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Stocks - Dow Nosedives as Virus Jitters Trigger Sea of Red

Stock MarketsJan 31, 2020 12:57PM ET
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By Yasin Ebrahim

Investing.com – A sea of red washed over stocks Friday as the spread of the coronavirus continued to drum up fears about slowing global growth, while a slump in oil major Exxon Mobil (NYSE:XOM) exacerbated selling in energy.

The S&P 500 fell 1.44% and the Nasdaq Composite slumped 1.15%. The Dow Jones Industrial Average slipped 1.73%, or 499 points.

Nearly 10,000 cases of the coronavirus have been confirmed worldwide and the death toll in China rose to 213, threatening to slow growth even more in China, which many fear will spill over into the global economy.

Mizuho Securities estimates that a prolonged spread of the virus threatens to knock full-year growth in China by 0.3% to 5.6%.

Several countries have tightened travel restrictions including the U.K. and the U.S, exacerbating investor concerns about the impact slowing air travel will have airline stocks.

American Airlines (NASDAQ:AAL) and United Airlines (NASDAQ:UAL) fell more than 3%, with Delta Air Lines (NYSE:DAL) down more than 2%.

Energy, already under pressure from falling oil prices, led the decline in the broader market pressured by a slump in Exxon (NYSE:XOM).

Exxon (NYSE:XOM) fell about 4% after the oil major missed quarterly estimates, which it blamed on short-term supply issues in its refining business.

Industrials also played a role in the broader sell off, paced by declines in Caterpillar (NYSE:CAT) and Honeywell (NYSE:HON) on weak quarterly results and guidance.

Caterpillar fell nearly 3% after reporting mixed quarterly results and offering up a weaker-than-expected outlook on full-year performance, warning that global economic uncertainty would continue to weigh performance.

Honeywell dropped more than 3% as its quarterly revenue missed Wall Street estimates, with the industrial pinning the blame on impact from the grounding of Boeing's 737 Max.

Consumer discretionary proved an exception to the rout on Wall Street thanks to a pop in shares of Amazon (NASDAQ:AMZN) after the e-commerce giant smashed earnings expectations. Shares rose nearly 9%, but were off earlier highs.

Stocks - Dow Nosedives as Virus Jitters Trigger Sea of Red
 

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Comments (15)
Triplicis Mundi Summum
Triplicis Mundi Summum Feb 01, 2020 12:27PM ET
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The “corona virus” is a callsign for the powers that be to take profits from their investment gains over the last year. Hedge your positions, buy some VXX calls, and stay safe!
Richard Broome
Richard Broome Jan 31, 2020 3:58PM ET
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Hey, At the fed meeting Powel practically gave the okay to short the ***out of everything.. because of the virus.. ***** he couldn't blame his problems on the tariffs.. So he speaks of the Coronavirus.. Now it's selling the rumor.... Buy the news.. (The dip).
ottin nerner
ottin nerner Jan 31, 2020 2:55PM ET
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get ready for Black Monday....
Thom Miller
Thom Miller Jan 31, 2020 2:54PM ET
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The only virus causing the markets to crash today is the one still in the White House when the GOP senate doesn’t have the courage to kick the bum out.
Sam Mangione
Sam Mangione Jan 31, 2020 2:54PM ET
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No matter if you like him or not, why post something not at all based on fact?  The president is not the reason for the market declined today.  Please try not to mislead other investors who may believe your false post.
Thom Miller
Thom Miller Jan 31, 2020 2:54PM ET
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2019 GDP announced today less than half the +5% we were promised. That’s what drove the markets down today. That’s the WH virus I was talking about. Not a false post at all. And not at all misleading. Quite the contrary! If anything, your reply to me demonstrates you lack a grasp of economic analysis. Sad....
Sam Mangione
Sam Mangione Jan 31, 2020 2:54PM ET
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Thom Miller The forecast was for 2.1 %  and actual number 2.1% is what I see.  No surprise to the market there, and if you think people are selling off due to expecting a higher number you truly don't understand how our markets work.  Best of luck to you and your investment strategy.
Prashant Nimbokar
Prashant Nimbokar Jan 31, 2020 2:27PM ET
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MY INDIAN are safe allready alerts thanks global but don't underestimate preconceptions properly do
Chris Russo
Chris Russo Jan 31, 2020 2:21PM ET
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The media has shown Chinese people with masks over their faces as if it's a new thingThey've been doing that for years because of the air pollution. China is a toilet, a brutal communist country. Their government doesn't give a rats pattuty about them. Pay attention to what goes on over here in this country, you'll be much more grateful for the blessings we have .
Jon Benton
Jon Benton Jan 31, 2020 2:16PM ET
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Serial ****Virus slaying the Markets ?! Did this O.J drop a glove ?!
Chris Russo
Chris Russo Jan 31, 2020 2:12PM ET
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Please people, this virus thing has gone too far. It's only a week or so old and already I'm sick of it. Over 8000 people died in this country since December from the flu. 213 die in China and the world stops. There is no excuse for the panic.
Show previous replies (2)
Andris Štrāls
Andris Štrāls Jan 31, 2020 2:12PM ET
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This virus does not make sense as you point out. Every year 56k people die from flu. There is also other diseases, but nobody even mentions them. The power what media has is so huge, I even asked my girlfriend if they have masks in their farmacy. And I am in Eastern Europe.
Chris Russo
Chris Russo Jan 31, 2020 2:12PM ET
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You say "if". Not a good argument when 8000 people are still dead. If our country had the guts and weren't such p---ys they would close the border and stop all flights from other countries. All you here from the fake news media is the supposed "ecomomical" problems that may arise from this virus. They couldn't give a damp about the people. Just like everything else in this country, the people in power pay more attention to the perpetrators of problems instead of the victims. Those of you who pay attention don't need examples, you are already aware.
Olli Laitila
Olli Laitila Jan 31, 2020 2:12PM ET
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Andris Štrāls  because new deadly virus is always a risk for next end of the World 80% off people dying from Earth, that's why. Virus can't be cured or stopped we don't have medicine against viruses, only way to stop them is to train our bodies to eat them inside a white cell then the virus still lifes but it's going out of you when you visit a toilet. Virus can't be killed it doesn't have a life. It never lived there's no DNA inside virus so it's code can't be destroyed. It doesn't have code to follow it's going randomly. Those are really bad if they mutate to spread well.
Sam Mangione
Sam Mangione Jan 31, 2020 2:12PM ET
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Mohammad Mahroo That requires math skills, and math is hard.
Chris Russo
Chris Russo Jan 31, 2020 2:12PM ET
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Your comment, though respected, is conjecture.
Jon Bal
Jon Bal Jan 31, 2020 2:04PM ET
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the real reason is they had to refill the ink in the printing press at the mint. money printing is temporarily down
Kat Barry
Kat7 Jan 31, 2020 2:04PM ET
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Ha, ha good one!
Andrew carson
Andrew carson Jan 31, 2020 1:49PM ET
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I don't believe this is the only factor in the market downturn. It will be the new excuse though.
John Klan
John Klan Jan 31, 2020 1:45PM ET
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The markets true worry is a Sanders win in Iowa. Watch the whole healthcare sector tank if that happens not to mention most every other sector.
Utkarsh sinha
Utkarsh sinha Jan 31, 2020 1:42PM ET
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Nelfinavir a drug for hiv aptients has been found to be effective for treatment of a 56 year old lady in China who was docharges from hospital. Media is creqting unnecesary panic here . Is it maybe call weiters are behind it. US exonomynis doing great and yet market drops like this for a virus that has taken less lives thancommon cold every year.
Mojo Snake
Mojo Snake Jan 31, 2020 1:40PM ET
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It's about time reality set in with this Market. I knew it went full ludicrous yesterday when it was announced that it was what danger to all by the WHO and they proceeded to Pump It Up the rest of the day. Classic Wall Street rug pull
Daniel Tal
Daniel Tal Jan 31, 2020 1:31PM ET
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every year nearly 400K ppl die from Malaria. isn't the media over dramatic with this 2019-ncov?
WILLY WONKA
ddubss Jan 31, 2020 1:31PM ET
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different duh. this one has no vaccine and it's more disruptive globally because it started in china which is G2.
Jack Again
Jack Again Jan 31, 2020 1:31PM ET
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Malaria not contagious and can not cause a pandemic situation.
Jack Again
Jack Again Jan 31, 2020 1:31PM ET
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Jerry Yu  They're another pandemic disease. Lying disease.
Chris Russo
Chris Russo Jan 31, 2020 1:31PM ET
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What are you talking about. A mosquito bites someone with malaria and transmits that blood to someone who doesn't have the virus and they now have it. The vehicle might not be the same but the outcome is.
Kat Barry
Kat7 Jan 31, 2020 1:31PM ET
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Jerry Yu   And the same media for when the markets go up./s
Сергей Левкович
Сергей Левкович Jan 31, 2020 1:16PM ET
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