Stocks sell off to end week, while gold and bonds gain21-Feb-20Dow -227.57 at 28992.32, Nasdaq -174.37 at 9576.63, S&P -35.48 at 3337.75 [BRIEFING.COM] U.S. stocks sold off to end the week, while investors continued to buy less risky assets, amid pestering concerns about the coronavirus and valuation. The Nasdaq Composite led the retreat with a 1.8% decline, followed by the S&P 500 (-1.1%), Russell 2000 (-1.0%), and Dow Jones Industrial Average (-0.8%). Reported cases of the coronavirus continued to climb in China, but that wasn't new information for the market -- or investors who were buying yesterday's dip. Arguably, the bigger story was the continued flight-to-safety in gold ($1648.90/OZT, +28.90, +1.8%) and U.S. Treasuries (30-yr yield set a new all-time low at 1.89%). The defensive positioning was attributed not only to the coronavirus fostering growth concerns, but also to the record run in U.S. stocks despite the coronavirus. The latter bolstered calls that the market had gotten overextended and was due for a pullback. The Markit flash services PMI for February, which fell into contraction territory, didn't help sentiment, either. The top-weighted S&P 500 information technology sector (-2.3%) was today's outright laggard amid broad-based selling. The gains in the real estate (+0.4%) and consumer staples (+0.3%) sectors reflected the market's defensive posture and helped limit the broader decline. Apple ($AAPL 313.05, -7.25, -2.3%), Amazon ($AMZN 2095.97, -57.13, -2.7%), Alphabet ($GOOG 1485.11, -33.04, -2.2%), and Microsoft ($MSFT 178.59, -5.83, -3.2%) -- four widely-held, and crowded, stocks largely responsible for the market's record run -- dropped more than 2% on Friday. Deere ($DE 177.43, +11.60, +7.0%) was among the few bright spots in the market after the company reported solid quarterly results. U.S. Treasuries, as previously stated, continued to post gains. The 2-yr yield declined four basis points to 1.35%, and the 10-yr yield declined five basis points to 1.47%. The U.S. Dollar Index fell 0.5% to 99.32. WTI crude declined 0.7%, or $0.40, to $53.34/BBL. Reviewing Friday's economic data, which featured the Existing Home Sales report for January: Existing home sales decreased 1.3% m/m in January to a seasonally adjusted annual rate of 5.46 million units (Briefing.com consensus 5.42 million) from a downwardly revised 5.53 million (from 5.54 million) in December. Total sales were up 9.6% year-over-year.The key takeaway from the report is that the housing inventory for January was at its lowest level since 1999, demonstrating that there are serious inventory constraints in the existing home sales market, which is driving up prices and underscoring the importance of mortgage rates staying low for affordability purposes. Investors will not receive any notable economic data on Monday. Nasdaq Composite +6.7% YTDS&P 500 +3.3% YTDDow Jones Industrial Average +1.6% YTDRussell 2000 +0.6% YTD Market Snapshot Dow28992.32-227.57(-0.78%)Nasdaq9576.63-174.37(-1.79%)SP 5003337.75-35.48(-1.05%)10-yr Note +27/321.469NYSEAdv 852 Dec 1999 Vol 1.1 blnNasdaqAdv 985 Dec 2161 Vol 2.7 bln Industry Watch Strong: Information Technology, Consumer Discretionary, Communication ServicesWeak: Consumer Staples, Real Estate, Health Care Moving the Market -- Stocks sell off amid coronavirus and valuation concerns-- Weakness in the cyclical sectors, especially information technology; relative strength in bond proxies-- U.S. Treasuries and gold post decent gains; 30-yr yield sets new all-time low (1.89%)Source: (Briefing.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page.