Markets give back on rising coronavirus cases
Markets pulled back slightly on Thursday on news from China that coronavirus cases have spiked, due to a different method that Chinese authorities are now using in counting cases. This week, markets were breaking all-time highs on optimism that the worst was behind us. Now, there is uncertainty among investors.
The Dow sold off 0.43%, but the S&P and Nasdaq declined only modestly while the TSX was nearly flat. However, both crude oil (0.8%) and gold (0.5%) ticked up in the session. Despite that, energy was the weakest sector on the TSX, falling o.52%, though telcoms were pummelled 0.77%. In contrast, materials and real estate enjoyed healthy gains. For example, CAP REIT scaled new heights, rising 0.88%.
In the U.S., Coca-Cola popped 2.32% in heavy trading while Beyond Meat shed that much during a choppy session for the broad New York markets. The FANGs gave back only modestly after breaking new highs the past week, although Cisco Systems plunged over 5%. Nvidia reported strong earnings, but warned of the future impact of the virus. After hours, it spiked 6%.