Airplanes, cruise ships, roulette wheels—companies involved in all those businesses got hammered as fears of coronavirus sent stocks to their worst daily performance since October
Technology, especially chips, also hit hard on China production worriesIf it moves, people sold it Monday.
With fears mounting that the virus could dent tourism, Disney had its biggest move to the downside in a while. Shares fell more than 2% after the company closed both its Shanghai and Hong Kong theme parks. As you’d expect, airlines and casinos had a tough day, with United stock declining nearly 5% and Wynn Resorts down more than 7%. Fear that people might stay away from WYNN’s Macau facility appeared to help drive shares lower.
If you’re worried about the virus potentially setting off an economic slowdown with a long-term impact on stocks, research firm, CFRA had some soothing words in a report today. “U.S. equity returns were higher one, two, and three months after the first recorded U.S. incidents of SARS, MERS, Ebola, and Zika,” CFRA said.
Advanced Micro Devices , a closely-watched chipmaker, also reports Tuesday after the close. Intel saw its earnings cheered by the market last week, and seemed to hold in pretty well on Monday.
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