Dow down over 500 points on fears about economic impact of deadly China coronavirus.
U.S. stocks slumped Friday as the coronavirus epidemic emanating from China raised news concerns about travel, trade and expectations for global economic growth.
Need to Know: Here’s the daring way Europe’s largest fund manager is reacting to the coronavirus outbreak Delta DAL, -2.35% and American Airlines AAL, -3.48% halted flights to China after the U.S. government warned travelers to avoid China even though the World Health Organization refrained from recommending curbs on travel or trade when declaring a global health emergency on Thursday.
The 10-year Treasury note yield TMUBMUSD10Y, -3.46% slipped to 1.536% on Friday and is down more than 14 basis points this week. The drop of the benchmark maturity’s yield below the 3-month Treasury bill rate TMUBMUSD03M, -0.50%, inverting the so-called yield curve, has also deepened worries that the U.S. is exposed to a global growth shock.
The January Chicago purchasing manager index slumped to 42.9, from the previous month’s 48.9, an indication of the lingering weakness in manufacturing. This month’s consumer sentiment index reading rose to 99.8, slightly above analysts’ consensus forecast of 99.1.
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