Overseas stock markets are mostly lower. Hong Kong’s
Hang Seng Index,
for instance, fell 1.3%. Japan’s
Nikkei 225 Index
was off 1.6% and Europe’s
FTSE 100 Index
is 0.8% lower.
Investors will be grateful for smaller premarket moves. The 10-day absolute average daily percentage move of the stock market through March 24 was almost 7%, according to Dow Jones Market Data. That is the highest since the onset of the Great Depression: Recent market volatility has been extreme.
The Dow and SP dropped 4.1% and 3.4%, respectively, on Friday. Still, the indexes rose 12.8% and 10.3%, respectively, for the week. Overall, the Dow is down almost 15% so far in March. The SP is off about 14%.
(ticker: ABT) is up more than 12% in premarket trading. Friday, the firm received emergency-use authorization from the Food and Drug Administration for a rapid point-of-care test than can diagnose the Covid-19 coronavirus in as little as five minutes.
(OMI)—maker of surgical equipment—are surging, up 36% in premarket trading. CEO Edward Pesicka reiterated the company’s earnings guidance on Friday, making it clear the outbreak hasn’t hurt profit. The company expects to make about 55 cents a share in 2020.
“This unique partnership combines Ventec’s respiratory care expertise with GM’s manufacturing might to produce sophisticated and high-quality critical care ventilators,” Ventec CEO Chris Kiple in a company news release. “This pandemic is unprecedented and so is this response.”
Shares of cruise operator
(CCL), for instance, are off 8.7%.
(HLT) stock is down 0.9%.
(AAL) shares fell 5.3%.
Write to Al Root at email@example.com