Opening Bell 02.28.20 - Dealbreaker

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FREE FALLIN'

"Ugh, is this week over yet?" - investors everywhere.

Markets took a major hit Thursday, as coronavirus fears continue to spread stateside. Orange County (sorry, not the show) issued an emergency order as a patient in Northern Cali, or 'NoCal' if you're a surfer named Kyle, was described as potentially being the first person in the US to contract the coronavirus without traveling abroad.

California’s governator (sorry, not Arnold) Gavin Newsom also casually added that the state was monitoring 8.4k people for coronavirus. And Here. We. Go.

The fallout

The US markets dropped faster than inhibitions at WeWork's 2017 Holiday Party. The big 3 indices, the Dow, S&P 500, and Nasdaq, all fell over 4.4% on the day, and have officially entered correction territory, joining about twenty other major markets around the globe.

The S&P 500 set a record that it likely didn’t want, for the fastest correction from a record high in its 62-year history. The Dow, not to be outdone, suffered its biggest one day drop (1.2k points) ever ... besting Monday's collapse. The S&P and Nasdaq both had their worst weeks since the financial crisis (falling over 10.5%), and the Dow is down 11.13% since last week.

Certain industries have dragged more than others, with the energy, IT, and financial sectors taking the biggest hits since last Wednesday.

The bottom line ...

I hate to say I told you so ... but ... (ok, so technically the experts did and I just reported it).

Cleverly dubbed ‘corona bears’ called a 10% to 15% correction ... they just probably didn’t think it’d happen in the same week. But now that markets are officially in correction territory (which is when a stock falls over 10% from its recent high), one's left to wonder: what’s next?

On the plus side, cases are decreasing in China ... so we've got that going for us.

How bad is the coronavirus-sparked stock-market selloff? [Barrons]

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