Wall Street falls on fears of new coronavirus infection wave

Wall Street falls on fears of new coronavirus infection wave”

The Dow Jones Industrial Average lost 160 points, or 0.64% as of noon EST, but suffered greater losses earlier and in the extended session on Sunday futures trading.

Smaller stocks also took steeper losses than the rest of the market.

"People are looking ahead, and they're saying, 'OK, the pandemic has happened, and the damage has swept through our economy and our businesses, and now we're planning on the growth after the carnage, so we're valuing equities as if we're going to go back to a decent growth environment, '" said Mike Zigmont, head of trading and research at Harvest Volatility Management.

The S&P 500 closed barely higher, eking out a nominal gain on Monday as investors weighed new spikes in coronavirus infections with expectations that an economy crippled by mandated shutdowns will soon be re-opened for business.

Wuhan, where the epidemic began, reported its first new infections since the Chinese city ended its lockdown last month. Stocks that would benefit most from reopening were affected the most including travel-related stocks, airlines, retailers, cruise lines, and casinos.

Wall Street falls on fears of new coronavirus infection wave

Ten of the 11 major S&P sectors were lower, with a 2.4% decline in financials weighing the most. A weaker global economy wouldn't need as many basic building blocks.

Health care was pulled lower by Aphria Inc. and Aurora Cannabis Inc., which each lost about 4.3 per cent.

The data streaming in on the economy remain oppressively bad. After a report on Friday showed USA employers cut a record-setting 20.5 million jobs in April, Italy reported Monday its largest-ever drop in industrial production.

Regional Federal Reserve presidents James Bullard, Loretta Mester and Patrick Harker are due to speak at events on Tuesday.OPEC gives its monthly oil market report on Wednesday.U.S. weekly jobless claims data is due Thursday.China on Friday releases industrial production and retail sales data for April.

Shares of Under Armour Inc plunged 9.7% after the athletic wear company forecast a 50% to 60% drop in the second quarter as many of its stores remain shuttered.

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Even outside the possibility of a resurgence of infections, many analysts see other reasons for skepticism. South Korean stocks fell 0.5%. "With no playbook, there's much less certainty and markets are more likely to vacillate".

Japan's Nikkei 225 rose 1%, while stocks in Shanghai were close to flat.

The Stoxx Europe 600 Index fell 0.4%. The FTSE 100 in London slipped 0.4%.

Germany's 10-year yield gained three basis points to -0.51%.

Crude fell despite Saudi Arabia announcing on Sunday that it will reduce output by 1 million barrels a day in addition to reductions in an OPEC pact that includes Russian Federation.

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Benchmark U.S. crude rose 1% to $24.98 per barrel.

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