Stock Futures in the U.S. were higher this morning on positive economic data and earnings that, for the time being, outweighed the fears coming from the coronavirus in China. China has made efforts to contain the spreading virus before one of the busiest traveling days, the Lunar New Year. While strong quarterly results from American Express and Intel along with good European economic data has kept the market positive.
The death toll from the virus was 25, with more than 750 confirmed worldwide cases. This prompted the Chinese government to force the halt of domestic and international tours from the country’s travel agencies. The WHO, World Health Organization, has stopped just short of declaring this a global health emergency.
Germany’s PMI, Purchasing Managers’ Index, that was released today showed the country’s private sector had gained momentum in January and the pullback in manufacturing has eased. The same index out of the UK also rebounded sharply this month with a nine month high.
U.S. Stocks remained close to al-time highs as reports from tech stocks led this morning’s earnings report. Shares of American Express rallied higher, over 5%, as fourth quarter profits beat expectations. While Intel jumped 7% after the stronger than anticipated data-center sales were released.
Resistance is checking in today at 333900 and 334500 while support is showing 331200 and 329400.