US Stock indexes were pummelled in light of the fear regarding the spike in the number of coronavirus cases in countries such as Italy, Iran and South Korea. Such an increase in the number of cases has led to the decline of the market since the weekend when the new cases were officially reported.
The Nasdaq Composite Index fell by 3.7% while the S&P 500 ended the day with 3.4% in the negatives. The biggest loser of all was the DOW Jones Industrial Average that fell by a whopping 1032 points or 3.6% to end the day with 27,960.80 points.
The integrated supply chains of some of the major technology companies are facing major disruption as their manufacturing units are located in areas that are the hardest hit by the COVID-19 virus. On Monday, the travel and technology-related stocks were the most bad ones among others.
Numerous investors had only remained in the “closed-habitat system”. These include stocks of some of the major manufacturing units of the technology giants of the US such as Foxconn Technologies which lost 0.33% yesterday and it is the unit that handles the final assembly of Apple (AAPL) iPhones in China. On Feb 21, there were reports of Foxconn asking its people to stay in the dormitories which aren’t hit by the virus so that the process can get back to normalcy to some extent. Given the fact that the virus is being treated as a human tragedy due to its deadly nature, investors must have an idea regarding the scale of coronavirus.
Here are the worst-performing stocks for Monday on the DOW index –
|United Health Group Inc.||-7.84%|
|American Express Co.||-4.97%|
|Cisco Systems Inc.||-4.96%|
|Visa Inc Class-A||-4.80%|
Here is a list of the worst performers in the S&P 500 index on Monday –
|Norwegian Cruise Line Holdings Ltd.||-9.35%|
|American Airlines Group Inc.||-8.52%|
The impact was clear on the Nasdaq as well, here are the biggest declines in the index –
|American Airlines Group Inc||-8.52%|
|Advanced Micro Devices Inc.||-7.81%|
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