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Retreating

By Charles Payne, CEO & Principal Analyst
1/24/2020 1:53 PM

The markets are retreating today after reports of a second case of the coronavirus in the U.S. Concerns that the virus could impact consumer discretionary spending, as well as travel, is weighing on stocks. Some believe that the market was simply tired and ready for a pullback.  Let’s see if buyers emerge into the close as they typically do.

One stock that continues to buck the trend and has received two more upgrades today is Apple (AAPL). 

The only S&P 500 sector in the green today is the safe haven Utilities.  Healthcare and Energy are the worst performing sectors.  WTI crude is down 2.5% today.

S&P 500 Index

 

-0.83%

Communication Services (XLC)

 

-1.08%

Consumer Discretionary (XLY)

 

-1.32%

Consumer Staples (XLP)

 

0.69%

Energy (XLE)

 

-1.47%

Financials (XLF)

 

-1.27%

Health Care (XLV)

 

-1.53%

Industrials (XLI)

 

-0.67%

Materials (XLB)

 

-0.78%

Real Estate (XLRE)

 

-0.12%

Technology (XLK)

 

0.00%

Utilities (XLU)

+0.15%

 

Decliners are definitely outpacing advancers on both the NYSE and Nasdaq, yet there are more new 52-week highs are being made than lows. 

Issues:

NYSE

NASDAQ

Advancing

808

820

Declining

2,083

2,302

Total

2,961

3,203

52 Week High

220

188

52 Week Low

56

42

 

 

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