Traders and financial professionals work ahead of the closing bell on the floor of the New York Stock Exchange.

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10:24 am: LatAm currencies get hit as coronavirus fears rise

The Brazilian real, Mexican and Chilean pesos all fell against the U.S. dollar as forex traders dumped riskier currencies in favor of safer ones such as the greenback. The dollar hit a record high against the Brazilian real, reaching 4.4064, before pulling back from that level. Meanwhile, the Mexican peso fell more than 1% against the U.S. currency, hitting its lowest level against the dollar since Dec. 13. The Chilean peso, meanwhile, fell to its weakest level since Nov. 29 against the dollar. —Imbert, Francolla

10:17 am: Service sector PMI hits lowest level since 2013

The IHS Markit services purchasing manager’s index dipped into contraction territory for February. The flash PMI reading came in at 49.4, a 76-month low and down from 53.4 in January.The flash PMI for manufacturing also declined to 50.6 from a final reading of 51.9 in January, but stayed above the key 50.0 level that separates contraction and expansion. Both readings were well below expectations, according to Dow Jones. —Pound

10:11 am: January home sales beat estimates

Existing home sales declined in January 1.3% in January, but the annualized rate of 5.46 million homes still came in above expectations. Economists polled by Dow Jones projected a gain of 5.34 million. The better-than-expected sales data follows strong reports for housing starts and building permits earlier in the week. The housing sector is one reason that BNY Mellon Investment Management expects an uptick in U.S. growth by the middle of the year, said Alicia Levine, the group’s chief strategist. “If you look at the housing data over the last week or so, the housing data has been really good, much stronger than expected,” Levine said before Friday’s sales data was released. “And that tends to pull things up like construction and manufacturing and all the industries that are associated with it.” —Pound

9:59 am: Dropbox surges 16% after earnings beat 

Shares of Dropbox jumped more than 16% after the cloud file-storage company posted better-than-expected quarterly numbers. Dropbox posted a profit of 16 cents a share on revenue of $446 million. Analysts expected earnings of 14 cents per share on sales of $443 million, according to Refinitiv. The company also announced a $600 million buyback. —Imbert

9:56 am: 30-year Treasury bond yield hits all-time low

The yield on the benchmark 30-year Treasury bond fell to an all-time low under 1.9% as of about 9:40 a.m. ET. The historic lows for the 30-year came as investors grew more nervous about the economic fallout from the coronavirus. The Friday bid for U.S. debt came as the Dow Jones Industrial Average fell more than 250 points in a market-wide pivot away from riskier assets. — Franck

9:41 am: Deere earnings pop 8% on strong earnings

9:31 am: Dow falls more than 100 points at the open

Amid the lingering fears about the coronavirus, the Dow fell about 120 points to start Friday’s session, on pace to post its first weekly loss in three weeks. The S&P 500 dipped 0.5%, while the Nasdaq Composite dropped 0.4%. The so-called FANG stocks are all in the red at the open. — Li

9:23 am: Citi Private Bank CIO: ‘Rush to safety’ could end badly for investors when coronavirus outbreak abates

David Bailin, chief investment officer at Citi Private Bank, told CNBC on Friday that investors could get burned in a “rush to safety” due to coronavirus concerns. Gold, treasuries, utilities stocks and growth stocks “actually are going to turn out to be dangerous places in the market to be … when we get over the hump of the coronavirus,” Bailin said in a “Squawk Box” interview. “We think those are going to turn out to be places where the market is overvalued, and we’ll actually see reversals.” Bailin said he’s “constructive” on the overall market. However, he advises investors to pick their spots because, in his view, the S&P 500 is “fully priced.” —Belvedere

8:33 am: Hedge funds are crowding into a few stocks

Goldman Sachs notes that “the typical hedge fund now carries 69% of its long portfolio in its top 10 positions, up from 55% in 2005.” Top favorites of the hedge fund crowd include Amazon and Microsoft, according to a Goldman note. The firm also points out that all investors are crowding into the biggest stocks and that could be worrisome. “In the S&P 500, the 10 largest companies account for 25% of market cap, nearing the 27% share reached at the peak of the Tech Bubble in 2000,” the Goldman note stated. —Melloy

8:19 am: JPMorgan technical analyst calls for a market setback, says ‘short-term systematic sell signals’ triggered

The U.S. stock market could be subjected to near-term headwinds as a slew of “systematic sell signals” are tripped up, JPMorgan technical analyst Jason Hunter said in a note to clients. Hunter noted that as the S&P 500 hit record highs, it did so with “much less momentum and weaker internals.” Hunter also pointed to how narrow the leadership in the market has been, noting: “With only a select group of stocks powering the rally … multiple momentum and internal divergences provide technical signals that increase the probability for a short-term setback.” —Imbert

8:17 am: Here are Friday’s biggest analyst calls of the day

7:58 am: Stocks set to fall as coronavirus cases spike

U.S. stock futures are trading slightly lower on continued fears of a global economic slowdown stemming from the coronavirus. Dow Jones Industrial Average futures are down about 65 points, indicating a loss of 95 points at the open. S&P 500 and Nasdaq 100 futures also pointed to lower open. The number of confirmed cases in China jumped by more than 800 overnight. Confirmed cases in South Korea also increased. —Imbert

—With additional reporting from Yun Li, Jesse PoundMatthew Belvedere and Gina Francolla

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