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Wall Street Opens Lower on Covid Worries; Altria Hit Again; Dow Down 110 Pts

Stock MarketsApr 20, 2021 09:52AM ET
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© Reuters.

By Geoffrey Smith 

Investing.com -- U.S. stock markets fell at the opening on Tuesday as renewed fears about the global pandemic weighed on sentiment toward internationally active companies. 

The coronavirus is spiraling out of control in India and, increasingly, Pakistan, two countries that are home to over 20% of the world's population and over 14% of its gross domestic product. That's leading to the country suspending the export of vaccines to countries in Europe and elsewhere in the world, slowing global progress toward herd immunity. 

By 9:45 AM ET (1445 GMT), the Dow Jones Industrial Average was down 115 points, or 0.3%, at 33,962 points, while the S&P 500 was down 0.2%. The Nasdaq Composite outperformed, as is usual when pandemic concerns dominate, paring overnight losses to trade effectively unchanged.

The day was dominated by a slew of earnings but arguably the biggest eye-catcher was the sustained weakness of Altria (NYSE:MO), which fell another 6.5% on the back of a Wall Street Journal report saying that the administration is looking at new regulation to cut the amount of nicotine in cigarettes. That would make them less addictive, putting fresh pressure on long-term sales.  Altria, which owns the Marlboro brand, had already fallen 6% on Monday in response to the initial news.

Kansas City Southern (NYSE:KSU) stock and Futu (NASDAQ:FUTU) stock also stood out for non-earnings reasons. The railroad operator received a rival bid from Canadian National Railway Co (TSX:CNR), propelling it 15% higher. Meanwhile the digital brokerage platform fell 15% after announcing a secondary offering of ADRs after the close on Monday.

Of the companies reporting earnings in the last 24 hours, International Business Machines (NYSE:IBM) stood out with a 3.8% gain, after reporting its biggest revenue gain in 11 quarters, thanks to a steady increase in adoption of its cloud subscription models.

United Airlines (NASDAQ:UAL) stock went the other way, falling 6.6% after reporting a wider-than-expected loss for the first quarter, unable to offset higher fuel costs with a comparable rise in passenger numbers.

Elsewhere, Tesla (NASDAQ:TSLA) stock rose 2.8%, rebounding from concerns about a fatal crash in Texas. CEO Elon Musk said preliminary data collected by the company suggested that its Autopilot software was not engaged at the time of the crash. Harris County police had said at the weekend that neither of the men killed in the crash was sitting in the driver's seat. Tesla had also been the subject of a viral protest in China by a lone woman alleging quality defects at an auto show in China. 

China was also at the heart of concerns about Nike (NYSE:NKE) stock, which fell 3% to test a five-month low after Citigroup (NYSE:C) analysts downgraded it due to the risk of a backlash to its stance on human rights abuses in Xinjiang. Nike is one of a handful of companies to have been ostracized on Chinese social media for distancing itself from allegations of slave labor in Xinjiang.

 

Wall Street Opens Lower on Covid Worries; Altria Hit Again; Dow Down 110 Pts
 

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Comments (25)
Raymond Huggard
Raymond Huggard Apr 20, 2021 4:08PM ET
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Its the flu, get back to work!!
Ivan Castano
Ivan Castano Apr 20, 2021 12:32PM ET
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asleep at the wheel lol
James Vandervest
James Vandervest Apr 20, 2021 12:30PM ET
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How long are you going to beat that horse? Until it's ground beef??
Your Vibes
Your Vibes Apr 20, 2021 12:25PM ET
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IT will be on the last verge of collapse.
Objective Fact
Objective Fact Apr 20, 2021 12:03PM ET
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Everyone just pointe and shouts when the market is declining. No one knows why.
Bulls MakeMore
Bulls MakeMore Apr 20, 2021 11:59AM ET
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Market opens lower on Biden worries it should read
Mox Mox
Mox Mox Apr 20, 2021 11:59AM ET
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hahahaha still blaming covid...noting to do with geopolitical risks, debt levels, communist government, riots, ilegal immigration, crime raising, hot property market, etc etc. no, it's just coivd, right?? my lord
JR Pierce
JR Pierce Apr 20, 2021 11:45AM ET
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Wonder what Sniffer Joe handlers will come up with next.
JR Pierce
JR Pierce Apr 20, 2021 11:44AM ET
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less nicotine equals more cigarettes smoked.
Darryl Allen
Darryl Allen Apr 20, 2021 11:40AM ET
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Tomorrow it will be up on hopes.
Davis Davis
Davis Davis Apr 20, 2021 11:22AM ET
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since Sleepy Joe took the office. The market has been crashed most of the time!
Lou Mon
Lou Mon Apr 20, 2021 11:22AM ET
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Were at an all time high??????
Lou Mon
Lou Mon Apr 20, 2021 11:22AM ET
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Were at an all time high?
JR Pierce
JR Pierce Apr 20, 2021 11:22AM ET
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Fake high, built on trillions and trillions of "free" money. It is a set up of the all time pump and dump. The elitist and commies used taxpayer $$ to buy and drive up stocks, and then they will cash out thus laundering their free money, leaving the common person with destroyed 401K and more dependent than ever on the commie regime that have taken over our government.
Jon Bal
Jon Bal Apr 20, 2021 11:16AM ET
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2 down days in a row? printer must be down for maintenance.
Joyce Yun
Joyce Yun Apr 20, 2021 11:16AM ET
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the bleeding never stop . its already 2 months and still bleeding. is long term holding still advisable? whether there is positive/ negative new, or no news it bleeding non stop . can someone tell are we in a normal and healthy correction ? anyone gg bankrupt and how are you coping
AA AA
AA AA Apr 20, 2021 11:08AM ET
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Is the market reconnecting to the reality? Past headlines about covid worries market always go up.
Mitchel Pioneer
Mitchel Pioneer Apr 20, 2021 11:08AM ET
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Flagrant as ever, the 11AM backstop goes in place, and the losses are mitigated.  Assume the proper position America.
Kaveh Sun
Kaveh Sun Apr 20, 2021 10:53AM ET
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Writes r #. Last nite it they wrote vaccines hope. Today is covid worry. India, pakistan seriously?
Tarang Shah
Tarang Shah Apr 20, 2021 10:52AM ET
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game of hopes over? now covid worries started! hmmm
ZS Beck
ZS Beck Apr 20, 2021 10:49AM ET
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Covid worries, CDC lets lock everybody up in a cage till not a single case exists.
CT OREN
CT OREN Apr 20, 2021 10:41AM ET
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Good start! Hope the market go down further.
Zhikang Sim
Zhikang Sim Apr 20, 2021 10:34AM ET
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after 1 year later , keep repeat same article covid worries . lol
Norma Ventura
Norma Ventura Apr 20, 2021 10:24AM ET
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60475000
Norma Ventura
Norma Ventura Apr 20, 2021 10:23AM ET
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Norma Yessenia Ventura Melendez
Sloppy Joe
Sloppy Joe Apr 20, 2021 10:20AM ET
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Hmm no vaccine optimism or even no stimulus hopes lol
Stan Smith
Stan Smith Apr 20, 2021 10:09AM ET
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Covid has always been a worry ...no an issue when markets are up though?
Sujeet Verma
Sujeet Verma Apr 20, 2021 10:01AM ET
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how can I invest
Shawna Hicks
Shawna Hicks Apr 20, 2021 10:01AM ET
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get coin square and go threw that for investing then use this site for real-time stock prices
Shawna Hicks
Shawna Hicks Apr 20, 2021 10:01AM ET
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download a trading app go threw that for investing then use this site for real-time stock prices
Shawna Hicks
Shawna Hicks Apr 20, 2021 10:01AM ET
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download a trading app
 
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