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Stock market live updates: Stocks rebound, FedEx pops, Tesla jumps again

Chinese men wear protective masks as they walk in a nearly empty shopping street on February 2, 2020 in Beijing, China.

Kevin Frayer | Getty Images

This is a live blog. Check back for updates.

10:23 am: Big moves are the norm for Tesla shares

Tesla’s reputation as a volatile stock has been well deserved thus far in 2020. The electric car maker’s stock has posted a move of less than 1% in just five of the 26 trading days this year through Friday’s close. By comparison, the S&P 500 has had just five moves of at least 1% all year. Tesla was headed for another major move on Monday, trading more than 5% higher. —Imbert

9:46 am: Stocks erase losses at the open with major averages turning positive

The Dow was quick to bounce back from a 106.85-point loss, trading back around the flatline after its initial decent at the open. The S&P 500 and Nasdaq Composite also rebounded from their slight losses at the open. Shares of Amazon and Microsoft are leading the comeback—Imbert

9:45 am: Apple’s manufacturing in China is still in limbo amid coronavirus

Apple’s iPhone production in China remains uncertain amid the coronavirus outbreak. Apple supplier Foxconn was approved to resume production in Zhengzhou, a key manufacturing plant in the region, Reuters reported Sunday, but so far only 10% of the workforce has returned. The tech giant has shut down all stores and offices in the country. Shares of Apple are down 0.4% in morning trading. —Li

9:31 am: Dow slips 100 points at the open

The Dow Jones Industrial Average fell about 100 points, on track for its second straight day of losses, as fears around the deadly coronavirus linger. Apple is the biggest loser in the 30-stock index, down more than 1%. The S&P 500 dipped about 0.3% at the open, following a 3% rise last week, which is the benchmark’s best weekly performance since June. —Li

9:05 am: Liquidity-driven bull market still in control, Morgan Stanley says

The rebound in stocks despite the lingering coronavirus fears showed that the bull market is still strong, Morgan Stanley’s Michael Wilson said in a note to clients, and supports his first-half bull case of 3500 for the S&P 500. If economic growth snaps back after the virus is contained, the market may finally see a sustained rotation into smaller cap and value stocks, Wilson said, after several smaller rotations in recent years. “Bottom line, the liquidity-driven bull market is intact but it’s too early to bet big on new trends in cyclical value or small-caps,” Wilson wrote. — Pound

9 am: Tesla jumps in premarket

Tesla’s stock rose as much as 9% in premarket trading on Monday as shares were poised to begin another week of speculative trading. Part of the reason appears to be positive news from China on Friday, as the Shanghai municipal government said it would help companies like Tesla “resume production as soon as possible.” The stock is set to open near the $800 level. —Sheetz

8:57 am: Yum China under pressure after employee confirmed to have coronavirus

Shares of Yum China slid 1.3% after Chinese state-run media Global Times reported a KFC worker was confirmed to have the deadly coronavirus. Yum China has temporarily closed about a third of its restaurants in China, and those still open have seen sales drop dramatically. The company warned last week that coronavirus could lead to operating losses in its first quarter. —Li

8:55 am: Here are Monday’s biggest analyst calls of the day

CNBC Pro subscribers can read more here. —Bloom

8:53 am: Taubman Centers’ stock surges 53%

Shares of mall operator Taubman Centers jumped 53% during Monday’s premarket trading after the company said it would be acquired by competitor Simon Property Group for $52.50 per share, valuing the company at about $3.6 billion. Taubman owns, manages or leases 26 super-regional shopping centers in the U.S. and Asia, a press release said. — Stevens

8:52 am: Loews up more than 3.5% ahead of open on profit surge

Loews, the conglomerate that owns businesses in insurance, hospitality, energy and packaging, on Monday reported a sharp rebound in fourth-quarter profit and better-than-expected revenues. Loews posted net income of $217 million, or 73 cents a share, compared to a loss of $165 million, or 53 cents a share in the year-ago period. The company mainly credited increased net investment income at its CNA Financial business for the better profit and revenue results for the three months ended Dec. 31. The stock rose more than 3.5% before the opening bell. —Franck

8:41 am: Sanders nomination would raise Trump reelection odds: Raymond James

Though conventional wisdom in the 2020 election cycle thus far has been that markets would sell off if Democrats nominate Sen. Bernie Sanders for president, that appears to be changing according to Raymond James. Analyst Ed Mills writes that conversations with investors have revealed that many believe the nomination of the self-described democratic socialist would not only make President Donald Trump’s reelection more likely, but perhaps increase the odds of an all-Republican government.That’s why stocks haven’t swooned in reaction to the Vermont senator’s recent success in Iowa or expected victory in the New Hampshire primary, Mills wrote, as Wall Street views a second Trump term as a positive for the market. —Franck

8:32 am: Canaccord Genuity hikes S&P 500 target for 2020

Canaccord Genuity on Monday announced it upgraded its 2020 outlook for U.S. equities, telling clients it sees the S&P 500 at 3,440 by December. Strategist Tony Dwyer cautioned, however, that he’s neutral on the stock market until S&P 500 earnings show more robust signs of growth and the threat of the coronavirus has passed despite positive fiscal and monetary policy backdrops. His new target implies just 3.4% upside between Friday’s close and the end of 2020. —Franck

8:24 am: FedEx shares pop on UBS upgrade

Shares of shipping company FedEx rose nearly 2% in premarket trading on Monday following an upgrade to buy from neutral from UBS. The firm said the risk/reward for the company appears “skewed to the upside.” With shares down 12% in the past 12 months, now is a good time to buy, according to UBS. The analyst also hiked his price target to $187 per share from $161 per share. —Fitzgerald

8:22 am: Stock futures head for flat open after Friday’s big drop

U.S. stock futures are pointing to a relatively flat open as investors continue to assess how the coronavirus outbreak will impact China’s economy, which is the second-largest in the world. Dow Jones Industrial Average futures indicated a loss of just 22 points. S&P 500 and Nasdaq 100 futures hovered along the flatline. The death toll from the coronavirus has broken above 900, surpassing that of the SARS outbreak in the early 2000s. The major averages are coming off steep losses from Friday’s session, with the Dow dropping more than 200 points. —Imbert

With reporting from Pippa Stevens, Yun Li, Jesse Pound and Michael Bloom.

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