Stocks continued selling off Friday, as fears of the coronavirus’ global economic impact intensify. The five biggest losers on the Dow Jones Industrial Average show that anything that is an equity security is now up for sales, regardless of how sensitive it is to the impact of the virus.
The S&P 500 and Nasdaq both lost as much as more than 3% Friday, with the Dow Jones Industrial Average losing as much as 3.87%. The Dow is deep into correction territory, down almost 16% from its all-time high hit in February.
Earlier in the year, defensive sectors that serve as bond proxy like utilities and real-estate investment trusts were outperforming the broader market and they weren’t selling of as hard when the correction began. Consumer staples were also part of that relatively protected group. Now those sectors are getting in on the selling act.
The two of the biggest losers on the Dow early in the week were Microsoft (MSFT) - Get Report, which was incredibly richly valued after a strong earnings report, Intel (INTC) - Get Report, which has substantial revenue and manufacturing exposure in China. Those stocks are down 20% and 17% from their recent all-time highs, respectively. Intel is in a bear market.
Now, the five biggest Dow losers are a wider array of stocks that investors are turning their attention to ridding of, even though some of them do have business exposure to China. Here they are:
JPMorgan JPM: -5.15%
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