US sinks at open on coronavirus impact fears

Friday, 21. February 2020 15:30

Wall Street kicked off the Friday's session with losses as the coronavirus-caused economy and trade worries still occupy investors' attention.

The infection that killed over 2,200 people in China will cause a "temporary shock" on the United States economy, according to President of the Federal Reserve Bank of St. Louis James Bullard. Meanwhile, the Chinese Commerce Ministry claimed that the outbreak affected China's foreign trade, adding it will provisionally harm supply chains in the country.

On the data front, investors await reports from the United States that are expected to be released later today, including PMI report and existing home sales statistics.

The Dow Jones slid 0.38% at the opening bell as Microsoft slipped nearly 2%. Meanwhile, the Nasdaq 100 and the S&P 500 lost 0.50% and 0.42%, respectively, at the same time. Advanced Micro Devices was the worst performer on Nasdaq 100 as it decreased by more than 2% while CiacomCBS led the losses on the S&P 500, falling nearly 3%.

The euro gained 0.18%, buying $1.08088 at 9:29 am ET.

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Breaking the News / GA