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US Markets: Broader indices in the United States traded in red - particularly, the S&P 500 index traded 76.82 points or 2.47% lower at 3,039.60, Dow Jones Industrial Average Index plunged by 662.13 points or 2.46% lower at 26,295.46, and the technology benchmark index Nasdaq Composite traded lower at 8,725.19, down by 255.58 points or 2.85% against its previous day close (at the time of writing, before the U.S market close at 10:30 AM ET).
US News: On 27th February 2020, with the spread of coronavirus beyond China, the US companies wonât be generating earnings growth in the year 2020 and will deepens the risk to growth globally. As stated by the US government officials, the US economy grew moderately in the fourth quarter with bumpy road lies ahead in 2020 due to Covid-19 virus spread beyond China. With the outbreak of coronavirus, the PayPal Holdings Inc share fell by 1.48 per cent, due to negative revenue. The Mastercard Incâs share fell by 4.04 per cent, as the company earlier this week lowered its forecast. The Square Inc shares increased by 6.31 per cent, as the group doesnât see any major impact of the outbreak. Etsy shares surged 16 per cent due to uptick in both top and bottom line. With an ongoing slump in oil prices, energy stocks were among the most beaten down and traded in red zone during the session. The US 10-year Treasury yield hit an all time low of 1.24 per cent in Thursdayâs trading session.
S&P 500 (SPX)
Top Performers*: Gilead Sciences Inc, Regeneron Pharmaceuticals Inc, and Clorox Co are top gainers and increased by 4.20%, 2.01% and 1.30% respectively.
Worst Performers*: FLIR Systems Inc, ANSYS Inc, and American Airlines Group Inc were in the red zone and dipped by 13.40%, 12.13% and 8.25% respectively.
NASDAQ Composite (IXIC)
Top Performers*: Tonix Pharmaceuticals Holdings Corp, Co-Diagnostics Inc, and Vir Biotechnology Inc shares expanded by around 111.11%, 81.91% and 77.78% respectively.
Worst Performers*: Zogenix Inc, Nutanix Inc, and Genprex Inc were among the beaten down stocks and contracted by 29.01%, 26.82% and 24.69% respectively.
Worst Performing Sectors*: Energy (down 5.29%), Technology (down 3.13%) and Telecommunication services (down 2.62%).
Dow Jones Industrial Average (DJI)
Best Performers*: Merck & Co Inc, 3M Co, and Verizon Communications Inc zoomed up by around 0.85%, 0.36% and 0.28% respectively.
Worst Performers*: Microsoft Corp, Apple Inc, and Dow Inc decreased by 3.83%, 3.71% and 3.66% respectively.
European Markets: The Londonâs broader equity benchmark index FTSE 100 closed Thursdayâs trading session at 246.07 points or 3.49% lower at 6,796.40, the FTSE 250 index plunged by 839.50 points or 4.07% lower at 19,783.45, and the FTSE All-Share Index closed 140.03 points or 3.56% lower at 3,787.97 respectively. Another European equity benchmark index STOXX 600 too ended in red zone and was down by 15.15 points or 3.74 per cent at 389.45.
European News: In economic news, the trade body for the United Kingdomâs car industry, the Society of Motor Manufacturers and Traders (SMMT) has called upon the government to negotiate a free trade agreement with the European Union in order to boost sales. Both production and exports of the industry have been falling for a while now. In January 2020, the industry produced 118,314 cars which was down by an annual 2.1 per cent whereas the demand in the country fell by as much as 23.9 per cent. The meet comes just few days before the government is about to present it budget for the year in the parliament.
London Stock Exchange
Top Performers*: BATM ADVANCED COMMUNICATIONS LD (BVC), HUNTING PLC (HTG) and DRAX GROUP PLC (DRX) are top gainers and increased by 17.85%, 8.82% and 4.54% respectively.
Worst Performers*: TOPPS TILES PLC (TPT), WPP PLC (WPP) and AMIGO HOLDINGS PLC (AMGO) are the top three laggards and decreased by 25.19%, 16.69% and 15.81% respectively.
FTSE 100 Index
5 days FTSE 100 Index Performance (February-27-2020), before the market closed (Source: TR)
Top Gainers*: HIKMA PHARMACEUTICALS PLC (HIK), RENTOKIL INITIAL PLC (RTO) and RSA INSURANCE GROUP PLC (RSA) traded in green zone and expanded by 2.90%, 1.57% and 1.39% respectively.
Top Laggards*: WPP PLC (WPP), EASYJET PLC (EZJ) and INTL CONSOLIDATED AIRLINES GROUP SA (IAG) traded in red territory in todayâs session and dipped by 16.89%, 10.98% and 10.67% respectively.
Volume Leaders*: (LLOY) LLOYDS BANKING GROUP PLC; (VOD) VODAFONE GROUP PLC; (BARC) BARCLAYS PLC shares were traded with decent volume in Thursdayâs trading session.
Sectors in the negative zone*: Consumer Cyclicals (-5%), Basic Materials (-4.33%), and Financials (-4.22%).
Forex Rates*: GBP/USD and EUR/GBP were trading at 1.2894 and 0.8526, respectively.
Bond Yields*: U.S 10-Year Treasuries yield was hovering at 1.289%, and the UK 10-Year Government Bond yield was trading at 0.487%, respectively.
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*At the time of writing
