 | THU, FEB 27, 2020 | | | | | | YOUR AFTERNOON NEWS UPDATE AND MARKET ACTION FROM CNBC | | | | Yes, again. Late morning, the Dow dropped more than 900 points. No real "reason" beyond the market spooking itself, essentially: we've now dropped 10% from the recent highs, and fell through some levels traders were eyeing, and so forth. The ugly action in crude and bond yields again isn't helping. But as I write this, we've halved that decline. The Dow's down about 450 right now, and perhaps one "reason" is the tweet from Starbucks CEO Kevin Johnson, at 11:05 a.m. ET, that they "now have 85 percent of stores open across China." Again, it's really hard to attribute "causes" to trading days like these. Sometimes the catalysts are pretty clear; today is not one of those days. It is one of those machine-driven, this-selloff-is-sparking-that-selloff kind of sessions. Just look at the action in two of the biggest momentum stocks this year, Virgin Galactic (ticker SPCE), and Tesla. Virgin Galactic was down 30% at the lows! Tesla was down double-digits, and is now down about 9% to just over $700 a share. There are so many more angles to mention--Netflix up today, Zoom up again (everyone's staying at home!), Teledoc (obviously) is up 22%. Meanwhile Uber and Lyft are selling off because, yes, everyone's staying at home. Much, much more at 1 p.m. See you then!
Kelly
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