Stock Market News: Atlassian Flies Higher on Cloud Strength; Discover Falls on Weak Earnings

Friday morning brought some volatility to the stock market, as an early jump for major market benchmarks lost momentum as the day progressed. Investors continue to watch the situation in China very closely, worrying about whether the coronavirus outbreak could evolve into a more widespread epidemic. As of 11 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 1 point to 29,159. The S&P 500 (SNPINDEX: ^GSPC) had dropped 5 points to 3,320, but the Nasdaq Composite (NASDAQINDEX: ^IXIC) was higher by 3 points at 9,406.

Market participants continued to see divergence across companies reporting earnings. Cloud computing company Atlassian (NASDAQ: TEAM) saw strong results that lifted investors' spirits, but Discover Financial (NYSE: DFS) had to deal with some headwinds that could spell trouble for the broader economy if they persist.

Shares of Atlassian soared 10% after it reported fiscal second-quarter financial results. The team collaboration and productivity software specialist continued to show strong growth, satisfying investors hoping Atlassian will keep capitalizing on the cloud computing opportunity.

Source Fool.com