Chinese officials have confirmed more than 2,700 cases of the virus, with 80 dead. What’s more, the Centers for Disease Control and Prevention has confirmed the fifth coronavirus case in the U.S.
The news has investors in “risk off” mode in common Wall Street parlance. They are selling stocks and buying haven investments.
Dow Jones Industrial Average and S&P 500 futures are off 1.6%. Nasdaq Composite futures are down 1.9%. Oil prices are dropping as well as investors assess how factors such as restrictions on travel in China—and the broader economic impact of the disease—will affect energy demand… Some technology shares with a significant manufacturing presence in Asia are falling as well.
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