What to Watch Ahead of the Open: Dow Plummeting, Coronavirus

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It’s Monday, Feb. 24.

This morning, the Dow is dropping over 700 points.

If the Dow opens down over 700 points, it will be the biggest one-day points drop since August, when the Dow dropped 800 points.

The catalyst behind this selloff? The coronavirus.

Let’s focus on the coronavirus and the selloff we could see as we approach the opening bell.

Over the weekend, the coronavirus cases surged in South Korea and Italy.

Since Feb. 18--which is only last Tuesday--saw cases in South Korea multiply quickly.

Last Tuesday, South Korea had 31 cases. As of this morning, there are over 760 cases.

In Italy, there are over 150 cases.

Worldwide, there are over 77,000 cases with over 2,500 deaths. Most of those are located in China.

On Sunday, Chinese President Xi admitted that the virus will “inevitably have a relatively big impact on the economy and society.”

Here are some stocks that are dropping in premarket trading.

Airline stocks, such as Delta  (DAL) - Get Report and American  (AAL) - Get Report were both down more than 4% in premarket trading. United was down over 2%.

The casino stocks, such as Las Vegas Sands  (LVS) - Get Report and Wynn Resorts  (WYNN) - Get Report were falling over 3%.

MGM Resorts  (MGM) - Get Report is down over 6%.

Apple  (AAPL) - Get Report was down over 4% and Nvidia  (NVDA) - Get Report was dropping 6%. AMD  (AMD) - Get Report is down 7%.

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