I didn't realize what day of the week it was until I looked at the market trading lower at the open, and then realized it had to be Tuesday. Wednesday will have good coronavirus news, Thursday bad, Friday good, ….. Just kidding, but there does seem to be a trend going on here in the same way we saw see-saw good and bad news on the China trade deal.
The markets opened about -$10 SPX points lower on news that AAPL was lowering its previously estimated earnings because of the coronavirus. They sent AAPL shares -$10 points lower on the open, and it dragged the major indexes lower as well.
News later came out Walmart sales were also dropping. These and rumors of China manipulating data about the virus sent the SPX down a total of -24.55, setting the low for the day after 2.50 hours of trading.
The rest of the day saw a slow rise in equity and index prices with the SPX getting to 3375.01 (-5.16) and AAPL trimming its losses to close at $319 (-5.95), or 1.83%.
On the close, the Dow closed down -165, the SPX closed down -9.87, and Bonds/TLT closing at 145.54 (+0.99).
TSLA closed higher by 58.37 at 858.40 after Morgan Stanley doubles its price target to 1200. This is one month after it set it to 650.
Amusingly, the Democrat party has been spreading the narrative that President Trump's economy is not as good as he has been claiming. At the same time yesterday, President Obama came out and took credit for the great economy. This did not go unnoticed by President Trump, and it was responded to via a tweet.