Stock market live updates: S&P down 6%, trading halted at one point, Dow falls 30% from record at lows

This is a live blog. Here’s the latest. 

  • Morgan Stanley upgraded Altria to overweight from equal weight.
  • Goldman Sachs downgraded American Airlines to neutral from buy.
  • RBC upgraded CrowdStrike to outperform from sector perform.
  • JPMorgan upgraded Clorox to overweight from underweight.
  • Jefferies upgraded Las Vegas Sands to hold from buy.
  • Wells Fargo upgraded US Bancorp to overweight from underweight.
  • Wedbush upgraded eBay to outperform from neutral.
  • Stifel downgraded United Airlines to hold from buy.
  • RBC downgraded Exxon Mobil to underperform from neutral.
  • Stifel upgraded Caterpillar to buy from hold.
  • RBC downgraded Harley-Davidson to underperform from sector perform.
  • Stephens upgraded Domino’s to overweight from equal weight.
  • Morgan Stanley named Procter & Gamble a top pick.
  • Morgan Stanley upgraded Costco to overweight from equal weight.
  • Raymond James upgraded Verizon to outperform from market perform.
  • Raymond James downgraded AT&T to market perform from outperform.

Here’s the full list of analyst calls. –Bloom.

In December of 2018 when the U.S. was embroiled in a trade war with China, stocks experienced their worst December since the Great Depression and briefly dipped into bear market. Currently, the Dow has breached these December 2018 levels but the S&P is still 5% off those lows. 

Here’s were stocks are compared to during December 2018:

  • Dow has hit its lowest level since April 19, 2017 when the Dow traded as low as 20,379.55
  • Russell 2,000 small caps have hit their lowest level since March 29, 2016 when the small caps hit a low of 1,075.48
  • S&P is still about 5% above its Christmas Eve 2018 closing low of 2,351.10
  • Nasdaq is about 15% its Christmas Eve 2018 closing low of 6,192.92
  • Energy/Materials/Financials/Industrials all below their Christmas Eve closing low
  • Tech is still over 33% above its Christmas Eve 2018 closing low, Comm Services is over 12% above and Staples are 11% above their Christmas Eve closing low. —Fitzgerald, Francolla 

At its low of the day, the Dow Jones Industrial Average cratered more than 10%, for the stock average’s sixth largest one-day percent drop in history. At these levels the Dow was down 30% from its record high in February. The average last traded down more than 8%. – Fitzgerald 

There are a handful of stocks that can weather the current market storm, according to investment bank and research firm BTIG. The firm refreshed its list of “highest conviction investment ideas,” in light of the recent volatility and market turmoil.  BTIG has a buy rating on all the stocks on the list, and it expects them to rally over the next 12- months. Chipotle is at the top of the list, expected to rally 60% in the next year. 

CNBC PRO subscribers can read more here. – Fitzgerald


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