The S&P 500, Dow and Nasdaq were each off by more than 2%, indicating equities would give back gains after Wednesday’s surge. A still-escalating coronavirus outbreak continued to fuel investor concerns.
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9:38 a.m. ET: Airline stocks slide as travel industry dented by outbreak
U.S. airline stocks sank shortly after market open Thursday, with fears over the coronavirus lowering demand for flights and disrupting airlines’ flight schedules globally. In a new report, the International Air Transport Association said airlines could lose as much as $113 billion in revenue worldwide in 2020, depending on the extent of the outbreak.
Shares of American Airlines were down more than 7% just after the opening bell. United Airlines’ stock was down more than 6%, and shares of Delta Airlines were off about 4.5%.
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9:33 a.m. ET: Stocks open sharply lower as coronavirus concerns linger
Here were the main moves in market shortly after the opening bell, as of 9:33 a.m. ET:
S&P 500 (^GSPC): 3,053.4, down 76.72 points or -2.45%
Dow (^DJI): 26,394.08, down 696.78 points or -2.57%
Nasdaq (^IXIC): 8,795.22, down 219.02 points or -2.38%
Crude oil (CL=F): $46.81 per barrel, +$0.03 or +0.06%
Gold (GC=F): $1,657.40 per ounce, +$14.40 or +0.88%
10-year Treasury (^TNX): yielding 0.934%, down 5.8 bps
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8:30 a.m. ET: Initial jobless claims fall slightly less than expected for week ended Feb. 29
Weekly unemployment claims fell slightly less than expected to a seasonally adjusted 216,000 for the week ended February 29. Consensus economists had expected new jobless claims to decline by 4,000 to 215,000.
Continuing unemployment claims, however, rose less than expected for the week ended February 22. These increased to 1.729 million, from the prior week’s downwardly revised 1.722 million. Consensus economists had expected continuing jobless claims to rise to 1.738 million.
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7:41 a.m. ET: Stock futures sink after California declares state of emergency over coronavirus
U.S. stock futures sank Thursday morning on the heels of a massive rally for stocks during Wednesday’s session, as volatility extended for risk assets.
The overnight dip came as California declared a state of emergency over the coronavirus outbreak, following the announcement of the state’s first confirmed death as a result of the disease. As of Thursday, California had the largest number of cases in the U.S. at more than 50, followed by Washington state with about 44 confirmed cases and 10 deaths.
Overseas, the spread of the coronavirus has continued to broaden, with Switzerland reporting its first death from the disease and concentrated countries of Italy and South Korea continuing to report more cases. Italy has closed schools until March 15, with the death toll in the country topping 100 among more than 3,000 cases, according to the European Center for Disease Prevention and Control.
Here were the main moves during the pre-market session, as of 7:41 a.m. ET:
S&P 500 futures (ES=F): 3,059.75, down 55 points or -1.77%
Dow futures (YM=F): 26,521.00, down 444 points or -1.65%
Nasdaq futures (NQ=F): 8,741.5, down 155 points or -1.74%
Crude oil (CL=F): $46.93 per barrel, up $0.15 or 0.32%
Gold (GC=F): $1,653.10 per ounce, up $10.10 or 0.61%
10-year Treasury (^TNX): yielding 0.958%, down 3.4 bps
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2020-03-05 14:41:00Z
CBMiWWh0dHBzOi8vZmluYW5jZS55YWhvby5jb20vbmV3cy9zdG9jay1tYXJrZXQtbmV3cy1saXZlLXVwZGF0ZXMtbWFyY2gtNS0yMDIwLTEyNDQzNzAxOS5odG1s0gEA
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