Stocks finished lower on Friday. Risk sentiment was pressured on reports that the Wuhan coronavirus spread from China to the U.S. and Europe. The Dow slumped 170 points, erasing an early session gain of more than 100 points. The blue chip index posted its worst week since mid-August, losing 1.2%. The S&P 500 and Nasdaq Composite each fell 0.9% on Friday, with both benchmarks capping their biggest weekly declines since the fall. For the week, the S&P 500 dropped 1%, while the Nasdaq Composite slipped 0.8%.
Elsewhere, investors digested a slew of corporate earnings results. Intel climbed 8.1% after exceeding Wall Street profit and revenue estimates and offering positive current-quarter guidance. Broadcom advanced 1.4% after signing a supply deal with Apple worth roughly $15 billion. Rival Skyworks Solutions was hurt by the news, shedding 4.6% despite topping analyst earnings and sales forecasts. Meanwhile, American Express gained 2.8% following its top and bottom line beat.
In other corporate news, Disney fell 1.5% following an announcement that its Shanghai resort would close indefinitely as Chinese authorities attempt to contain the virus outbreak. Elsewhere, Boeing rose 1.7% on reports that its beleaguered 737-MAX aircraft could gain FAA approval to return to service before mid-year.
Treasuries strengthened, with the yield on the 10-year note down five basis points to 1.68%. On the data front, most key global manufacturing readings showed improvement this month. A domestic release from research firm IHS Markit revealed manufacturing PMI remained in expansionary territory in January. In commodities, WTI crude slid 1.2% to $54.90/barrel, while COMEX gold added 0.3% to $1,570.80/ounce.