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US Stock Market Overview – Stocks Fall Led by Energy, Boeing Warns of Further Delays

Stock slip-on virus fears
David Becker

US stocks traded lower on Tuesday, as news that a new virus had spread through China weighed on riskier assets. Boeing announced on Tuesday that the company does not expect regulators to sign off on the 737 Max until the middle of 2020. Despite robust growth in the US housing market demand continues to outpace supply putting upward pressure on houses. The US Senate begins the impeachment Trial of Donald Trump on Tuesday, with a vote on the rules the Senate will use to create a trial. Most sectors in the S&P 500 index were lower on Tuesday led down by Energy, Utilities and Real estate bucked the trend. Energy shares were hammered as natural gas prices hit a fresh 4-year low. US yields edged lower on Tuesday but the dollar was unchanged.

New Virus Breaks Out

Authorities in the US reported that a man in Washington state has been diagnosed with the new Wuhan coronavirus. This is the first case reported in the U.S. from an outbreak that has sickened hundreds of people in Asia. The patient recently traveled to Wuhan, China, the city where the outbreak was first reported. The SARs virus which broke out in February of 2003, saw stocks initially slip and then eventually rally.

Boeing Will Hold off on 737 Max Production

Boeing told suppliers that it doesn’t expect regulators to sign off on the 737 Max until the middle of 2020. This is well after the company expected.  The extended delay poses another headache for carriers who have already missed one peak travel season without the fuel-efficient planes.

Home Prices Rise with Demand

Homebuilding is on the rise and continues to rally into 2020 as the current supply is far from enough to satisfy the current demand. The U.S. housing market is short nearly 4 million homes, according to a new analysis from realtor.com. Analyzing U.S. Census data, the report showed that the 5.9 million single-family homes built between 2012 and 2019 do not offset the 9.8 million new households formed during that time.

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