U.S. stocks open on Monday
Beijing News (Reporter Liang Chen) On the evening of February 24, Beijing time, the global stock market and oil prices fell sharply on Monday as the new crown virus spread outside Asia. After plunging European and Asian stock markets, U.S. stocks dived rapidly after the market opened. Tech stocks tumbled causing the Nasdaq to fall more than 4%, the Dow Jones once fell 3.2% and the S & P 500 fell 3.2%.
This drop has caused the Dow Jones Index to its largest one-day drop since February 2018. At the same time, the shares of Delta Air Lines and American Airlines both fell more than 5%, the shares of United Airlines fell 4.8%, casino operator Sands Group and Wynn Resorts also fell 4%, and MGM also fell 4.3%.
Chip makers also generally fell, AMD once fell more than 9%, Nvidia shares fell 6%, and Intel and Qualcomm also fell 4%. Among technology companies, Facebook, Netflix, Google parent company Alphabet, Apple and Amazon all fell more than 3%. In terms of Chinese stocks, the shares of Alibaba, Ctrip, 58 Cities, Sina, Sohu, and JD.com also fell below 3%.
Warren Buffett said the spread of the new crown virus has weakened the US economy, but noted that it is still healthy. However, because the virus still has a lot of uncertainty, the volatility index (VIX), which measures the degree of investor panic, soared about 48% to 23 points.
However, at the same time that many stocks were affected by the outbreak, the US stocks related to the concept of New Crown virus treatment soared collectively. NanoViricides, Cleveland Biolabs, Inovio Pharmaceuticals, Co-Diagnostics, Gilead Sciences, and mask stock Alpha Pro Tech have soared.
Moreover, safe-haven assets such as gold and government bonds have been sought after. The yield on US 10-year government bonds has fallen to 1.397%, and gold futures prices have risen by about 2%.
Reporter Liang Chen Editor Sun Yong Proofreading Fu Chunyu