06:42 PM ET 02/25/2020
Dow Jones Futures: Coronavirus Stock Market Sell-Off Continues; Disney, Salesforce, Virgin Galactic, Insulet Move On Earnings
Dow Jones futures rose late Tuesday, along with S&P 500 futures and Nasdaq futures, trying to rebound after the coronavirus stock market sell-off continued Tuesday. Disney (DIS) CEO Bob Iger will step down immediately, ahead of schedule.
Salesforce.com (CRM), Virgin Galactic (SPCE), Insulet (PODD), Toll Bros. (TOL) and Planet Fitness (PLNT) reported earnings after the close.
Disney stock fell modestly to a 10-month low overnight. Salesforce stock, Virgin Galactic stock, Insulet stock, Toll Bros. stock and Planet Fitness stock all fell overnight. Several signaled declines through buy points or key support.
Dow Jones Futures Today
Dow Jones futures rose 0.6% vs. fair value. S&P 500 futures climbed 0.6%. Nasdaq 100 futures popped 0.75%.
Remember that overnight action in Dow futures and elsewhere doesn't necessarily translate into actual trading in the next regular stock market session.
Case in point: Early Tuesday, Dow Jones futures were volatile but generally pointed to a modest rebound. The Dow Jones and other major indexes did open higher, but soon reversed lower.
Coronavirus News
Coronavirus cases have topped 80,000, with deaths above 2,700. While the vast majority of Covid-19 cases and deaths are in China, new cases are slowing in that country, with few new infections outside of the Hubei province epicenter. However, coronavirus cases are expanding in South Korea, Japan, Italy and the Middle East. That raises fears of a global pandemic that will chill global economic growth and supply chains.
A top CDC official said Tuesday that the coronavirus likely will become a global pandemic.
Coronavirus Stock Market Sell-Off Continues
The current stock market rally has suffered four straight down days, with major losses in the last two sessions. This kind of rapid, heavy selling through moving averages is a red flag.
The Dow Jones Industrial Average fell 3.15%, the S&P 500 index 3% and the Nasdaq composite 2.8%. The Dow Jones plunged below its 200-day line, a day after the major indexes undercut their 50-day lines. The S&P 500 index and Nasdaq composite undercut their late January lows, during the first wave of coronavirus selling.
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) slid 3%. The iShares Expanded Tech-Software Sector ETF (IGV) fell 2.8%. The VanEck Vectors Semiconductor ETF (SMH) lost 2.9%.
The Dow Jones today is back to overall record levels. The stock market rally already was under pressure as of Monday's tumble. After several days of heavy selling, the Dow Jones and other major indexes could bounce back, but one or two good days doesn't make for a secure stock market rally........MORE
DJIA futures up 139; S&P 500 futures up 19.
Earlier:
04:15 PM ET 02/25/2020
Stock Rout Intensifies As These Stocks Flash Sell Signals
