Stock Market Extends Losses; Coronavirus Risk Raised To ‘Very High’ | Summary and Q&A

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February 28, 2020
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Investor's Business Daily
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Stock Market Extends Losses; Coronavirus Risk Raised To ‘Very High’

TL;DR

This week's market saw rapid declines, fueled by negative sentiment and fears over the coronavirus. Major indexes showed losses, but there were some individual stocks that performed well.

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Questions & Answers

Q: What were the major factors influencing the decline in the market this week?

The market was negatively impacted by fears over the continued spread of the coronavirus, bond buying, and concerns about an economic slowdown.

Q: Why did Nvidia show strength and reverse higher?

Nvidia found support at its 50-day line and closed the day with a 7 percent gain in heavy volume. The company is a big player in gaming and artificial intelligence chips, which contributed to its impressive performance.

Q: How did Square perform this week?

Square had a volatile session on Thursday but finished the week with a gain of about 5%. The company's solid earnings report and the success of its cash app contributed to its positive price action.

Q: What can be observed from the chart of ServiceNow?

ServiceNow showed a nice upside reversal, finding support at its 50-day line. It closed the day with a gain of about 1.6% and had higher-than-expected volume, indicating conviction behind the buying.

Summary & Key Takeaways

  • Major indexes, including the Dow and S&P 500, showed weekly losses of around 13%.

  • The Nasdaq ended the week with a fractional gain, despite a wild session and concerns over the coronavirus.

  • Individual stocks like Nvidia, Square, and ServiceNow showed strength and held up well in a weak market.

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