U.S. stock futures were sharply lower Monday morning as fears over the spread of a deadly outbreak of coronavirus rattled investors.
Dow futures dropped 430 points while Standard & Poor’s 500 futures slid 1.5%.
The pan-European Stoxx 600 fell 2% while Germany’s DAX slumped 2.2%. In Asia, Japan’s Nikkei 225 lost 2%. Most markets in Asia were closed for the Lunar New Year.
The global losses came as the death toll from the outbreak climbed to 81 on Monday. More than 2,700 people have been infected, according to the National Health Commission.
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Investor fears grew overnight on the potential economic fallout from the outbreak.
“The coronavirus is the number one threat to financial markets currently as global investors are becoming jittery on the uncertainty,” Nigel Green, chief executive and founder of financial consultancy deVere Group, said in a note.
While travel and retail stocks will likely come under further pressure, most investors who have a diversified portfolio should still avoid knee-jerk reactions to the latest coronavirus news, he cautioned.
“History teaches us that most issues of this kind have a short-term impact on stock markets,” Green says.
Investors have shifted money to safe-haven corners of the market like high-dividend paying stocks, the Japanese yen and government bonds.
The yield on the benchmark U.S. 10-year Treasury note fell to 1.63%. The dollar fell to 108.94 Japanese yen.
Oil prices fell, weighing on energy stocks. U.S. crude dropped 2.8% to $52.66 per barrel. Brent crude, the international benchmark, slid 2.9% to $58.89 a barrel.
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2020-01-27 12:35:40Z
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