Stock market news live: Stock futures drop as coronavirus fatalities rise – Yahoo Finance

Global markets were under pressure Thursday as a fears over a coronavirus gripping the world’s second largest economy escalated further.

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9:39 a.m. ET: Tesla stock surge to fresh record high, topping $600 per share

Tesla (TSLA) shares held onto gains from overnight trading, sailing above $600 per share after reporting a fourth-quarter profit and progress in its Model Y roll-out. The car-maker said it expected to deliver more than 500,000 vehicles in 2020, up from 2019’s about 367,500 deliveries.

Fourth-quarter adjusted earnings per share were $2.14 on revenue of $7.38 billion, beating expectations for adjusted EPS of $1.74 on sales of $7.06 billion.

Shares were up more than 10% to $641.79 shortly after the opening bell Thursday.

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9:32 a.m. ET: Stocks fall around market open

Stocks sank Thursday morning as fears over the coronavirus flared further. A mixed report on U.S. economic activity in the fourth quarter of last year did little to move the needle on the three major indices.

Here were the main moves in markets, as of 9:34 a.m. ET:

• S&P 500 (^GSPC): -0.49% or -16 points to 3,257.4

• Dow (^DJI): -0.37% or -105.27 points to 28,629.18

• Nasdaq (^IXIC): -0.32% or -28.88 points to 9,246.39

• Crude oil (CL=F):  -2.48% or -1.32 to 52.01 a barrel

• Gold (GC=F): +0.53% or +8.40 to 1,584.40 per ounce

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9:04 a.m. ET: U.S. GDP beats expectations in the fourth quarter, but personal consumption slows more than anticipated

U.S. economic activity rose at a pace of 2.1% in the last three months of 2019, coming in ahead of consensus expectations. Personal consumption, however, slowed more than anticipated.

Here were the main metrics from the Bureau of Economic Analysis’s advanced fourth-quarter gross domestic product report, compared to consensus expectations compiled by Bloomberg:

• 4Q GDP annualized quarter over quarter: +2.1% vs. +2.0% expected and +2.1% in 3Q

• Personal consumption: +1.8% vs. +2.0% expected and +3.2% in 3Q

• Core personal consumption expenditures, quarter over quarter: +1.3% vs. +1.6% expected and +2.1% in 3Q

For the 12 months through the fourth quarter of 2019, U.S. GDP grew at a pace of 2.3%. This marked a deceleration from the 2.5% pace of gains seen in the 12 months through the end of 2018.

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7:38 a.m. ET: Altria records $4.1 billion charge on Juul investment

Altria (MO) said in its quarterly earnings report Thursday that it recorded a fourth-quarter charge of $4.1 billion relating to its investment in Juul. The cigarette-maker had taken a 35% stake in Juul by investing some $12.8 billion in December 2018.

According to a statement from Altria:

“This impairment is primarily due to the increased number of legal cases pending against JUUL and the expectation that the number of legal cases against JUUL will continue to increase.

“Since October 31, 2019, the number of legal cases pending against JUUL has increased by more than 80%. Altria has not made any assumptions, or drawn any conclusions, regarding the merits or likelihood of success of any of these cases, litigation is subject to uncertainty and it is possible that there could be adverse developments in pending or future cases.”

Shares of Altria were little changed to slightly lower in early trading, after the company delivered fourth-quarter adjusted EPS and full-year guidance that was mostly in-line with expectations.

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7:25 a.m. ET: Coca-Cola shares rise in early trading after fourth-quarter organic sales growth tops expectations

Food and beverage giant Coca-Cola (KO) delivered organic revenue growth that topped expectations, driven by better than anticipated increases in volumes sold across its beverage segments.

Coca-Cola delivered fourth-quarter comparable EPS of 44 cents, matching expectations. Overall organic sales growth, which strips out the impact of acquisitions and other items, rose 7%, better than the 4.9% increase expected, according to Bloomberg consensus data.

Unit case volume rose 3% in the quarter, better than the unchanged growth in the same period last year. Sparkling beverage unit case volumes rose 3%, reversing last year’s 1% decline, while water and sports drink volumes accelerated by 1 percentage point to a 2% gain. Juice and plant-based beverages were flat, but were better than last year’s 2% decline.