Happy Chinese New Year. The stock market is closed in China all week, but that hasn’t keep U.S. stocks from tumbling this morning.
The S&P 500 is down 32 points to 1,847, the Dow Jones Industrial Average is falling 255 points to 15,947 and the Nasdaq is declining by another 94 points to 4,268. The S&P Retail ETF is dropping by over 1 percent to $38.67.
Worries over European bank debt has caused European stocks in the major indices to plunge this morning. Bank stocks fell dramatically, pulling down the rest of the market with them. The French CAC was falling by 2 percent to 4,094, the German DAX dropped over 2 percent to 9,042 and the U.K. FTSE fell by almost 2 percent to 5,734.
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Gold is surging to a four-month high as investors begin to worry about a global recession. April gold was up $23.40 to $1,180.90 an ounce and the precious metal has risen 7 percent in just 30 days. Market fears are pushing the safe haven investment higher as oil once again dives under $30 a barrel.
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Action camera company GoPro is trading higher this morning after a Barron’s article mentioned that apparel brand Under Armour could be an interested candidate to buy the company. Under Armour has talked quite a bit about its push into technology and the article suggests that while it may be an “outside-the-box” acquisition, it could work. GoPro is up over 4 percent to $10.44, but the stock has dropped 77 percent for the past year. Under Armour stock is down over 3 percent to trade near $75.03 as investors seemed displeased with the idea.
Atlantic Securities was the latest investment company to downgrade Ralph Lauren Corp. after the fashion group cut its full year guidance last week. Analysts cut the rating to “neutral.” They follow on the heels of Credit Suisse who cut the rating from outperform to neutral last Thursday evening and Bank of America’s cut to neutral form outperform on Friday. Ralph Lauren stock is dropping by over 2 percent to $85.12 in early trading,
The Estée Lauder Cos. Inc. stock got its price target raised by Jefferies to $93 from $87, but the company is maintaining its hold rating. Estée Lauder delivered a solid second quarter of earnings last week, causing the stock to pop. Overall, Estée Lauder stock has risen 12 percent for the past 12 months, but is down slightly this morning to $90.79, a loss of 20 cents.