Stocks Were Traded Lower in Early Morning

U.S. stocks were traded lower in early morning on Friday, as the escalating spread of the coronavirus rattled global markets. The Dow Jones Industrial Average lately fell 247.23 points, or 0.86%, to 28,612.21. The S&P 500 declined 18.91 points, or 0.58%, to 3,264.75. The Nasdaq Composite was down 25.64 points, or 0.28%, to 9,273.30.

Oil prices bounced Friday, but remained on track for hefty weekly and monthly declines as traders assess the spread of China’s coronavirus and its potential impact on global economic growth and demand for crude. West Texas Intermediate crude for March delivery rose 46 cents, or 0.9%, to $52.60 a barrel. April Brent crude was up 23 cents, or 0.4%, at $57.56 a barrel.

Caterpillar (CAT) posted fourth-quarter adjusted earnings were $2.63 per share, topping estimates for $2.37. Caterpillar expects full-year 2020 earnings per share will be in a range of $8.50 to $10.00, or short of the $10.55 expected.

Exxon Mobil (XOM) delivered adjusted earnings per share of 41 cents, missing expectations by 2 cents for the fourth quarter.Fourth-quarter revenue of $67.2 billion was well ahead of the $64.2 billion expected.

Chevron (CVX) posted fourth-quarter sales that missed estimates, while adjusted earnings per share of $1.49 were ahead of expectations by 4 cents.