Stock market news live: Stocks recover some losses after coronavirus fears; Tesla spikes at the open – Yahoo Finance

U.S. stocks rebounded in Wednesday morning, reversing some of the prior day’s losses spurred by fears over a potentially deadly disease that had sickened hundreds in China.

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10:30 a.m. ET: Aramco chair insists the company has a great story

Saudi Aramco, the kingdom’s oil giant, pulled off a massive public offering — but has been largely shunned by international investors amid questions about its valuation and the security of its oil supplies in the wake of a drone attack late last year. But in an exclusive sit-down with Yahoo Finance, the chairman insists that Aramco is confident in its investment story:

“I am proud Aramco is now the world’s largest listed company, after having executed the world’s largest ever IPO,” Aramco Chairman Yasir Al-Rumayyan told Yahoo Finance in an exclusive interview. “The IPO was well over-subscribed in both the retail and institutional tranches, including investment from a number of international investors. This reflects confidence in the company and is a testimony to the strong investment case and attractive prospects for long-term shareholder value creation that we laid out at the time of the IPO.”

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10:04 a.m. ET: S&P 500, Nasdaq hit record highs

The S&P 500 and Nasdaq each climbed to fresh record highs Wednesday morning.

Netflix and IBM shares each jumped after stronger-than-expected earnings results delivered after market close Tuesday, and Tesla shares jumped to a record as the stock rode a weeks-long wave of optimism over the company’s future growth prospects.

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10:00 a.m. ET: Housing market stays hot

Via Reuters: U.S. home sales jumped to their highest level in nearly two years in December, the latest indication that lower mortgage rates are helping the housing market to regain its footing after hitting a soft patch in 2018.

The National Association of Realtors said on Wednesday that existing home sales increased 3.6% to a seasonally adjusted annual rate of 5.54 million units last month, the highest level since February 2018. November’s sales pace was unrevised at 5.35 million units.

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9:55 a.m. ET: Negative rates keep Jamie Dimon up at night

Speaking to CNBC at Davos, JPMorgan Chase CEO Jamie Dimon said that negative interest rates are among a small list of things that worry him — but that the market’s otherwise in a “Goldilocks place:”

“The only thing I have trepidation about is negative interest rates, QE, and the diversion between stock prices and bond prices and yield and stuff like that,” Dimon said.

Dimon’s not the only one concerned by negative yields, a symptom of a market that’s simultaneously chasing risk assets but seeking shelter from various global storms.

In a research note Wednesday, market veteran Peter Boockvar called it a exponent of a “bond bubble” that is risker than some investors think. So who’s holding all those bonds? Why we all are — in the form of retirement, insurance and other domestic investments. As Boockvar points out:

“Americans [are holding negative rates], many I’m sure in their 401k, via The Vanguard Total International Bond ETF (BNDX). It’s biggest holding is a German bund… currently yielding -.29%”

Yahoo Finance has previously reported on the subject, which can be found here.

9:35 a.m. ET: Tesla rides momentum to new record highs

Is there no stopping the bullish wave Tesla’s (TSLA) been riding over the last several weeks? The stock jumped over 4% at the opening bell, setting a new intraday record at $571. There’s no real driver but there’s no question that short-sellers are on the run with the stock up around 20% year-to-date, and a number of dominos falling the company’s way.

In Davos, President Donald Trump gave CEO Elon Musk an endorsement of sorts:

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9:31 a.m. ET: Stocks open higher

Stocks held onto gains from Wednesday’s pre-market session, opening higher after China signaled it was taking measures to try and contain the coronavirus that had sickened hundreds and killed at least nine.

Here were the main moves in markets, as of 9:31 a.m. ET:

• S&P 500 (^GSPC): +0.29% or +9.5 points to 3,330.29

• Dow (^DJI): +0.19% or +56.26 points to 29,252.30

• Nasdaq (^IXIC): +0.4% or +36.98 points to 9,409.39

• Crude oil (CL=F): -1.63% or -$0.95 to $57.43 a barrel

• Gold (GC=F): -0.03% or -$0.50 to $1,557.40 per ounce

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7:49 a.m. ET: Stock futures recover some losses

U.S. stock futures rose Wednesday morning, regaining some losses a day after fears over a potentially deadly virus knocked global markets.

During a briefing from China’s National Health Commission, officials told listeners that the government was moving quickly to address concerns over a coronavirus that had so far killed nine people, according to multiple media reports. The officials said transportation-link monitoring in China would increase, in the wake of 440 confirmed cases of the disease as of Tuesday. The U.S. CDC has so far confirmed one case in Washington State.

Meanwhile, contracts on the Nasdaq posted the largest gains of the three indices, with shares of Netflix (NFLX) rising in early trading after beating expectations for fourth-quarter results and adding more subscribers than expected. Shares of Dow-component IBM (IBM) rose after posting year-over-year revenue growth for the first time in six quarters. Both companies posted quarterly results after market close Tuesday.

Here were the main moves during the pre-market session, as of 7:49 a.m. ET:

• S&P futures (ES=F): 3,333.75, up 14.25 points or 0.43%

• Dow futures (YM=F): 29,268, up 89 points or 0.31%

• Nasdaq futures (NQ=F): 9,238.25, up 68.5 points or 0.75%

• Crude oil (CL=F): $58.02 per barrel, down $0.36 or 0.62%

• Gold (GC=F): $1,555.50 per ounce, down $2.40 or 0.15%

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