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DAILY MARKET RECAP – February 14, 2020

Markets

• S&P 500 up 6 points, 0.18%, to 3,380.16
• DJIA down 25 points, 0.09%, to 29,398.08
• NASDAQ up 19 points, 0.20%, to 9,731.18
• Russell 2000 down 6 points, 0.36%, to 1,687.58
• U.S. 10-yr down 3 bp to 1.588%
• WTI Oil up 1.42% to $52.15

Markets closed on a mixed note to close out the week as investors continued to sift through developments from the coronavirus in China, as well as a fresh batch of earnings and economic data. China’s National Health Commission stated that it had removed 108 deaths attributed to the coronavirus totals due to a double-count in Hubei province. Despite concerns about the economic impact of the coronavirus and how Chinese health officials were calculating the amount of confirmed cases, all three major indexes still managed to finish the week in positive territory. Overall this week, the S&P 500 climbed 1.6%, the Dow gained 1% and the Nasdaq rose 2.2%. In terms of earnings, more than 77% of S&P 500 companies have reported their quarterly results thus far, 72% of which have beat analysts’ forecasts, according to FactSet. As a reminder, U.S. markets will be closed on Monday in observance of Presidents’ Day.

Economic Data

Retail Sales (January)

U.S. retail sales for the month of January climbed 0.3% month-over-month, slightly above December’s figure and in line with estimates. Sales in motor vehicles and part dealers, furniture stores and miscellaneous retailers rebounded. However, sales at service stations, electronics and appliance stores and clothing stores decreased. Notably, the clothing store sales had their biggest one-month decline since 2009. Year-over-year, retail sales rose 4.4%, short of the 5.5% posted in December.

Industrial Production (January)

Month-over-month, industrial production fell 0.3% in January, following 0.4% decline in December compared to expectations of a 0.2% drop. Year-over-year, industrial production in the U.S. fell 0.8% year-on-year last month, following a downwardly revised 0.9% decline in December. This marks the fifth-straight annual decrease in industrial output.

Consumer Sentiment (February)

The University of Michigan consumer sentiment index increased to 100.9 this month from 99.8 in January, exceeding forecasts of 99.5. This marks the highest reading since March of 2018 amid improving expectations (92.6 from 90.5) while the gauge for current conditions declined (113.8 from 114.4). Inflation expectations for the year ahead were steady at 2.5 percent while those for the five-year outlook fell to 2.3 percent from 2.5 percent.

Import/Export Prices (January)

U.S. import prices were unchanged in January, following a downwardly revised 0.2% gain in December, compared to expectations of a 0.2% decline. Notably, prices for import fuel slumped 2.2%, the most since August 2019, led by lower prices for both petroleum and natural gas. Meanwhile, U.S. export prices climbed 0.7% month-over-month after a 0.2% decline in December and against market expectations of a 0.1% decline. Rising prices for both agricultural and non-agricultural exports contributed to the overall increase.

Stock Moves

BorgWarner — Shares closed over 2% lower after the automotive components company reported an adjusted earnings of $1.17 per share for the fourth quarter, beating analysts’ forecasts, due to better-than-anticipated performance of its Drivetrain and Engine segments. However, its earnings per share number did come in short from the same period a year ago. BorgWarner also said its net sales are expected to fall 2.5% year-over-year in 2020.

L Brands — According to CNBC, discussions to sell the company’s Victoria’s Secret brand to private equity firm Sycamore Partners will extend into next week, where an announcement of a deal could be made as soon as Tuesday. L Brands is reportedly seeking to unload the struggling Victoria’s Secret band in an effort to address the company’s debt load.

Monday

No major data. Markets closed Monday February 17th

All estimates come from Econoday’s survey of economists/analysts. Earnings per share estimates are from Factset, are set against year ago results, and represent adjusted earnings.

TODAY’S STOCK TALK

Friday, February 14, 2020

  • Alibaba Group Holding Ltd. (BABA)

-Paul LaMonica of CNNBusiness.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions and should not be construed as a recommendation of any specific security or investment plan. Past performance does not guarantee future results.

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