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Candle Lighting Time for Albany, NY:
Friday, February 28, 2020 5:25 pm

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Local news will be accepted for consideration  until Tuesday at 5 p.m., 10 days prior to publication.

Financial updates

Monday, February 24, 2020 – U.S. futures are on course for their largest one-day slide since August, as anxiety over the coronavirus and its potential drag on global economic growth dent risk sentiment. Investors are becoming increasingly concerned over a rapid spread of the coronavirus outside of China, with a spike in the number of confirmed cases particularly evident in South Korea and Italy. The Dow is falling 2.6%, while the S&P 500 is dropping 2.5% in pre-market action. The Nasdaq 100 is trading 2.7% below fair value on the GLOBEX.

The yield on the 10-year note is down eight basis points to 1.39%, its lowest point since July 2016. In commodities, WTI crude is declining 3.7% to $51.39/barrel, while COMEX gold is adding 2.3% to $1,681.80/ounce.

Overseas, Italy’s FTSE MIB is tumbling 4.8%, while the broader Euro STOXX 600 is losing 3.5%. In Asia, South Korea’s Kospi slumped 3.9%, with the nation’s currency (won) slipping to its weakest level since last August.

This extends Friday’s downbeat session, during which Markit’s composite gauge of U.S. manufacturing and services activity fell to the lowest point since 2013, with services sector activity sliding into contractionary territory. For the week, the S&P 500 fell 1.3%, while the Dow and Nasdaq Composite dropped 1.4% and 1.6%, respectively.

In earnings, Berkshire Hathaway is declining 3.3% after posting a 23% dip in operating profit during the latest quarter. In M&A news, Intuit is reportedly nearing an agreement to acquire privately held credit-monitoring company Credit Karma for roughly $7 billion in cash and stock.

Contact your Financial Advisor for additional information.

Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors.

Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. ©2019 Wells Fargo Clearing Services, LLC. All rights reserved. CAR# 1018-02987, 0819-00261.

Brought to you by Benjamin J. Chuckrow

Benjamin J. Chuckrow
Senior Vice President – Branch Manager
Wells Fargo Advisors
37 Henry Street, Suite 201
Saratoga Springs, NY 12866
Office 518-581-5049
Fax 518-581-5055
Cell 518-316-3848


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