Bloomberg
Published Jan 27, 2020 19:26
Updated Jan 28, 2020 00:29
From Chipmakers to Casinos, Virus Angst Is Far-Ranging in Stocks
(Bloomberg) -- Chipmakers, cruise lines and casino operators are taking some of the hardest hits in U.S. stock trading Monday as investors flee companies with close links to China, where authorities are struggling to control the deadly coronavirus.
At least 80 people have died in mainland China from the virus, which started in the city of Wuhan, while confirmed cases have jumped to more than 2,700. Fears that China has failed to contain the virus, which has spread around the globe, roiled world markets, with the S&P 500 Index sliding the most since October. The market rout comes at the start of a week that’s jam-packed with earnings from companies like Apple Inc (NASDAQ:AAPL)., Amazon.com Inc (NASDAQ:AMZN). and McDonald’s Corp.
“We’ve said that if the right catalyst came along, markets would be ripe for a pullback,” Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, told Bloomberg TV. “Valuations are extremely stretched right now and positioning is extremely euphoric.”
While the Chinese market remains closed for the Lunar New Year holiday, U.S. stocks with exposure to the country are tumbling amid growing concern the outbreak could turn into a pandemic that will squelch sales growth. Below are some of the sectors that are being hardest hit:
Chipmakers
Written By: Bloomberg
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.