Right around 11 am this morning, the major indices suddenly plummeted, with the Dow dropping over 350 points at one point.
The decline in the Dow was largely led by Intel, Microsoft and Goldman Sachs.
Viacom, Henry Schein and Copart were all leading the S&P lower.
Both Henry Schein and Synopsys, paired with Cadence Designs Systems led the Nasdaq lower.
While there was not one single headline that sent markets plummeting, it seemed as if fears around the coronavirus were largely to blame for the midday dip.
Speaking of the coronavirus, Procter & Gamble warned that the outbreak will have a material impact on the company’s results in China for the January through March quarter.
P&G COO Jon Moeller noted that China is P&G’s second-largest market in sales and profit and the store closures will impact the company.
Over the past year, the stock is up 26%.
Gettin’ Saucy? Domino’s is.
The pizza maker reported earnings of $3.13 a share, beating estimates of $2.98 a share.
The company reported revenue of $1.15 billion. Analysts were expecting revenue of $1.13 billion.
The company reported U.S. same-store sales that increased 3.4% while international same-store sales rose 1.7%. The company’s U.S. comps topped analysts' expectations of 2.3%, the first time in more than a year that the metric beat forecasts.
The company’s strategy of opening new stores, launching new menu items and partnering with delivery services like Uber Eats, Postmates and GrubHub also aided the strong quarter, according to CEO Rich Allison.
"DPZ will need a period of sideways price action to "digest" the sharp gains today. It is hard to say how long this period of consolidation will last. Until we see some trading it will be hard to suggest a risk point for longs," wrote Real Money contributor Bruce Kamich when he looked at the chart.
The stock was soaring over 25% in intraday trading. And it’s up nearly 47% in the past year.