Stock market live updates: Dow drops 300, Amazon up 9% to $1 trillion, coronavirus fears weigh - CNBC

Jeff Bezos, founder and CEO of Amazon, pictured on September 13, 2018.

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10:18 am: Dow turns red for January

As the losses on Friday mount, the Dow has turned negative for January. With it down more than 1.1%, the average is now slightly in the red for the month. The S&P 500 is still up 0.8% for the month and year. - Melloy

10:10 am: IBM shares jump on CEO shuffle

Shares of IBM jumped more than 4% after the computer software company announced CEO Ginni Rometty will step down in April. Rometty, who has served at the helm of the company since 2012, will be replaced by Arvind Krishna. Shares of IBM are down more than 22% since Rometty became CEO; however, the company shifted the focus of its business to could services in that time. Krishna, 57, is one of IBM's top executives, having joined the company in 1990. —Fitzgerald

10:08 am: Sell-off accelerating in morning trading

The Dow is now down 300 points, with Chevron and Exxon Mobil leading the decline in the 30-stock average. Apple dropped 2%, weighing on the broad market.— Li

10:03 am: Consumer sentiment comes in slightly better than expected

January's consumer sentiment data from the University of Michigan's Surveys of Consumers were stronger than estimated. The number came in at 99.8, up from 99.3 in December and topping Dow Jones' expectations of 99.1. Stocks remained lower after the data release.— Li

9:54 am: Lots of red on the board

Just five of the 30 Dow members are higher with IBM the highlight, up nearly 4%. Chevron is the worst performer, down more than 3%. Decliners are outpacing advancers on the Big Board by 2.5-to-1. — Melloy

9:50 am: 10-year Treasury yield on track for its biggest monthly drop since August

The yield on the benchmark 10-year Treasury note fell to about 1.534% Friday, bringing its month-to-date decline to nearly 40 basis points, on pace for its biggest monthly plunge in five months. The 10-year yield also dipped below the three-month Treasury rate of 1.552%, inverting a key part of the yield curve. This part of the yield curve is closely watched by the Federal Reserve for signs of an economic downturn.— Li

9:38 am: Goldman says coronavirus could dent growth this quarter

The Chinese coronavirus that has infected about 10,000 people and killed more than 200 people worldwide, is expected to dent economic growth this quarter, according to Goldman Sachs. The investment bank said the spreading virus could take 0.4% out of the annualized growth rate in the first quarter. The virus, which the World Health Organization declared a global emergency on Thursday, is causing consumers to stay inside, businesses to close shops, and airlines to cancel flights. Overall, Goldman said it expects the virus to result in "only a small net drag" on U.S. full-year 2020 growth of roughly 0.05 percentage points. —Fitzgerald

9:33 am: Dow drops at open, barely higher for January

The Dow Jones Industrial Average dropped about 200 points shortly after the open Friday and the S&P 500 lost 0.3%. The Dow is up just 0.4% for January, while the S&P 500 is up 1.3%. The Nasdaq Composite Index was the bright spot, clinging to the flat-line on Friday because of a 9% surge in Amazon, which brought its market value back above $1 trillion. -Melloy

9:23 am: Coronavirus projected to hit China economy even harder

The coronavirus pandemic could hit the already slowing China economy even harder, according to Citigroup. The firm cut its GDP estimate for this year, now expecting a growth rate of 5.5% compared to the previous outlook for 5.8%. "We expect the negative economic impact of 2019-nCoV to concentrate in the near term, before the virus is contained and the government starts to repair the economy," economist Xiangrong Yu said. GDP is projected to dip as low as 4.8% in the first quarter then rebound as the damage from the virus ebbs. —Cox

9:05 am: Biggest analyst calls of day

• Evercore ISI downgraded World Wrestling Entertainment to in line from outperform.
• JPMorgan initiated Uber as overweight. (stock up 0.7%)
• Guggenheim upgraded PayPal to buy from neutral.
• Baird downgraded Amgen to underperform to neutral. (stock down 2.7%)
• Wells Fargo downgraded Sherwin-Williams to equal weight from overweight.
• Jefferies upgraded Deckers to buy from hold. (stock up 5%)

CNBC Pro subscribers can read more here. —Bloom

9:02 am: WWE stock takes a beating

Shares of Word Wrestling Entertainment fell about 25% in premarket trading after the company announced that co-Presidents George Barrios and Michelle Wilson will immediately leave the company and vacate their board seats. Additionally, WWE lowered its full year 2019 forecast to the bottom of the range of its previous guidance, below Wall Street's consensus according to FactSet. —Sheetz

8:58 am: Colgate-Palmolive rises after solid earnings

Shares of Colgate-Palmolive rose nearly 5% in premarket trading after the company reported fourth-quarter earnings in-line with expectations, with revenue slightly above as well, according to FactSet. The consumer products company also forecast 2020 revenue would growth between 4% and 6%, above the 3.8% pace analysts expected. —Sheetz

8:39 am: Canaccord says market is 'uncomfortably neutral'

Canaccord Genuity writes that the U.S. equity market is "uncomfortably neutral:" It's caught between positives like stronger fourth-quarter earnings and an easy Fed in tandem with negatives like an unknown macro impact from the coronavirus and a surge in valuations over the last month. Chief Market Strategist Tony Dwyer writes the opposing forces make it hard to be too bearish and too bullish, forcing investors into a charged equilibrium. The brokerage downgraded its market view to neutral on Jan. 20 because of "the overbought conditions and excessive optimism." —Franck

8:35 am: Caterpillar shares fall after a revenue miss, warning of 'global economic uncertainty'

8:28 am: Amazon headed back to the $1 trillion club

Amazon shares surged more than 10% in the premarket on the back of quarterly numbers that blew past analyst expectations. The company posted a profit of $6.47 per share on revenue of $87.44 billion. Analysts polled by Refinitiv expected earnings per share of $4.03 on revenue of $86.02 billion. Revenue from the cloud business were a key driver for Amazon. "AMZN mgmt checked all the boxes with its Q4'19 EPS report," said UBS analyst Eric Sheridan. "In addition, against that backdrop, AMZN mgmt in no way left investors with the view that their global agenda to drive better performance for platform partners … still has a long runway ahead." Friday's surge would bring Amazon's market cap back above $1 trillion, based on the share count from the company's October 10-Q filing. Alphabet, Microsoft and Apple also have market caps of more than $1 trillion. —Imbert

8:24 am: Dow set to drop more than 100 points on coronavirus fears, Caterpillar warning

U.S. stocks were headed for a mixed open on the last day of January as worries over the coronavirus lingered while Caterpillar raised a red flag about the global economy. Dow Jones Industrial Average futures pointed to a drop or more than 100 points at the open. Chinese authorities said the number of coronavirus deaths has risen above 200 while more than 9,000 cases have been confirmed. Caterpillar also contributed to the losses in Dow futures after its CEO warned about "global economic uncertainty" (see below). Amazon shares surged more than 10%, however, to curb some of those losses. In fact, those gains pushed the Nasdaq 100's implied open higher. —Imbert

—With reporting by Michael Sheetz, Michael Bloom, Tom Franck, Jeff Cox, John Melloy, Maggie Fitzgerald.

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Stock market live updates: Dow drops 300, Amazon up 9% to $1 trillion, coronavirus fears weigh - CNBC
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