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Stocks fall as Apple warning raises China virus concerns

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NEW: Stocks slip in early trading after Apple becomes the highest-profile company yet to warn of a financial hit from the coronavirus outbreak in China.

News headlines today: Feb. 18, 2020The maker of iPhones said it will fall short of its revenue forecasts in the fiscal second quarter because of production problems in China. Demand for iPhones is also down in China because stores are either closed or operating on reduced hours.

Bond prices rose. The yield on the 10-year Treasury fell to 1.56% from 1.58% late Friday. Crude oil prices fell 1.3%.KEEPING SCORE: The S&P 500 index fell 0.3% as of 10:50 a.m. Eastern time. The Dow Jones Industrial Average fell 163 points, or 0.6%, to 29,234. The Nasdaq fell 0.1%. The Russell 2000 index of smaller company stocks fell 0.3%. European and Asian markets fell.

Businesses continue to feel the economic impact from the virus. The Beijing auto show, the industry's biggest global event of the year, is being postponed indefinitely from its April date. Apple is the latest company to warn investors that the virus will hurt their financial performance. LOTS OF BENJAMINS: Financial services company Franklin Resources rose 8.5% after saying it is buying competitor Legg Mason for $4.5 billion. The deal will create a financial company with a combined $1.5 trillion in assets under management. Legg Mason shares rose 23.6%.

 

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Maybe there's a lesson to be learned here about being over-reliant on China and trusting the CCP? 🤔

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