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Feb. 11, 2020, 4:31 p.m. EST

S&P, Nasdaq eke out record closes as coronavirus worries ease

Sprint shares surge on approval of merger with T-Mobile US

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By Chris Matthews, MarketWatch , Sunny Oh

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Opinion : What money flows and mutual funds really say about the stock market’s future

Which companies were in focus?

  • Shares of T-Mobile US and Sprint  surged after The Wall Street Journal said a federal judge approved their merger. Sprint’s stock closed 77.5% higher Tuesday, while T-Mobile shares gained 12%

  • Shares of Under Armour Inc. ’s Class A shares /zigman2/quotes/208967132/composite UA +5.09%  dropped 19% after the maker of athletic apparel reported fourth-quarter earnings and revenue that missed expectations and provided downbeat guidance.

  • Ho me Depot Inc. /zigman2/quotes/208081807/composite HD -0.48%  said Tuesday it would hire 80,000 people for its spring season, the same number as last year. Shares gained 0.4% Tuesday.

  • Shares of Slack Technologies Inc. /zigman2/quotes/212180539/composite WORK +6.08%  fell 2.1%, after the company poured cold water on a news report that said International Business Machines Corp . /zigman2/quotes/203856914/composite IBM -0.0080%  would bring the service to its employees world-wide. Slack said IBM had already been its largest customer for several years and wouldn’t update its financial guidance. Shares of Slack were halted late Monday when they gained 15%.

  • Goodyear Tire & Rubber Co. shares /zigman2/quotes/210067261/composite GT +4.34% slumped 12.4% after it reported revenues and earnings below analyst expectations. It also said that its China operations had been disrupted by the coronavirus outbreak.

How did other markets trade?

In bonds, the 10-year Treasury note yield /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +0.12% rose 4.2 basis points to 1.589%. Bond prices move in the opposite direction of yields.

The ICE U.S. Dollar index /zigman2/quotes/210598269/delayed DXY -0.54% was down less than 0.1%, but has gained against its major rivals by around 2.5% year-to-date.

West Texas Intermediate crude futures for March delivery rose 37 cents, or nearly 0.8%, to settle at $49.94 a barrel on the New York Mercantile Exchange. In precious metals, gold for April delivery fell $9.40, or 0.6%, to settle at $1,570.10 an ounce on Comex.

In Europe, stocks traded sharply higher, with the Stoxx Europe 600 index /zigman2/quotes/210599654/delayed XX:SXXP +1.10% closing up 0.9%. In Asia, the CSI 300 /zigman2/quotes/210598128/delayed XX:000300 +2.70% , the benchmark for mainland China listed stocks, gained 0.9%.

/zigman2/quotes/208967132/composite
US : U.S.: NYSE
$ 8.26
+0.40 +5.09%
Volume: 13.42M
June 1, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.57 billion
Rev. per Employee
$346,212
loading...
/zigman2/quotes/208081807/composite
US : U.S.: NYSE
$ 247.29
-1.19 -0.48%
Volume: 3.41M
June 1, 2020 4:00p
P/E Ratio
24.58
Dividend Yield
2.43%
Market Cap
$267.25 billion
Rev. per Employee
$261,993
loading...
/zigman2/quotes/212180539/composite
US : U.S.: NYSE
$ 37.18
+2.13 +6.08%
Volume: 18.24M
June 1, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$19.69 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203856914/composite
US : U.S.: NYSE
$ 124.89
-0.01 -0.0080%
Volume: 2.87M
June 1, 2020 4:00p
P/E Ratio
12.37
Dividend Yield
5.22%
Market Cap
$110.90 billion
Rev. per Employee
$208,845
loading...
/zigman2/quotes/210067261/composite
US : U.S.: Nasdaq
$ 7.94
+0.33 +4.34%
Volume: 3.81M
June 1, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$1.77 billion
Rev. per Employee
$241,797
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
0.66
+0.0008 +0.12%
Volume: 0.00
June 1, 2020 5:00p
loading...
/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
97.81
-0.53 -0.54%
Volume: 0.00
June 1, 2020 5:35p
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
354.20
+3.84 +1.10%
Volume: 0.00
June 1, 2020 11:03p
loading...
/zigman2/quotes/210598128/delayed
XX : China Securities Index
3,971.34
+104.32 +2.70%
Volume: 13.65B
June 1, 2020 3:00p
loading...

Sunny Oh is a MarketWatch fixed-income reporter based in New York.

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