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Stocks - S&P Suffers Worst Day Since October on Wuhan Virus Fears

Stock MarketsJan 31, 2020 04:10PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The S&P capped the first month of the new decade with its biggest daily loss since October as coronavirus-led selling intensified on concerns a pandemic could send the global economy into turmoil.

The S&P 500 fell 1.77%, while the Nasdaq Composite slumped 1.59% and the Dow Jones Industrial Average lost 2.09%.

Thr S&P and Dow ended January in the red.

Fears of contagion gripped stocks amid growing doubt about whether China can contain the outbreak, with more than 10,000 cases reported globally so far, and the death toll rising to 213.

The White House on Friday declared the coronavirus a public health emergency in the United States and warned that people who pose a risk of transmitting the disease will temporarily be suspended from entry into the U.S.

The rapid spread of the virus has triggered recession fears as the impact on China's already slowing economy could spill over into the global economy.

But some have said it is far too early to estimate the impact on global growth and suggested the recent selloff was a long time coming as stocks were overbought.

"Global growth right now is projected to be greater than 3%. If this continues, and maybe even if it only continues for another month, you could knock that down below 3(%)," Blackstones' Byron Wien told CNBC.

"I think the market was overbought. It was due for a correction. A correction is healthy,” Wein added.

The selling on stocks was exacerbated by a slump in energy, paced by weakness in Exxon Mobil (NYSE:XOM).

Exxon 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 selloff, paced by declines in Caterpillar (NYSE:CAT) and Honeywell (NYSE:HON) on weak quarterly results and guidance.

Caterpillar fell 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 on performance.

Honeywell slipped about 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 7%, but were off earlier highs.

Stocks - S&P Suffers Worst Day Since October on Wuhan Virus Fears
 

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Comments (10)
Shahar Levy
Shahar Levy Feb 01, 2020 2:12AM ET
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It's Wuhan, 武汉. how can you expect to be taken seriously when you can't even get the name right. Jeez...
Ethan Hsu
Ethan Hsu Jan 31, 2020 9:09PM ET
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WUHUN? Should be Wu Han. I am not selling.
Peter Dikeakos
Peter Dikeakos Jan 31, 2020 8:21PM ET
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What the article failed to explain is that this and last week were the two down weeks together since the two down weeks of October. Clue: The Canadian plus the Mexican economies are contracting. Guess who is next , with or without China syndrome.
Daniel Jose
Daniel Jose Jan 31, 2020 7:39PM ET
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The power of the volatility.. ;)
Daniel Jose
Daniel Jose Jan 31, 2020 7:38PM ET
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Kurt Maxberry
NEVERLONG Jan 31, 2020 6:42PM ET
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Its not the virus. Its the bubble.
Vethyea Loch
Vethyea Loch Jan 31, 2020 6:42PM ET
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Im going short!
Corkywithac Boyle
corkywithac Jan 31, 2020 6:27PM ET
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dont worry everybody we will live
Buzzy Jefferson
Buzzy Jefferson Jan 31, 2020 6:22PM ET
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I'll be backing up the truck on Monday. These articles fail to mention how many lives the common flu takes every year..
William Goodman
William Goodman Jan 31, 2020 6:22PM ET
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in 2018-19 over 60,000.
WalterWhites Money
WalterWhites Money Jan 31, 2020 6:22PM ET
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William Goodman 80K in the us
Bobster Bambino
Bobster Bambino Jan 31, 2020 6:22PM ET
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You fail to understand the difference. The wuhan virus kills a much higher percentage of those infected, especially younger healthier patients
Mart Bab
Rubberduck1973 Jan 31, 2020 5:12PM ET
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In my view, a bunch of people are underestimating the impact of this virus. The Chinese economy is standing still. This is not the Chinese economy of 1990. It’s the economy that was surpassing the US. If the same thing was going on in the US, every body will sell every asset and buy gold. We all are in a purple haze and we are waking up. The fellows in the above think it was time for a correction. Well, hold your hats. It may correct a bit more then you anticipate..
Ave Joe
Ave Joe Jan 31, 2020 5:12PM ET
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Going down 30-40%
Mr Anderson
Mr Anderson Jan 31, 2020 4:45PM ET
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Fantastic as that many Investors are doing. They sold low today to buyback next week at higher price.
Cornel Pod
Cornel Pod Jan 31, 2020 4:45PM ET
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It's never fantastic when selling takes place like ths IMO.
 
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