Your Monday Market Blip 2/3/20

Your Monday Market Blip 2/3/20

Stocks rallied after last week’s coronavirus inspired selloff. At the close the Dow was up 143 at 28,399. Google reports earnings after the bell.
The coronavirus is now a pandemic and according to data from FHN economist Chris Low the Chinese gubment is taking heat for mishandling the outbreak. Chinese stocks are taking big hits with more provinces curtailing economic activity or extending the Lunar Holiday. Chinese GDP numbers are expected to drop and it is reported that oil consumption has fallen 20%. Air travel between countries continues to be curtailed and as a result prices for WTI crude oil in the US fell below $50 per barrel today. One of our clients noted that the death rate is 2% which is much less than the 10% death rate for the SARs outbreak in 2004. I guess this is a positive but it is no match for the fear and hype on social media.
An article today in Electrek said that while Ford, Audi, Porsche and GM all shelled out big bucks and ran Super Bowl ads for their new electric cars, CNBC revealed in a poll that players for both the 49ers and Chiefs have one thing in common which is they are obsessed the Tesla. The poll noted the speed and automation of Tesla rigs making them the latest status symbol in the NFL. Tesla stock bolted higher today after battery maker Panasonic reported its Tesla battery business turned profitable in the latest quarter thanks to the rapid increase in Tesla’s output. Stock gurus said the report was a big positive and jumped on Tesla like dogs on a mailman raising target prices in mass.
The scout trip to Lake Kachess was the best winter camp ever! I was not expecting that at all. See our Facebook page for photos. We started snowshoeing in light rain which turned to snow when temps dropped. 11 lunkheads took the trip and the four adults were great especially Matt who discovered an unlocked Forest Service toilet that we could use. The scouts got set up and made shelters and did patrol cooking. At night we had a big fire going so they could dry out. The flaming snowballs were a bust since they only would make it 5 feet before the flame went out. Sunday morning was clear and cold with fresh powder and it was like being in a screen saver photo. Then to top it off just when I thought if could not get any better one of the new dad’s in the troop unexpectedly showed up at 8 am on his dog sled with coffee and Krispy Kreme donuts! The dogs made good hand warmers.