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10:47 a.m .: Wall Street analysts improve stocks in hopes that the market has bottomed out
- Deutsche Bank has switched Qualcomm to buy-of-hold.
- Bank of America downgraded JPMorgan from purchase to neutral.
- Loop Capital has upgraded Home Depot to buy from hold.
- JPMorgan improved deere from underweight to neutral.
- Bank of America downgraded Caterpillar from purchase to neutral.
- Berenberg downgraded UPS to discourage purchase.
- BTIG initiated CrowdStrike as a purchase.
- Morgan Stanley upgraded WW from equal weight to overweight.
- Morgan Stanley downgraded Quest Diagnostics from being overweight to the same weight.
- William Blair improved Generac to outperform market performance.
- Evercore ISI downgraded Macy & # 39; s, Guess, L Brands and Under Armor from outperformance.
- SunTrust has updated Constellation Brands to purchase them from hold.
- Argus upgraded Boeing to buy from the hold.
- Argus upgraded Coca-Cola to buy from the hold.
- UBS has switched Lam Research to buy and sell.
- New Street has upgraded Tesla to buy from Neutral.
CNBC PRO subscribers can read more here. – blooming
10:36 a.m .: Consumer sentiment falls to the low of 2016
US consumer sentiment has dropped to its lowest level in more than three years as people become increasingly afraid of the coronavirus outbreak. The University of Michigan consumer sentiment index fell from 101 in February to 89.1 in March. Economists interviewed by Dow Jones expected a drop to 90. According to Richard Curtin, chief economist for consumer surveys, sentiment decline in March was the fourth largest in nearly 50 years. – Imbert
10:20 am: Beware of the head fake rally, says Barclays
From Tuesday to Thursday, the Dow and S & P 500 gained more than 20%. Barclays pointed out that since 1937 a head fake rally has been recorded in eleven bear markets, which means that stocks have risen, giving investors hope for a recovery, but eventually turning back when the real economic pain was recognized. "Head fake rallies in the bear market are not uncommon," Barclays US equity strategist Maneesh Deshpande said in a message to customers. "So if the SPX drops below 2237 again, we would consider this ~ 18% rally to be a" head forgery "since this was not the beginning of the actual recovery." The Barclays theory materialized on Friday with a decline of the S&P 500 by more than 3%. – Fitzgerald
9:48 am: Dow drops more than 1,000 points
Share losses accelerated minutes after the opening bell. The Dow is now down 1,058 points, or 4.7%. The S&P 500 is down 4% and the Nasdaq is down 3.87%. – Stevens
9:31 a.m .: The stocks open deeper and achieve a 3-day winning streak
The shares fell on the stock exchange and reached the best 3-day rally on the market since the 1930s. The Dow Jones Industrial Average fell 812 points, a loss of 3.6%. The S&P 500 fell 3.2% while the Nasdaq fell 3%. – Stevens
9:21 am: Lululemon says that due to the uncertainty of the coronavirus, it will not issue guidelines for 2020
Sports retailer Lululemon said on Thursday that it would not provide full-year profit prospects due to the uncertainty surrounding COVID-19. Lululemon's shares fell nearly 4% on Friday in premarket trading. However, the yoga pants manufacturer reported earnings and sales in the fourth quarter that exceeded analysts' estimates. Overall, sales in the same store grew 20%, while online sales increased 41% in the quarter. Men's earnings increased 32% and women 17%. – Fitzgerald
9:10 a.m .: billionaire Leon Cooperman: I am optimistic that the stock market has encountered coronavirus fears
Billionaire investor Leon Cooperman told CNBC on Friday that he was optimistic that the stock market had bottomed out due to fears of the corona virus.
"If I'm right about the virus call, if I'm right and that's the big" If "… I think the market at the recent low … was close enough to the ground to be the bottom to be designated. " Cooperman said on "Squawk Box".
The S&P 500 hit its recent low of 2191.86 on Monday, which is about 35% below the all-time high of the past month. "If the economic shutdown continues into April into the third quarter, I would be less optimistic," said Cooperman, founder of the investment firm Omega Advisors, which he converted into a family office in late 2018. The investor who has made his Fortune Picking individual stocks said he sees an S&P range of 2,200 to 2,800 this year. – Stankiewicz
9:05 a.m .: The volatility index increases again
The Cboe Volatility Index rose more than six points and traded above 67 on Friday morning. The index, often referred to as Wall Street's "fear measure", has continued to rise in the past three days despite the strong recovery in the market. The index tracks future volatility, which is implied by S&P 500 options, suggesting traders expect restless trading to continue in the coming weeks. – Lb
8:52 am: KB Home rises in the premarket by 5% due to strong profits
KB Home shares rose 5.7% on Friday in premarket trading after the client reported a quarterly result that exceeded expectations. The company earned 63 cents per share in the first quarter of the fiscal year and, according to Refinitiv, exceeded the consensus estimates by 18 cents. KB Home saw a 31% increase in orders and a 28% increase in deliveries in the quarter. However, given the uncertainty surrounding the coronavirus pandemic, the company has drawn its guidance for 2020. – Li
8:40 a.m .: GDP losses for corona viruses
8:19 a.m .: The United States has the most cases of coronavirus worldwide
The United States now has more confirmed coronavirus cases than Italy and China, making it the country with the largest outbreak in the world.
The total number of cases in the US reached 82,404 on Thursday evening and, according to Johns Hopkins University, exceeded the 81,782 cases in China and the 80,589 in Italy. Confirmed US cases passed 5,000 last week. At the beginning of the month, there were about 100 confirmed cases in the US – Stevens
This map shows the recent spread of the reported cases of coronavirus
7:58 am: British Prime Minister Johnson tests positive
7:55 am: Trump says the US and China are "working closely" to fight the corona virus
China and the United States are seeking closer cooperation as the corona virus continues to spread, the leaders of both countries said in a phone call on Friday.
President Donald Trump said in a tweet that he spoke with his Chinese counterpart Xi Jinping "in great detail" about the COVID-19 pandemic, which has killed more than 24,000 people worldwide.
"China has been through a lot and developed a strong understanding of the virus," Trump said on Twitter. "We work closely together. Have a lot of respect!" – Stevens, Cheng
7:37 am: Stock futures fall, Dow wants to drop 600 points at the Open
US stock index futures indicated opening losses that would mean the stocks' record 3-day winning streak. The Dow Jones Industrial Average should open more than 600 points lower, a loss of 2.7%. The S & P 500 was also on track to drop 2.7% in the open, while the Nasdaq was set to decline 2.6%.
On Thursday, the Dow and S & P 500 both rose by more than 6% and recorded their largest 3-day winning streak since 1931 and 1933, respectively.
Shares got a boost after the Senate passed a $ 2 trillion stimulus package to mitigate the economic damage from the corona virus outbreak. The house is expected to vote on the bill today.
Federal Reserve chairman Jerome Powell's comments also raised markets on Thursday.
"We still have scope in other dimensions to support the economy," Powell said in NBC's "TODAY" show. "We are trying to bridge the gap from a very strong economy to another place of economic strength."
The shares rose despite the largest weekly number of unemployment claims ever recorded. Despite the recent strength, the key averages are still more than 20% below their all-time high in February. – Stevens
– CNBC's Kevin Stankiewicz, Maggie Fitzgerald and Michael Bloom contributed to the reporting.
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