Biggest Dow Jones Losers as Stocks Sell Off on Coronavirus Fears

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The Dow Jones Industrial Average was falling hard Friday, to the tune of as much as 315 points. Coronavirus cases spiked, causing serious fear in the market. The S&P 500 fell more than 1%.

A spike in virus cases has the case count up to 75,465 and death count up to 2,236. The spread of the virus could mean further delays in manufacturing in China.

Currently, U.S. importers are insulated from the economic impact, as they’ve relied on extra inventory, but if they run out, they’ll need to import from China sooner than anticipated. If they can’t import, they won’t meet demand. Also, U.S. companies with significant revenue exposure to China could be impacted.

Here are the 10 biggest lowers on the Dow Friday:

Microsoft MSFT: - 2.47%

Nike NKE: - 1.87%

American Express AXP: - 1.65%

Visa V: -1.53%

Goldman Sachs GS : -1.47%

Chevron CVX: - 1.45%

Boeing BA: - 1.32%

Exxon Mobil XOM: - 1.32%

JPMorgann JPM: -1.22%

Intel INTC: -1.04%

Nike sees roughly 15% revenue exposure to China, so as customers stay home the company loses a lot of revenue. Management already said its upcoming earnings report will show a “material impact” from the Coronavirus.

Bank stocks have had a rough 2020, as the now inverted yield curve — signaling investors’ flight to safe assets and fear over economic growth — pressures bank profits.

Oil producers are also getting hit, as oil demand should fall as broader economic falls.

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