Global equity markets slumped Monday morning as fears over the deadly coronavirus flared further. The sell-off kicked off a busy week for potentially market-moving earnings and economic data releases – including U.S. fourth-quarter GDP and a Federal Reserve rate decision – on a volatile note.
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7:40 a.m. ET: Rising coronavirus death toll sparks global equity sell-off
Contracts on the three major U.S. stock indices were each off by more than 1% in early trading as a rising number of confirmed cases of the deadly coronavirus sent global markets reeling.
At least 80 deaths have been attributed to the coronavirus to date, according to China’s National Health Commission. Each of these deaths took place in China, where a total of 2,744 cases have so far been confirmed and nearly 6,000 more suspected cases were being monitored. The U.S. has had five confirmed cases to date of the virus.
Overseas, Japan’s Nikkei index, the U.K.’s FTSE 100 and German DAX were each off by more than 2% Monday morning New York time. Companies in the travel sector including airlines and lodging services were hit amid fears that the disease would slow global travel. Luxury goods companies and commodity stocks also declined sharply, given China’s position as the world’s largest luxury goods market and a major demand center for raw materials, respectively.
Stock exchanges in Hong Kong, China, South Korea and Australia are all closed Monday in observance of holidays.
Here were the main moves during the pre-market session, as of 7:40 a.m. ET:
S&P futures (ES=F): 3,252.00, down 41.5 points or 1.26%
Dow futures (YM=F): 28,555.00, down 378 points or 1.31%
Nasdaq futures (NQ=F): 8,995.5, down 149 points or 1.63%
Crude oil (CL=F): $52.81 per barrel, down $1.38 or 2.55%
Gold (GC=F): $1,580.80 per ounce, up $8.90 or 0.57%
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2020-01-27 12:43:00Z
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