· Dow drops more than 100 points, slips from record high as reported coronavirus cases jump
Stocks fell on Thursday, slipping from record highs, as investors grappled with a a jump in reported coronavirus cases and the virus’ possible economic impact.
The Dow Jones Industrial Average slid by 128.11 points, or 0.4%, 29,423.31. The S&P 500 fell nearly 0.2% to 3,373.94 after notching an intraday record earlier in the session. The Nasdaq Composite closed 0.1% lower at 9,711.97. The tech-heavy index also hit an intraday all-time high before dropping into the close.
· European shares closed lower on Thursday as the spread of the coronavirus remained the primary focus for investors.
The pan-European Stoxx 600 was provisionally closed 0.15% lower, with most sectors and major bourses in the red.
Oil and gas stocks led the losses, with the sector down nearly 1%.
· Asia stocks edge lower; investors await China’s tariff cuts on some US products
Stocks in Asia were edged lower in Friday morning trade as concerns around the ongoing coronavirus outbreak continue to weigh on investor sentiment.
In Japan, the Nikkei 225 slipped 0.65% as shares of index heavyweight Fast Retailing dropped 1.77%. The Topix index also declined 0.62%. Shares of automaker Nissan plunged more than 6% after the company cut its annual operating forecast by more than 40%.
South Korea’s Kospi also shed 0.21%. Meanwhile, stocks in Australia were little changed in morning trade, with the S&P/ASX 200 hovering above the flatline.
Overall, the MSCI Asia ex-Japan edged 0.06% lower.
China is set to halve tariff rates on certain U.S. products worth about $75 billion with effect later on Friday, as previously announced by Beijing in early February.
Retaliatory tariffs on some U.S. goods will be cut from 10% to 5%, and from 5% to 2.5% on others, according to a statement from China’s Ministry of Finance earlier this month. The adjustments will take effect from 1:01 p.m on Feb. 14, it said, without specifying which time zone it was referring to.
Investors continue to watch for developments on the coronavirus outbreak following Thursday’s spike in the number of cases reported after authorities in Hubei introduced a new method for tabulating case totals. On Friday, the province reported an additional 116 deaths and 4,823 new confirmed cases as of the end of Feb. 13.
Reference: Reuters, CNBC
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