Dow Futures Plunge Almost 5%. There's a Sea of Red in Stocks. -- Barrons.com
DOW JONES & COMPANY, INC. 7:43 AM ET 3/12/2020 Symbol Last Price Change DAL 42.67down 0 (0%) BA 189.08down 0 (0%) QUOTES AS OF 06:30:00 PM ET 03/11/2020
It's no surprise that U.S. stock-index futures are deeply in the red. Investors are bracing for more pain after the Dow Jones Industrial Average slid into a bear market on Wednesday.
President Donald Trump has announced new measures to combat the spread of the Covid-19 coronavirus, including a temporary travel ban between the U.S. and continental Europe, and the National Basketball Association suspended its season after a player tested positive for the virus.
Dow futures are down 4.9%. S&P 500 futures have fallen 4.6%, and Nasdaq Composite future are off 4.7%. Hong Kong's Hang Seng Index fell 3.7%, while the U.K.'s FTSE 100 Index has fallen about 5.5%. The Europe Stoxx 600 has fallen 5.6%.
Airline stocks are down again. Delta Air Lines(DAL) and United Airlines (UAL) shares are off about 10% in premarket trading. American Airlines stock has fallen about 12%. That trio generates about 15% of sales in trans- Atlantic markets.
Stock in JetBlue Airways (JBLU), Alaska Air (ALK) and Southwest Airlines (LUV) -- three airlines generating a larger majority of sales in the U.S. -- are down about 8% in premarket trading, on average.
Other travel stocks are getting hit hard as well. Expedia (EXPE) shares, for instance, are down 8.7%. Cruise operator Carnival (CCL) shares are off 12.5%. Hilton Hotels (HLT) shares have fallen 4.2%.
Some recent haven stocks are holding up better than most. Bleach maker Clorox (CLX) shares are is up 0.4%. Stock in discount retailers Costco Wholesale (COST) and Walmart (WMT) is down, but less than U.S. stock-market futures.
Gold miners -- a traditional haven investment -- aren't rallying Thursday morning, highlighting how unusual the coronavirus outbreak is. Newmont (NEM) shares, for instance, are down 6.1% in premarket trading. Barrick Gold (GOLD) stock is off 6.6%.
Small-cap health-care stocks are rallying. Inovio Pharmaceuticals (INO) shares are up about 15.3%. Stock in personal-protective equipment manufacturer Lakeland Industries (LAKE) is up almost 12%. Lakeland share are up about 50% year to date.
The stock-market carnage is widespread. Tech giant Apple (AAPL) shares are down about 5.2%. Shares of JP Morgan Chase (JPM) have fallen 6.2%. Energy giant Exxon Mobil (XOM) is down 5.1%.
The Dow closed Wednesday in bear market territory, down 20.3% from its highs, while the S&P 500 managed to avoid the bear-market label.
Why did the Dow enter bear territory and the S&P 500 didn't? The answer is Boeing(BA) stock (BA), which plunged 18% in response to news that some airlines canceled orders for the 737 MAX jet.
Boeing (BA) shares are down another 8.9% in premarket trading to about $172. The stock was $422 the day before an Ethiopian Airlines 737 MAX crashed on March 10, 2019, the second crash of the jet in five months, leading to its world- wide grounding.
Write to Al Root at allen.root@dowjones.com
(END) Dow Jones Newswires 03-12-200743ET Copyright (c) 2020 Dow Jones & Company, Inc.
FACT IS....If I'm a young person ---- I'm elated !!!
Market BULL was way over extended and stock prices already into the stratosphere in many cases ! The price of some stocks...as I type...are still at levels which prohibit early investors to jump into (as long term holds).
Now...if OLD(er) ---- and, at or near retirement ----- a DEATH BLOW (pun intended) !
As WE know --- "TIME" is the #1 dynamic to investing ---- unfortunately, our's is running the wrong way !
A millennial coup ~~~~~ MARKET bargains AND get rid of the OLD folks !!!
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