Stocks rebound following China virus driven selloff
The S&P 500 three-day winning streak was snapped on Tuesday
President Trump discusses America's booming economy in the midst of impeachment during a bilateral meeting with the President of the European Commission at the World Economic Forum in Davos.
U.S. equity futures are pointing to a higher open in a rebound from Tuesday's selling.
The major futures indexes are indicating a gain of 0.4 percent.
Wall Street's selloff on Tuesday, snapped a three-day winning streak by the S&P 500. Investors worry that the new coronavirus spreading in the world’s second-largest economy could hurt tourism and ultimately economic growth and corporate profits.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43716.47 | -241.72 | -0.55% |
| SP500 | S&P 500 | 5945.15 | -40.23 | -0.67% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19088.148669 | -142.58 | -0.74% |
Adding to the selling was a drop in shares of Boeing.
The aircraft manufacturer said that it doesn't expect federal regulators to approve changes to the grounded 737 Max until this summer — several months longer than the company was saying just a few weeks ago.
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In Asia on Wednesday, Japan's Nikkei climbed 0.7 percent, Hong Kong's Hang Seng jumped 1.3 percent and China's Shanghai Composite recovered from early losses, picking up 0.3 percent.
In Europe, The major indexes are hovering around the unchanged mark.
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U.S. companies are in the midst of reporting their earnings results for the last three months of 2019, and early indications are encouraging. Less than a tenth of S&P 500 companies have reported their results so far, but of them, 72 percent topped analysts’ forecasts for profits.
The Associated Press contributed to this article.