Stocks opened lower after the number of new coronavirus cases escalated, fueling worries over a pronounced global economic slowdown.
China's National Health Commission reported more than 75,00 confirmed cases and over 2,000 deaths on the mainland. More than 800 new cases were reported in China overnight. South Korea reported 52 new cases on Thursday to take its total to 150.
"Even if the outbreak recedes, global growth is still set to fall to zero in the first quarter, before bouncing back over the remainder of the year," Peter Berezin, chief global strategist at BCA Research, said in a note. "Thus, a near-term hit to corporate earnings now looks unavoidable."The spread of the virus is already taking its toll on the Chinese economy.
U.S. stocks are coming off a negative session driven by a sudden midday sell-off which confounded traders and brought markets back from previous record highs. The Dow also notched its fourth decline in five sessions. "Markets had their first real 'shot across the bow' in a few weeks time, with a sudden swift pullback to multi-day lows, which was severe enough to cause some rapid buying of volatility," said Mark Newton, managing member at Newton Advisors. "Yet breadth was never down that much even at the height of intraday losses, and ended up positive on the day."
The Dow and S&P 500 were on pace to post their first weekly losses in three weeks. Through Thursday's close, the Dow was down 0.6% while the S&P 500 had declined 0.2%. The Nasdaq was up 0.2% through Thursday's close.In corporate news, Deere shares popped more than 6% on quarterly earnings that beat analyst expectations. Dropbox soared more than 22% after posted a profit that topped estimates.
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