Stocks Opened Modestly Lower

U.S. stocks opened modestly lower on Friday, adding to losses from the prior session, as investors grappled with heightened fears around the economic damage from the spread of coronavirus. The Dow Jones Industrial Average lately fell 165.33 points, or 0.57%, to 29,054.65. The S&P 500 was down 21.47 points, or 0.64%, to 3,351.76. The Nasdaq Composite retreated 85.26 points, or 0.87%, to 9,665.71.

Oil futures lost ground Friday as concerns about the spread of coronavirus in China and beyond took a toll, but remained on track for a weekly gain. West Texas Intermediate crude for April delivery fell 80 cents, or 1.5%, to $53.08 a barrel, while April Brent crude lost 95 cents, or 1.6%, to trade at $58.36 a barrel.

Deere & Co. (DE) posted better than expected results for its fiscal first quarter as farmer sentiment picked up after U.S.-China trade tensions deescalated. The company posted adjusted earnings of $1.63 per share on sales of $6.53 billion. Deere maintained its guidance for the full year, saying it expected net income in a range of between $2.7 billion to $3.1 billion.