A trader on the floor of the New York Stock Exchange on Monday. Photo: Spencer Platt/Getty Images Monday was a terrible day for stocks all over the world, as investors sold equities due to fear of the economic disruption from the novel coronavirus, which is increasingly infecting people outside China. Here in the U.S., the Dow Jones Industrial Average fell more than 1,000 points, or 3.5 percent, the biggest one-day percentage decline in two years.
For example, Zoom Video Communications, the videoconferencing company, rose more than 3 percent on Monday. That makes some sense: If huge numbers of people start working from home to reduce the risk of virus exposure, and if physical conferences continue to get canceled, that will presumably lead to higher demand for videoconferencing. Zoom’s stock price is up more than 50 percent since the start of the year, giving the company a market capitalization of over $29 billion.
If you look at components of the S&P 500 index of large companies, nearly every component fell on Monday. There were fewer than a dozen exceptions, which included Clorox, Campbell’s Soup, Dominion Energy, Gilead Sciences, Newport Mining, and Regeneron. The business stories here are clear: a wider epidemic would lead to less spending in many parts of the economy, but people could be expected to buy more bleach and stock up on canned soup.
As for Dominion Energy and Newport Mining, these stocks tell stories about how crises affect asset prices. Gold prices are up, as often happens when investors fear a crisis; that’s good for Newport, which mines gold. As for Dominion, its rising stock price has to do with bond yields, which have fallen precipitously as investors expect that a more severe epidemic will hurt global economic growth and will lead central banks to cut interest rates.
This post is not about silver linings. These are exceptions that reinforce Monday’s message: The markets have now decided Coronavirus is likely to have a more significant and negative effect on the economy than was previously anticipated.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
So obscene. This is just grotesque and obscene.
Buy soup!
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
BNP Paribas names the Asian stocks to buy during — and after — the coronavirus outbreakSome Asian markets and sectors could be immune from the economic fallout resulting from the ongoing coronavirus outbreak, said BNP Paribas. Find the corona virus stocks to profit from tonight using crowd-sourced fundamental research. Our whatsapp room is nearing max capacity. I’ll put the list in my will. !!!!!! Many of the stock's prices of some American and other companies are with very different real prices already - down, down, down (for example Dell, HP, Microsoft, Google and many others are with fake stock's prices) !!!!!!
Source: CNBC - 🏆 12. / 72 Read more »
European stocks set to open sharply lower on fears coronavirus is spreading in ItalyEuropean stocks are poised to open sharply lower Monday as investors watch as Italy grapples with the largest coronavirus outbreak outside Asia.
Source: CNBC - 🏆 12. / 72 Read more »
Stocks Slide as Virus Cases Accelerate Outside of AsiaGlobal stocks fell as investors grappled with the potential economic fallout from mounting coronavirus infections in South Korea and other countries outside China. Those Wall Street Types should take a chill pill. They have no idea what our friends overseas are facing. I thought that the Chinese government were smarter than telling their lead doctor to keep quiet on this virus as it was getting started and he needed a mass of people to help What`s the tipping point where it all falls down? And stocks will continue to fall until governments unite and try to conquer this virus
Source: WSJ - 🏆 98. / 63 Read more »
Global stocks roiled as Italy and South Korea sound coronavirus alarmStock markets around the world are selling off on Monday morning as coronavirus cases spike in Italy, South Korea and the Middle East. Live shot of Larry Kudlow: Ever notice how giddy cnbc gets when the markets are down. They'll trot out the same idiots and do the same stupid interviews. Now this is getting scary
Source: CNBC - 🏆 12. / 72 Read more »
Global stocks tank as investors brace for a coronavirus pandemic - Business InsiderThe flu-like illness has now killed people in Italy, Iran, and South Korea, fanning fears it will hinder the global economy.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Italian stocks slump 4%, as European equities crumble on spreading coronavirusEuropean stock markets fell sharply open on Monday, with investors gripped by concerns over the spread of the coronavirus, with cases shooting up in South... Join our telegram community for FREE - Signals - Analysis - Education - Trading Tools - Market Updates - News & much more Get instant access at forex forexsignals Down 750 a short while ago - I am thinking the market will try to go for down 1000 by end of the day This isn’t about corona. This is about sanders. If sanders wins, expect a 70% correction.
Source: MarketWatch - 🏆 3. / 97 Read more »