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Stocks - S&P Falls as U.S Coronavirus Scare Sours Sentiment

Published 01/21/2020, 03:49 PM
Updated 01/21/2020, 04:04 PM
© Reuters.

By Yasin Ebrahim

Investing.com – The S&P ended in the red Tuesday as selling hit Wall Street following news that the deadly coronavirus had reached the U.S.

The S&P 500 lost 0.27%, while the Nasdaq Composite fell 0.19% and the Dow Jones Industrial Average lost 0.52%.

The U.S. Centers for Disease Control and Prevention announced the first case of the coronavirus in the United States.

The news was met with a wave of selling in airline and casino stocks on fears that a widespread outbreak could disrupt international tourism and dent economic growth.

American Airlines (NASDAQ:AAL), United Airlines (NASDAQ:UAL) fell more than 4%, while Delta Air Lines (NYSE:DAL) fell nearly 3%.

In industrials, meanwhile, Boeing (NYSE:BA) slumped 3.3% after the aircraft maker pushed back its timetable for regulators to approve the return of the 737 MAX to the middle of the year. That added about 73 points to the Dow's losses.

A rise in real estate, however, led by Crown Castle (NYSE:CCI), Macerich (NYSE:MAC) and American Tower (NYSE:AMT), helped stem broader-market losses.

In tech, FANG stocks ended mostly in the red, led by Apple (NASDAQ:AAPL), offsetting gains in chipmakers Intel (NASDAQ:INTC) and Micron (NASDAQ:MU).

Jefferies upgraded its rating on Intel (NASDAQ:INTC) to hold from underperform, sending Intel 1.6% higher.

Elsewhere, Tesla (NASDAQ:TSLA) jumped 7% after New Street raised its price target on the stock to a sell-side high of $800 from $530.

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Latest comments

In just feeling bullish. It hasn't soured my sentiment.
it's porcine
Oh no, not the dreaded coronovirus!!!!  The one year I forget to get my flu shot and now the stock market is taking its sweet revenge upon my poor, unprepared immune system!  Noooooo!!!  #worstbearmarketever
I think I'm catching bovine fever. Charge!
Appreciate the sarcasm but you should remember that when the public was introduced to HIV, it was considered a disease only homosexuals had to be careful of. There was no panic amongst the majority of the public who considered themselves hetero.
lol, the market fell out due to the repo injection not being enough for the financial markets. so the FED injected more later in the day and will continue to do so overnight. when the collapse comes, it's the FEDs fault for going wild and thinking around $100 billion a day is maintainable.
the most stupid reason ever! Good job.
Anyone using statements wishing disease on anyone else is lacking reasonable decency.Unfortunate that some older people using this site to convey those ill- willed individuals.
Not to worry Anthony. By tomorrow investors will be saying Corono Whaa?? You're right, it's a wheel of chance on Wall St.
I thought it was because of climate change.   Pick a crises for God's sakes !
Lol. Virus!))) The funniest reason I ever read
investors will use any excuse to take profits I guess...
It would appear the only thing Trump got from the Chinese as part of his Phase 1 trade ageement was the coronovirus. It would be a real shame if it made its way to the White House....Oh well.
This is ridiculous, I didn't thought that I will see something more funny as Trump
LOL! One person has the virus and that's why the market pulled back, seems legit.
sorry author, but this is truly comical analysis... nobody cares about the virus much less trading on it
my good
Blah blah blah, the markets have nothing to do with this disease. It will be contained and forgotten
Money
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