Another volatile session left US equity markets nursing losses albeit the benchmark indices booked weekly gains after paring losses late in the trading day - Dow fell -257-points or -0.98%, paring an earlier decline of as much as ~895-points and with much of the rebound coming in the final ten minutes of trading. JP Morgan Chase & Co (down -5.17%) and Microsoft Corp (-2.83%). Boeing Co fell -1.27% in extended trading, with Reuters reporting that they had seen a US House Committee report that finds the company’s 737 MAX jet design “marred by technical design failures” and declares a Federal Aviation Authority (FAA) certification review of the aircraft “grossly insufficient”. The broader S&P500 lost -1.71% to log its tenth decline in the past twelve sessions. Energy (down -5.61%) led all eleven primary sectors lower. Airline stocks recovered some ground after President Trump’s chief economic advisor Larry Kudlow said the White House is considering “targeted measures” to offset the negative impact on the industry from the coronavirus outbreak. United Airlines Holdings Inc rose +0.99% and Delta Air Lines Inc +1.96%. Starbucks Corp fell -1.12% after the coffee chain said it expected sales in China for the quarter ending March to fall by -50% in stores open for at least a year. The NASDAQ lost -1.87%. Apple Inc (down -1.33%) supplier ON Semiconductor Corp (-3.08%) issued a revenue warning for the first quarter, citing the change in business conditions being created by the coronavirus. Skechers USA Inc eased -0.9%, after the sporting shoe retailer said the fallout from the coronavirus has gotten worse since it last updated investors when it reported earnings last month. For the week, Dow gained +1.79%, S&P 500 +0.61% and Nasdaq +0.10%
