Stocks Mixed as Optimism Remains, But Amid Caution…..

U.S. equities were mixed, as focus remained on the reopening of the global economy, but reports of new cases in Wuhan and South Korea kept the optimism in check. Today’s economic calendar was quiet, but a heavy week of data looms, which is likely to provide more insight as to the severe disruption of the COVID-19 pandemic. In equity news, Under Armour posted a larger-than-expected loss, AutoNation topped adjusted earnings estimates and noted some signs of improvement in the current quarter, while Marriott said it saw a sharp drop in lodging. Treasury yields were higher as bond prices slipped and the U.S. dollar advanced, while crude oil prices lost ground and gold traded to the downside. Markets in both Europe and Asia were mixed.

The Dow Jones Industrial Average fell 109 points (0.5%) to 24,222, the S&P 500 Index was nearly unchanged at 2,930, and the Nasdaq Composite rose 71 points (0.8%) to 9,192. In heavy volume, 1.0 billion shares were traded on the NYSE and 3.8 billion shares changed hands on the NASDAQ. WTI crude oil lost $0.60 to $24.14 per barrel and wholesale gasoline shed $0.03 to $0.92 per gallon. Elsewhere, the Bloomberg gold spot price was $5.36 lower at $1,697.34 per ounce, while the Dollar Index—a comparison of the U.S. dollar to six major world currencies—moved 0.6% higher to 100.17.

Treasuries were lower amid a quiet economic calendar, as the yield on the 2-year note rose 3 basis points (bps) to 0.18%, the yield on the 10-year note increased 4 bps to 0.72%, and the 30-year bond rate gained 6 bps to 1.44%.

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