The major stock averages were trading around the flatline at midday, but are on pace to notch back-to-back weekly gains.
Elon Musk, co-founder and chief executive officer of Tesla Inc., speaks during an unveiling event for the Boring Co. Hawthorne test tunnel in Hawthorne, California, U.S., on Tuesday, Dec. 18, 2018.11:58 am: Markets at midday: Stocks little changed, but headed for strong weekly gains
The major stock averages were trading around the flatline at midday ET, but were on pace to notch back-to-back weekly gains. The S&P 500 and Dow Jones Industrial Average are up at least 1% week to date while the Nasdaq has risen around 2%. The weekly gains come as investors digested strong corporate earnings while grappling with the uncertainty around the coronavirus.
Asian stocks have regained most of their losses from the coronavirus scare, but Goldman's Timothy Moe thinks investors may be too optimistic about further gains in those names. He cited three reasons why investors should temper expectations: high valuations relative to other outbreaks, a "less supportive" macro environment for a "strong market rally" and declining earnings estimates for 2020.
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