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Stock market live Friday: Dow down 270, coronavirus names fall, Uber best day ever

This is a live blog. Check back for updates.

4:01 am: Dow suffers first decline in 5 days, down 270 points

The Dow finished the session about 277 points lower, snapping a four-day winning streak. Still, the 30-stock benchmark rose nearly 3% on the week, boosted by solid gains in Microsoft and IBM. The S&P 500 dipped 0.5% Friday amid lingering coronavirus fears, trimming its weekly gain to 3.1%, its best weekly performance since June. Uber shares skyrocketed 9.5% to post its best day ever.— Li

3:20 pm: Casper shares fall below its IPO price on second day of trading

Shares of Casper plunged about 16% to $11.34 in afternoon trading, dipping below its IPO price of $12 per share. In its market debut on Thursday, the online mattress maker’s stock opened at $14.50, surged as much as 30% to a high of $15.85, and closed at $13.50. Casper is facing scrutiny for still losing money. In the nine months ended Sept. 30, Casper reported a net loss of $67.3 million on revenue of $312.3 million. While revenue increased 20% year over year, its losses widened about 5%. — Li

2:56 pm: Final hour of trading: Stocks fall, but headed for big weekly gains

With roughly one hour of trading left in the session, the Dow is down more than 250 points and is on pace to snap a four-day winning streak along with the S&P 500 and Nasdaq. Still, the major averages were headed for solid weekly gains. The S&P 500 is still up more than 3% week to date, on pace for its biggest weekly increase since June. —Imbert

2:18 pm: Citi Chief Strategist Levkovich worried about investor euphoria

Citi Chief U.S. Equity Strategist Tobias Levkovich notes that nearly every investor he’s spoken to in recent days is quick to want to buy stocks at the first sign of a sell-off. He points out that investors aren’t as willing to pay premiums for put options versus calls and fewer deem it necessary to pay up for insurance. “Pretty much every client we talk to wants to buy the dip, and that is not comforting,” Levkovich wrote. “It implies that people are very long the market and are willing to let share prices to go higher.” He added: “We remind clients about euphoric mindsets and how sentiment can drive valuation … Additionally, we judge that earnings matter most, and it is hard to imagine that all of the coronavirus effects are built in at this juncture.” — Franck

2:08 pm: Dow drops 300 points to session low

The Dow slid 300 points in afternoon trading to its session low, as sharp declines in Dow Inc and Caterpillar put pressure on the 30-stock index. Still, major stock averages are headed for big gains on the week with the S&P 500 up 3%. — Li

1:37 pm: Record flows into technology funds, Bank of America says

Money is flowing into tech funds at an annualized rate of $54 billion, according to Bank of America, which would easily outstrip any previous year. The record for a full-year is a $18 billion inflow in 2017. Richard Bernstein, CEO of Richard Bernstein Advisors, said in a tweet that the statistic showed, “irrationality definitely growing … Extrapolating only 1 month of course, but still.”Bond funds and emerging markets funds are also seeing record rates of inflow, according to Bank of America. —Pound

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