The Wall St.Journal 24Feb2020

B8| Monday, February 24, 2020 THE WALL STREET JOURNAL.

New to the Market

Commodities and

Currencies

Last Week YTD

Close Net chg % Chg % chg

DJ Commodity 607.92 6.00 1.00 -5.35

TR/CC CRB Index 174.65 1.69 0.98 -6.00

Crude oil,$ per barrel 53.38 1.06 2.03-12.58

Natural gas,$/MMBtu 1.905 0.068 3.70-12.97

Gold,$ per troy oz. 1644.60 61.90 3.91 8.23

U.S. Dollar Index 99.33 0.21 0.21 3.05

WSJ Dollar Index 92.19 0.53 0.57 2.93

Euro,per dollar 0.9220-0.0014 -0.15 3.39

Yen,per dollar 111.56 1.79 1.63 2.68

U.K. pound,in dollars 1.30-0.0088 -0.67 -2.29

52-Week

LowClose(l) High % Chg

DJ Commodity 584.28 l 647.86 -2.64

TR/CC CRB Index 167.89 l 189.66 -5.11

Crude oil,$ per barrel 49.57 l 66.30 -6.78

Natural gas,$/MMBtu1.766 l 2.884-29.89

Gold,$ per troy oz. 1269.30 l1644.60 23.73

U.S. Dollar Index 95.76 l 99.87 2.93

WSJ Dollar Index 89.21 l 92.55 2.91

Euro,per dollar 0.8761 l0.9273 4.50

Yen,per dollar 105.30 l112.20 0.79

U.K. pound,in dollars 1.20 l 1.33 -0.75

Treasury yield curve

Yield to maturity of current bills,

notes and bonds

0.00

1.00

2.00

3.00

4.00%

1

month(s)

3 6 1

years

235710 30

maturity

t

Tradeweb ICE Friday Close

t

One year ago

Forex Race

Yen, euro vs. dollar; dollar vs.

major U.S. trading partners

–8

–4

0

4

8%

2019 2020

Euro

s

Yens

WSJ Dollar index

s

Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data

Corporate Borrowing Rates and Yields

Spread +/- Treasurys,

Yield (%) in basis pts, 52-wk Range Total Return

Bond total return index Last Wk ago Last Low High 52-wk 3-yr

U.S. Treasury, Barclays 1.470 1.560 9.67 4.18

U.S. Treasury Long, Barclays 1.880 2.000 24.82 9.76

Aggregate, Barclays 1.990 2.060 n.a. 39 51 10.28 4.72

Fixed-Rate MBS, Barclays 2.240 2.280 n.a. 32 57 6.69 3.56

High Yield 100, ICE BofA 4.604 4.524 302 271 438 8.88 5.53

Muni Master, ICE BofA 1.245 1.341 4 4 21 8.11 4.77

EMBI Global, J.P. Morgan 4.523 4.590 293 277 398 12.50 6.12

Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services

Consumer Rates and Returns to Investor

U.S. consumer rates

A consumer rate against its
benchmark over the past year

1.00

1.30

1.60

1.90

2.20%

2019

MAMJJASONDJ

2020

F

t

Five-year CD yields

t

Federal-funds

target rate

Selected rates
5-year CDs
Bankrate.com avg†: 1.38%
Ally Bank 2.15%
New York, NY 877-247-2559
American Express National Bank 2.15%
New York, NY 866-805-8663
Citizens Access 2.15%
Westwood, MA 888-201-6505
Goldman Sachs Bank USA 2.15%
New York, NY 855-730-7283
Presidential Bank, FSB 2.15%
Bethesda, MD 800-383-6266
Yield/Rate (%) 52-Week Range (%) 3-yr chg
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts)
Federal-funds rate target 1.50-1.75 1.50-1.75 1.75 l 2.25 1.00
Prime rate 4.75 4.75 4.75 l 5.50 1.00
Libor,3-month 1.68 1.69 1.68 l 2.65 0.63
Money market,annual yield 0.50 0.50 0.50l 0.78 0.18
Five-year CD,annual yield 1.38 1.34 1.34 l 2.04 0.15
30-year mortgage,fixed† 3.72 3.62 3.60 l 4.44 -0.38
15-year mortgage,fixed† 3.17 3.15 3.14 l 3.85 -0.11
Jumbo mortgages,$510,400-plus† 3.74 3.63 3.63 l 4.71 -0.65
Five-year adj mortgage(ARM)† 3.65 3.57 3.32 l 4.78 0.24
New-car loan,48-month 4.49 4.48 4.41 l 4.81 1.19
Bankrate.com rates based on survey of over 4,800 online banks. Base rate posted by 70% of the nation's largest
banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com

Dow Jones Industrial Average

28992.41t405.67, or 1.38% last week

High, low, open and close for each of
the past 52 weeks

LastYear ago

Trailing P/E ratio

P/E estimate *

Dividend yield

All-time high

22.56 18.17

18.39 15.84

2.21 2.21

29551.42, 02/12/20

22000

23000

24000

25000

26000

27000

28000

29000

FM A M J J A S O N D J F

Current divisor 0.14744568353097

Bars measure the point change from Monday's open

tt

Week's high

Week's low

Monday's open

Friday's close Monday's open

Friday's close

DOWN UP

Primary

market ttComposite

65-day moving average

200-day moving average

NYSE weekly volume, in billions of shares

0

8

16

24

FM A M J J A S O N D J F

S&P 500 Index

3337.75t42.41, or 1.25% last week

High, low, open and close for each of

the past 52 weeks

Last Year ago

Trailing P/E ratio *

P/E estimate *

Dividend yield *

All-time high

25.82 20.23

19.27 16.55

1.79 1.99

3386.15, 02/19/20

2425

2550

2675

2800

2925

3050

3175

3300

FM A M J J A S O N D J F

65-day moving average

200-day moving average

Nasdaq Composite

t154.59, or -1.59%

last week

9850

9700

9550

9400

14

February

1718192021

DJ US TSM

t380.15, or -1.10%

last week

34750

34500

34250

34000

14

February

1718192021

International Stock Indexes

Latest Week 52-Week Range YTD

Region/Country Index Close % chg Low Close High % chg

World The Global Dow 3239.00 –1.16 2885.38 • 3300.22 –0.4

DJ Global Index 438.53 –1.25 378.72 • 444.78 1.0

DJ Global ex U.S. 258.80 –1.39 231.35 • 267.54 –1.8

Americas DJ Americas 785.48 –1.10 652.33 • 796.10 3.2

Brazil Sao Paulo Bovespa 113681.42 –0.61 89992.73 • 119527.63 –1.7

Canada S&P/TSX Comp 17843.53 –0.03 15996.21 • 17944.06 4.6

Mexico S&P/BMV IPC 44802.54 –0.44 38574.18 • 45902.68 2.90

Chile Santiago IPSA 3228.88 –2.65 3162.13 • 4030.30 –3.2

EMEA Stoxx Europe 600 428.07 –0.57 365.09 • 433.90 2.9

Stoxx Europe 50 3490.53 –0.45 3018.94 • 3539.12 2.6

Eurozone Euro Stoxx 414.74 –0.92 354.77 • 421.34 2.7

Euro Stoxx 50 3800.38 –1.06 3270.55 • 3865.18 1.5

Austria ATX 3149.39 –1.96 2827.36 • 3301.38 –1.2

Belgium Bel-20 4078.44 –2.56 3420.05 • 4198.31 3.1

France CAC 40 6029.72 –0.65 5207.63 • 6111.24 0.9

Germany DAX 13579.33 –1.20 11346.65 • 13789.00 2.5

Greece Athex Composite 893.03 –3.17 676.87 • 948.64 –2.6

Israel Tel Aviv 1725.09 –0.29 1522.59 • 1751.79 2.5

Italy FTSE MIB 24773.15 –0.38 (^19802) • 25478 5.4
NetherlandsAEX 617.33 –1.89 530.55 • 629.23 2.1
Portugal PSI 20 5387.00 1.10 4718.29 • 5435.85 3.3
Russia RTS Index 1524.71 –0.66 1176.71 • 1646.60 –1.6
South AfricaFTSE/JSE All-Share 57336.21 –0.91 53727.29 • 59544.80 0.4
Spain IBEX 35 9886.20 –0.71 8519.0 • 10083.6 3.5
Sweden OMX Stockholm 725.62 –0.29 575.54 • 732.67 6.6
Switzerland Swiss Market 11110.78 –0.16 9268.36 • 11263.01 4.7
U.K. FTSE 100 7403.92 –0.07 7067.01 • 7686.61 –1.8
Asia-Pacific
Australia S&P/ASX 200 7139.00 0.12 6126.2 • 7162.5 6.8
China Shanghai Composite 3039.67 4.21 2746.61 • 3270.80 –0.3
Hong Kong Hang Seng 27308.81 –1.82 25281.30 • 30157.49 –3.1
India S&P BSE Sensex 41170.12 –0.21 35867.44 • 41952.63 –0.2
Japan Nikkei Stock Avg 23386.74 –1.27 20261.04 • 24083.51 –1.1
Malaysia FTSE Bursa Malaysia KLCI 1531.20 –0.86 1521.95 • 1724.58 –3.6
Singapore Straits Times 3181.03 –1.21 3056.47 • 3407.02 –1.3
South KoreaKospi 2162.84 –3.60 1909.71 • 2267.25 –1.6
Taiwan TAIEX 11686.35 –1.09 10241.75 • 12179.81 –2.6
Source: FactSet; Dow Jones Market Data
Financial Flashback
The Wall Street Journal, February 24, 2003
Devon Energy Corp. agreed to buy Ocean Energy Inc. for
$3.5 billion in stock and the assumption of $1.8 billion in
debt, executives for the two companies said.
Major U.S. Stock-Market Indexes
Latest Week 52-Week % chg
High Low Close Net chg % chg Low Close (l) High % chg YTD 3-yr. ann.
Dow Jones
Industrial Average 29409.0928892.7028992.41 -405.67 -1.38 24815.04 l 29551.42 11.4 1.6 11.8
Transportation Avg 11071.9210810.7210908.94 46.02 0.42 9734.68 l 11304.97 3.0 0.1 4.6
Utility Average 963.80 945.09 948.74 -6.61 -0.69 753.05 l 960.89 25.3 7.9 11.8
Total Stock Market 34712.5134075.9734167.21 -380.15 -1.10 28240.94 l34631.28 18.2 3.4 11.6
Barron's 400 738.66 727.86 730.02 -7.32 -0.99 638.79 l 746.64 2.8 -0.3 5.0
Nasdaq Stock Market
Nasdaq Composite 9838.37 9542.33 9576.59-154.59 -1.59 7333.02 l 9817.18 27.2 6.7 17.7
Nasdaq 100 9736.57 9406.38 9446.69-176.89 -1.84 6978.02 l 9718.73 33.2 8.2 20.9
S&P
500 Index 3393.52 3328.45 3337.75 -42.41 -1.25 2743.07 l 3386.15 19.5 3.3 12.2
MidCap 400 2109.43 2078.55 2084.33 -12.28 -0.59 1810.50 l 2106.12 7.8 1.0 6.0
SmallCap 600 1023.21 1006.26 1009.62 -8.65 -0.85 888.72 l 1041.03 2.3 -1.1 5.4
Other Indexes
Russell 2000 1698.92 1673.20 1678.61 -8.98 -0.53 1456.04 l 1705.22 5.6 0.6 6.0
NYSE Composite 14115.9513931.1313975.78 -121.56 -0.86 12264.49 l 14183.2 10.1 0.5 6.5
Value Line 551.79 542.97 544.40 -4.09 -0.75 490.20 l 562.05 -0.4 -1.4 1.0
NYSE Arca Biotech 5333.30 5208.35 5302.60 47.36 0.90 4098.37 l 5313.05 7.6 4.6 15.5
NYSE Arca Pharma 660.98 651.46 657.92 -1.07 -0.16 564.11 l 670.32 11.9 0.7 9.1
KBW Bank 109.95 106.99 108.01 -1.22 -1.12 89.30 l 114.12 8.0 -4.7 3.7
PHLX§Gold/Silver 111.34 102.49 111.06 9.05 8.87 66.14 l 111.06 41.3 3.9 6.6
PHLX§Oil Service 65.75 61.52 62.56 -1.833 -2.85 59.66 l 102.39-34.3 -20.1 -29.3
PHLX§Semiconductor1982.09 1883.92 1891.05 -65.50 -3.35 1296.18 l 1979.5 38.6 2.2 24.1
CBOE Volatility 18.21 14.21 17.08 3.40 24.85 11.54 l 24.59 26.4 23.9 13.9

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data
Real-time U.S. stock
quotes are available on
WSJ.com. Track most-
active stocks, new
highs/lows, mutual
funds and ETFs.
Plus, get deeper money-flows data and
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All are available free at
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Benchmark Yields and RatesBenchmark Yields and Rates
MARKETS DIGEST
Currencies
U.S.-dollar foreign-exchange rates in late New York trading
US$ vs,
Fri YTD chg
Country/currency in US$ per US$ (%)
Americas
Argentinapeso .0162 61.7638 3.1
Brazilreal .2278 4.3893 9.2
Canadadollar .7563 1.3222 1.8
Chilepeso .001244 803.80 8.7
Colombiapeso .000294 3395.99 3.5
EcuadorUS dollar 11 unch
Mexicopeso .0529 18.9014–0.1
Uruguaypeso .02625 38.1000 2.6
Asia-Pacific
Australiandollar .6624 1.5097 5.9
Chinayuan .1423 7.0272 0.9
Hong Kongdollar .1284 7.7868–0.1
Indiarupee .01391 71.880 0.7
Indonesiarupiah .0000726 13765 –0.8
Japanyen .008964 111.56 2.7
Kazakhstantenge .002654 376.78–1.3
Macaupataca .1246 8.0265 0.1
Malaysiaringgit .2387 4.1891 2.4
New Zealanddollar .6346 1.5758 6.1
Pakistanrupee .00648 154.300–0.5
Philippinespeso .0197 50.885 0.3
Singaporedollar .7157 1.3973 3.8
South Koreawon .00082851207.07 4.5
Sri Lankarupee .0055030181.72 0.2
Taiwandollar .03289 30.400 1.6
Thailandbaht .03167 31.580 6.1
US$ vs,
Fri YTD chg
Country/currency in US$ per US$ (%)
Vietnamdong .00004302 23244 0.3
Europe
Czech Rep.koruna .04329 23.100 1.9
Denmarkkrone .1452 6.8864 3.4
Euro areaeuro 1.0847 .9220 3.4
Hungaryforint .003219 310.61 5.2
Icelandkrona .007830 127.71 5.4
Norwaykrone .1077 9.2808 5.7
Polandzloty .2530 3.9528 4.2
Russiaruble .01561 64.074 3.2
Swedenkrona .1029 9.7187 3.8
Switzerlandfranc 1.0223 .9782 1.1
Turkeylira .1640 6.0965 2.5
Ukrainehryvnia .0409 24.4728 3.4
UKpound 1.2957 .7718 2.3
Middle East/Africa
Bahraindinar 2.6529 .3770–0.02
Egyptpound .0643 15.5599–3.0
Israelshekel .2927 3.4170–1.1
Kuwaitdinar 3.2621 .3066 1.1
Omansul rial 2.5971 .38500.01
Qatarrial .2746 3.642–0.04
Saudi Arabiariyal .2666 3.7514 ...
South Africarand .0667 15.0013 7.2
CloseNet Chg% ChgYTD % Chg
WSJ Dollar Index92.19 –0.36–0.39 2.93
Sources: Tullett Prebon, Dow Jones Market Data
Public Offerings of Stock
IPOs in the U.S. Market
Initial public offerings of stock expected this week; might include some
offerings, U.S. and foreign, open to institutional investors only via the
Rule 144a market; deal amounts are for the U.S. market only
Symbol/ Pricing
Expected primary Shares Range($)
pricing date Filed Issuer/business exchange (mil.) Low/High Bookrunner(s)
2/27 2/3 Passage Bio PASG 7.4 16.00/JPM, GS,
Genetic medicines
company developing
therapies for the
treatment of central
nervous system diseases.
Nq 18.00Cowen & Co,
Chardan Cptl
Mrkts
Lockup Expirations
None expected this week
Other Stock Offerings
Secondaries and follow-ons expected this week in the U.S. market
None expected this week
Off the Shelf
“Shelf registrations” allow a company to prepare a stock or bond for
sale, without selling the whole issue at once. Corporations sell as
conditions become favorable. Here are the shelf sales, or takedowns,
over the last week:
Takedown date/ Deal value
Issuer/Industry Registration date ($ mil.) Bookrunner(s)
YETI Holdings Feb. 18 $480.0 BofA Securities
Leisure & Recreation Feb. 18, 320
Kilroy Realty Feb. 18 $494.5 JPM, Barclays, BofA Secs,
Real Estate/Property Sept. 18, 319 WFS
Twist Bioscience Feb. 19 $130.0 JPM, Cowen & Co,
Healthcare Nov. 6, 319 Evercore
NextEra Energy Feb. 19 $2,500.0JPM, WFS, BofA Sec
Utility & Energy July 2, 318
Axovant GeneTherapies Feb. 19 $65.0 SVB Leerink
Healthcare Dec. 30, 316
Independence Realty Trust Feb. 20 $158.4 KeyBanc, BMO Cptl Mkts, Stifel,
Real Estate/Property May 19, 317 BofA Sec, RW Baird, Capital One
Artisan Partners Asset Mgmt Feb. 20 $63.5 Citi
Finance Feb. 22, 317
BioXcel Therapeutics Feb. 20 $64.0 BofA Sec, Canaccord Genuity,
Healthcare April 1, 319 SunTrust
TELUS Corp Feb. 19 $982.2 RBC Cptl Mkts, TD Sec, CIBC
Telecommunications July 11, 319 BMO Cptl Mkts, Scotiabank
EyePoint Pharmaceuticals Feb. 21 $21.8 Guggenheim Partners
Healthcare Nov. 28, 318
Agile Therapeutics Feb. 21 $45.0 RBC Cptl Mkts, W. Blair,
Healthcare Nov. 2, 318 Oppenheimer
BioSig Technologies Feb. 21 $10.0 Laidlaw & Co (UK)
Computers & Electronics March 22, 319
Public and Private Borrowing
Treasurys
Monday, February 24 Tuesday, February 25
Auction of 13 week bill; Auction of 52 week bill;
announced on February 20; settles on February 27announced on February 20; settles on February 27
Auction of 26 week bill; Auction of 2 year note;
announced on February 20; settles on February 27announced on February 20; settles on March 2
Wednesday, February 26 Thursday, February 27
Auction of 2 year FRN; Auction of 4 and 8 week bills;
announced on February 20; settles on February 28announced on February 25; settles on March 3
Auction of 5 year note; Auction of 7 year note;
announced on February 20; settles on March 2announced on February 20; settles on March 2
Public and Municipal Finance
None expected this week
A Week in the Life of the DJIA
A look at how the Dow Jones Industrial Average component stocks did in the
past week and how much each moved the index. The DJIA lost 405.67
points, or 1.38%, on the week. A $1 change in the price of any DJIA stock =
6.78-point change in the average. To date, a $1,000 investment on Dec. 31 in
each current DJIA stock component would have returned $30,073, or a gain
of 0.24%, on the $30,000 investment, including reinvested dividends.
The Week’s Action
Pct Stock pricePoint chg $1,000 Invested(year-end '19)
chg (%)change in average Company SymbolClose $1,000
0.89 2.65 17.97 UnitedHealth GroupUNH$301.43 $1,025
0.59 0.69 4.68 WalMart WMT118.58 998
0.44 0.56 3.80 Procter & Gamble PG 126.70 1,020
0.30 0.18 1.22 Coca-Cola KO 60.13 1,086
0.13 0.31 2.10 Home Depot HD 245.34 1,123
–0.13 –0.20 –1.36 Johnson & Johnson JNJ 149.93 1,028
–0.38 –0.31 –2.10 Merck MRK 82.34 905
–0.41 –0.57 –3.87 Walt Disney DIS 138.97 961
–0.53 –0.31 –2.10 Verizon VZ 58.20 958
–0.56 –1.22 –8.27 McDonald’s MCD 215.87 1,092
–0.57 –0.78 –5.29 Caterpillar CAT 137.21 936
–0.57 –0.86 –5.83 IBM IBM 149.84 1,130
–0.68 –0.33 –2.24 Dow DOW 48.30 883
–0.70 –1.48 –10.04 Visa V 208.81 1,113
–0.71 –0.97 –6.58 American Express AXP 134.90 1,087
–0.97 –1.07 –7.26 Chevron CVX 109.01 915
–1.20 –1.65 –11.19 JPMorgan Chase JPM 135.81 981
–1.26 –1.94 –13.16 United TechnologiesUTX 151.52 1,017
–1.44 –0.67 –4.58 Cisco Systems CSCO 46.30 972
–1.89 –2.60 –17.63 Travelers TRV 135.16 987
–2.16 –0.79 –5.36 Pfizer PFE 35.72 921
–2.51 –1.52 –10.31 Exxon Mobil XOM 59.13 860
–2.53 –4.08 –27.67 3M MMM156.93 898
–2.65 –1.40 –9.50 Walgreens WBA 51.45 880
–2.72 –6.46 –43.81 Goldman Sachs GS 230.62 1,003
–2.97 –10.11 –68.57 Boeing BA 330.38 1,020
–3.18 –3.29 –22.31 Nike NKE 100.25 990
–3.65 –6.76 –45.85 Microsoft MSFT178.59 1,136
–3.66 –11.90 –80.71 Apple AAPL313.05 1,069
–4.36 –2.93 –19.87 Intel INTC 64.34 1,080
Based on Composite price. DJIA is calculated on primary-market price.
Source: Dow Jones Market Data; FactSet.