Source: Benzinga Feeds
A solid start to the Technology earnings season finds itself competing with a virus this morning. Fears around the coronavirus grew stronger as the number of cases rose and China shut down travel from a city of 11 million people. Asian markets got hit pretty good last night, with the market in Shanghai down nearly 3%. Now some of that negativity appears to be crossing the Pacific, judging from weakness in pre-market trading here in the U.S. A little bit of a safety play seems to be going on, with bonds rising and the 10-year yield dropping to 1.73% this morning. Volatility rose slightly, with the Cboe Volatility Index (VIX) climbing above 13. Further down, we’ll talk about some of the possible market implications if the virus gets worse. About 500 cases and 17 deaths have been reported so far. With Lunar New Year approaching, authorities are worried about a quick spread of the illness. The virus threatened to tear attention away from Texas Instruments Incorporated (NASDAQ: TXN ), the first major semiconductor firm to report this quarter.
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