fraction of the losses from this week’s monster stock rout. The 30-stock benchmark plunged 1,900 points in just two days amid increasing fears about the coronavirus. The S&P 500 posted back-to-back losses of more than 3%, suffering its biggest two-day drop since 2015. Traders will look for more updates on the epidemic for signal, including a briefing from President Donald Trump this evening.â Li
- 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