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Stocks - Dow Plunges 1,190 Points in Brutal Virus Selling

Stock MarketsFeb 27, 2020 04:44PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com - Stocks plunged in late selling Thursday as fears of a global pandemic intensified.

The S&P is on pace for its worst weekly loss since the Financial Crisis as investors feared a jump in coronavirus infections in the U.S. could derail economic growth. The S&P 500 closed down. 4.4%,

The Dow Jones Industrial Average was down nearly 1,200 points, or 4.4% and Nasdaq Composite slumped 4.6%.

As the coronavirus epidemic widens globally, with new infections reported in Europe, U.S. and the Middle East, investor sentiment on stocks continues to sour, triggering a wave of selling on Wall Street.

In the U.S., California Gov. Gavin Newsom said the state is monitoring at least 8,400 people for Covid-19, with 28 people confirmed to have contracted the virus.

Just a day earlier, the CDC confirmed the first infection to a patient in California who did not have “relevant travel history or exposure to another known patient,” stoking fears health authorities would struggle to contain the outbreak. In Italy, the cases continue to mount, surging to 650 from 520 cases reporting this morning.

With travel and tourism expected to be among the worst hit by the outbreak, traders upped bearish bets on jet fuel demand, and by extension, oil prices, keeping energy stocks firmly on the back foot.

Tech also played an influential role in the broader sell-off, paced by chip stocks, which fell 4.6% on the day.

Mega-cap FANG stocks also extended losses, with Netflix (NASDAQ:NFLX) unable to hold onto a bid earlier in the day despite expectations that prolonged periods of self- quarantine among the infected could boost user activity on the streaming platform.

Facebook, meanwhile, (NASDAQ:FB) canceled its annual F8 software developer conference, citing concerns about the outbreak.

A flight to safety, pushed Treasury yields to record lows and put banking stocks in the eye of the storm.

JPMorgan (NYSE:JPM), Goldman Sachs (NYSE:GS) and Bank of America (NYSE:BAC) fell sharply as the 10-Year Treasury yield ended the day just above record intraday lows of 1.24%.

Falling bond yields tends to stifle net interest margin – the difference between the interest income generated by banks and the amount of interest paid out to their lenders.

But it wasn't all gloom as Etsy and Square (NYSE:SQ) rallied on better-than-expected earnings.

Etsy (NASDAQ:ETSY) popped 14% higher following a beat on both the top and bottom lines. While Square (NYSE:SQ) pared gains to end 3% higher after it topped quarterly earnings estimates underpinned by a rise in its users.

But it wasn't all gloom as Etsy and Square (NYSE:SQ) rallied on better-than-expected earnings.

Etsy (NASDAQ:ETSY) popped 14% higher following a beat on both the top and bottom lines. While Square (NYSE:SQ) pared gains to end 3% higher after it topped quarterly earnings estimates underpinned by a rise in its users.

Stocks - Dow Plunges 1,190 Points in Brutal Virus Selling
 

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Comments (51)
Jason Patcher
Jason Patcher Feb 28, 2020 7:21AM ET
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play the action, buy/sell same thing and cover after large moves...
Daniel Melendez
Daniel Melendez Feb 28, 2020 3:56AM ET
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oh yea so that pipe dream Medicare for all, doesn't seem like such a pipe dream after all
ATOMIQ ILYA
ATOMIQ ILYA Feb 28, 2020 2:43AM ET
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Btfd!
Anthony Ab
Anthony Ab Feb 28, 2020 2:31AM ET
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I only see opportunities to buy more stocks at a lower price once it calm down.
Daniel Melendez
Daniel Melendez Feb 28, 2020 1:56AM ET
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oh yea so that pipe dream Medicare for all, doesn't seem like such a pipe dream after all
Chris Sundo
Chris Sundo Feb 28, 2020 1:43AM ET
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Seeing futures so low at this point means to me it's gonna be a WashOut low tomorrow, Friday, at Month End = Week-End. Good luck timing this one :)
Chris Sundo
Chris Sundo Feb 28, 2020 1:40AM ET
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Canada has free for all medical care, how nice, while the financially leveraged and agile Canadian employers pay an Employer Health Tax, effective 2020 January 1st. It's big ******into Employers' money, but at least it frees up the financially strapped Canadian population.
Chris Sundo
Chris Sundo Feb 28, 2020 1:40AM ET
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' *** ' was stated as 'bit^e'. Dunno why they cut it out. As in the gov't is bit'ing the employers into their pocketbook with this employer health tax.
TJ Blohm
TJ Blohm Feb 28, 2020 1:26AM ET
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would be nice if we had universal health care in the US and not millions of underinsured folks taking a chance they merely have the flu to avoid a costly Dr visit
Van Doza
Van Doza Feb 28, 2020 1:26AM ET
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Government is not God; expecting government to be as God is why government is failing in its duty. Lincoln said it best in 1863: "...government of the PEOPLE, by the PEOPLE and for the PEOPLE...".
Van Doza
Van Doza Feb 28, 2020 1:26AM ET
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Kennedy spoke similarly in 1960: "...ask not what your country can do for you; but ask what you can do for your country". The idea is to look to your government as a last priority.
TJ Blohm
TJ Blohm Feb 28, 2020 1:26AM ET
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sure let me just fire up my spare immunology lab I have in my garage so I can cure myself if I get COVID
Carl Axness
Carl Axness Feb 28, 2020 1:24AM ET
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When Trump says it is under control, and puts a political appointee in charge, you know the damage will be major.
Chris Sundo
Chris Sundo Feb 28, 2020 12:44AM ET
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Tmr, Friday, is the MONTH END and WEEKend. Thus extra important to bring the markets down to technical boundaries. Thus March 1'st would be better for a bounce, at least.
David Wong
David9 Feb 28, 2020 12:41AM ET
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Just think...if you were happy in November before Thanksgiving then you should be happy now. Cause that is were we are at.
Jay King
Jay King Feb 28, 2020 12:12AM ET
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5 days drop over 3000 points what does it tell u
Chris Sundo
Chris Sundo Feb 28, 2020 12:12AM ET
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That it's gonna go lower after a li'll bounce ..
Biji Rajaku
Biji Rajaku Feb 27, 2020 11:47PM ET
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It's only around 12%, not 50% yet. not really brutal...
Chris Ru
Chris Ru Feb 27, 2020 11:47PM ET
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50 is coming
Jose Calles
Jose Calles Feb 27, 2020 11:00PM ET
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The virus is spreading in airplanes, the people must use face mask while traveling
Chris Sundo
Chris Sundo Feb 27, 2020 11:00PM ET
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.. and wash hands, and wear eye goggles coz the virus comes through the eyes and maybe the ear drums too
Zoltan Pap
IceIceBaby Feb 27, 2020 11:00PM ET
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Or stop unnecessary traveling.
TeaMaker Tex
TeaMaker Tex Feb 27, 2020 10:46PM ET
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Think the realtor in the White House hole is puckering.
Chris Sundo
Chris Sundo Feb 27, 2020 10:46PM ET
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Yeah, he tweeted this past Monday that 'the stock market looks ready' ...
The Best Me
The Best Me Feb 27, 2020 10:31PM ET
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Not dumping my holdings.
Triplicis Mundi Summum
Triplicis Mundi Summum Feb 27, 2020 10:31PM ET
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If you didn’t dump them last Friday, you are perhaps late now, albeit not too late.
Chris Sundo
Chris Sundo Feb 27, 2020 10:27PM ET
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It's related to Fed shrinking the money supply "more aggressively than previously thought" (verbatim quote from Thursday Feb 13) .. repo loan pay-back .. Wall street firms owe the fed big money and someone else has to make up the diff of what fell through the cracks and can't be repaid.Also, S.E.C. wants to restrict trading of 'L&I' ETFs (Leveraged and Inverse) thus investors are dumping Long etf investment vehicles.
Jerry Bell
Jerry Bell Feb 27, 2020 9:35PM ET
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I’m just wondering if we arw going to see another 1,000pt drop tomorrow.
Martin Wyckoff
Wyckoff Feb 27, 2020 9:35PM ET
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possibly
Francesco Trader
Francesco Trader Feb 27, 2020 9:35PM ET
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You can bet on it
Patrick Joly
Patrick Joly Feb 27, 2020 9:35PM ET
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trust me, it is gonna be a nightmare!
David Wong
David9 Feb 27, 2020 9:32PM ET
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I see market recover quickly in the next couple of months then from there we will eventual end up at least 20% up by year end. Go Market!!!
Tim ZZ
Tim ZZ Feb 27, 2020 9:32PM ET
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ain't nothing coming back unless they get this coronavirus under control as long as it's spreading exponentially stocks will continue to go down
Jason Patcher
Jason Patcher Feb 27, 2020 9:27PM ET
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the Dow travelled like 3,000 points today
Jason Patcher
Jason Patcher Feb 27, 2020 9:25PM ET
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lots of action both ways, everyone should be making money, good luck everyone
Jerry Bell
Jerry Bell Feb 27, 2020 9:25PM ET
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I’m trying to decide wich way to go for a novice investor.
Carlos Menjivar
Carlos Menjivar Feb 27, 2020 9:25PM ET
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Jerry Bell  I recommend to wait until buys, I have a feeling that the cost is going to continuing to drop more. Which basically mean that the bounce might be tremendous. But, that's my opinion.
Brady Murray
Brady Murray Feb 27, 2020 9:06PM ET
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Rebound will be epic. once the Corona cold is minimized. Economy is cranking.
Chris Martin
Chris Martin Feb 27, 2020 9:06PM ET
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You like chip ETFs ?
Brady Murray
Brady Murray Feb 27, 2020 9:06PM ET
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Chris Martin yes but not yet. wait for bottom and a few days of solid uptrend.
John Patrick
John Patrick Feb 27, 2020 8:00PM ET
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This isn't just about the virus... though you'd like for everyone to believe that. The economy is weak and there are a lot of other negative indicators out there. Covid 19 is just the pin
Glenn Roberts
Glenn Roberts Feb 27, 2020 8:00PM ET
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Economy isn't weak. It's historically strong in nearly every respect. Ah, but a good economy would be good for Trump so it must be bad.
Ric Later
riclater211 Feb 27, 2020 8:00PM ET
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Could not have said it better. This is nothing but a good buying opportunity. As soon as Covid news gets better, market will as well
Co Gonz
Co Gonz Feb 27, 2020 8:00PM ET
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public companies aren't doing hot.. private market is strong and ****it..
Ramm Batts
Ramm Batts Feb 27, 2020 7:59PM ET
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Black friday cyber monday sale on amzn, AAPl. AMD, JPM .. C and many more Once in a 5 Year opportunity
Ramm Batts
Ramm Batts Feb 27, 2020 7:56PM ET
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time to buy stocks before Goldman ********does
 
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