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Stocks Have Worst Day Since October Over Coronavirus Worries Stocks Have Worst Day Since October Over Coronavirus Worries
(4 months later)
Just as the world economy appeared to emerge from the uncertainty of the trade war, the spread of the dangerous coronavirus in China has pierced the calm that had settled over financial markets.Just as the world economy appeared to emerge from the uncertainty of the trade war, the spread of the dangerous coronavirus in China has pierced the calm that had settled over financial markets.
The S&P 500 closed down 1.6 percent on Monday — its second straight drop, which wiped out much of the market’s gains since the start of the year, and its sharpest decline since Oct. 2, when the trade war was stoking fears of a domestic slowdown.The S&P 500 closed down 1.6 percent on Monday — its second straight drop, which wiped out much of the market’s gains since the start of the year, and its sharpest decline since Oct. 2, when the trade war was stoking fears of a domestic slowdown.
President Trump announced the “Phase 1” trade agreement with China on Oct. 11, contributing to weeks of placid trading that pushed stocks to a series of records, making the coronavirus-driven slump all the more jarring.President Trump announced the “Phase 1” trade agreement with China on Oct. 11, contributing to weeks of placid trading that pushed stocks to a series of records, making the coronavirus-driven slump all the more jarring.
“There was already reason to question whether markets were a bit too buoyant,” said Patrick Chovanec, chief strategist at the investment advisory firm Silvercrest Asset Management. “Sometimes it takes something like this to refocus their attention on potential downsides.”“There was already reason to question whether markets were a bit too buoyant,” said Patrick Chovanec, chief strategist at the investment advisory firm Silvercrest Asset Management. “Sometimes it takes something like this to refocus their attention on potential downsides.”
Stocks with close ties to the Chinese market or the travel industry — or both — bore the brunt of the selling.Stocks with close ties to the Chinese market or the travel industry — or both — bore the brunt of the selling.
American Airlines fell more than 5 percent, and Wynn Resorts, which operates casinos in Macau, a special administrative region of China and a gambling haven for Chinese high rollers, tumbled 8 percent.American Airlines fell more than 5 percent, and Wynn Resorts, which operates casinos in Macau, a special administrative region of China and a gambling haven for Chinese high rollers, tumbled 8 percent.
Companies with links to China’s key role in the global technology supply chain also slumped.Companies with links to China’s key role in the global technology supply chain also slumped.
IPG Photonics, which makes lasers for cutting and welding and makes a significant share of its sales in China, fell more than 6 percent. Two chip makers, Applied Materials and Skyworks Solutions, which sell heavily in the Chinese market, each fell more than 4 percent.IPG Photonics, which makes lasers for cutting and welding and makes a significant share of its sales in China, fell more than 6 percent. Two chip makers, Applied Materials and Skyworks Solutions, which sell heavily in the Chinese market, each fell more than 4 percent.
The S&P’s drop followed declines of more than 2 percent for the major stock benchmarks in Europe. The benchmark Nikkei 225 index in Tokyo also sank 2 percent, while many other markets in Asia — including the Shanghai Stock Exchange — were closed for the Lunar New Year.The S&P’s drop followed declines of more than 2 percent for the major stock benchmarks in Europe. The benchmark Nikkei 225 index in Tokyo also sank 2 percent, while many other markets in Asia — including the Shanghai Stock Exchange — were closed for the Lunar New Year.
China extended the Lunar New Year holiday by three days until next Sunday in an effort to limit travel and contain the outbreak, which started in the city of Wuhan.China extended the Lunar New Year holiday by three days until next Sunday in an effort to limit travel and contain the outbreak, which started in the city of Wuhan.
Concerns about travel restrictions — the Chinese government has effectively sealed off Wuhan and other cities, affecting 56 million people — helped push down oil prices and shares of major oil companies.Concerns about travel restrictions — the Chinese government has effectively sealed off Wuhan and other cities, affecting 56 million people — helped push down oil prices and shares of major oil companies.
Brent crude, the international benchmark, slipped below $60 a barrel, its lowest since October. Prices have declined about 10 percent since Jan. 17, when China confirmed multiple deaths from the virus. On Monday, the S&P 500 energy sector was down 2.8 percent.Brent crude, the international benchmark, slipped below $60 a barrel, its lowest since October. Prices have declined about 10 percent since Jan. 17, when China confirmed multiple deaths from the virus. On Monday, the S&P 500 energy sector was down 2.8 percent.
The outbreak has come at a crucial period for Chinese business, which could complicate official plans to reinvigorate growth in the aftermath of the trade-war tensions of the last two years.The outbreak has come at a crucial period for Chinese business, which could complicate official plans to reinvigorate growth in the aftermath of the trade-war tensions of the last two years.
The country’s economy, trying to shrug off its worst slowdown in nearly three decades, is already hurting from the virus’s effects on travel and tourism. And consumer spending — which helps fuel the economy over the holiday period — could be dampened as more residents stay home.The country’s economy, trying to shrug off its worst slowdown in nearly three decades, is already hurting from the virus’s effects on travel and tourism. And consumer spending — which helps fuel the economy over the holiday period — could be dampened as more residents stay home.
The outbreak has China’s leaders under pressure, and some experts have expressed concerns that the government was too slow to respond and could even make the situation worse.The outbreak has China’s leaders under pressure, and some experts have expressed concerns that the government was too slow to respond and could even make the situation worse.
The sheer size of the Chinese economy, the second largest in the world after that of the United States, makes any upheaval there a serious factor in the pace of global economic growth. Creeping doubts among investors have already helped drive down bond yields in recent weeks. And on Monday, the yield on the 10-year Treasury note, considered a gauge of investor expectations for economic growth and inflation, sank to 1.60 percent, the lowest level of the year.The sheer size of the Chinese economy, the second largest in the world after that of the United States, makes any upheaval there a serious factor in the pace of global economic growth. Creeping doubts among investors have already helped drive down bond yields in recent weeks. And on Monday, the yield on the 10-year Treasury note, considered a gauge of investor expectations for economic growth and inflation, sank to 1.60 percent, the lowest level of the year.
But as long as the spread of the virus remains contained, the economic implications should not be dire for the United States.But as long as the spread of the virus remains contained, the economic implications should not be dire for the United States.
Updated June 30, 2020
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.
A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.
The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
The American economy is relatively insulated from trade, and the important consumer sector continues to show signs of strength. Unemployment remains near 50-year lows, and economic growth, while relatively slow, is steady. Inflation and interest rates are low, with signs that those low rates are finally starting to filter through to the broader economy.The American economy is relatively insulated from trade, and the important consumer sector continues to show signs of strength. Unemployment remains near 50-year lows, and economic growth, while relatively slow, is steady. Inflation and interest rates are low, with signs that those low rates are finally starting to filter through to the broader economy.
With rates on 30-year fixed mortgages below 4 percent, housing has recently picked up the pace. Sales of previously built homes are at their highest level since early 2018. Homebuilders are reporting strong demand for more affordable offerings.With rates on 30-year fixed mortgages below 4 percent, housing has recently picked up the pace. Sales of previously built homes are at their highest level since early 2018. Homebuilders are reporting strong demand for more affordable offerings.
On Monday, D.R. Horton — the largest American homebuilder by house closings — reported better-than-expected earnings and revenue for the first quarter, sending its shares up 2 percent. Lennar, the second-largest builder, reported similarly bright numbers this month.On Monday, D.R. Horton — the largest American homebuilder by house closings — reported better-than-expected earnings and revenue for the first quarter, sending its shares up 2 percent. Lennar, the second-largest builder, reported similarly bright numbers this month.
“Across all of our geographies, we’re feeling pretty good about the traffic, pretty good about the demand in the most recent quarter,” Bill Wheat, chief financial officer of D.R. Horton, said on a conference call with analysts.“Across all of our geographies, we’re feeling pretty good about the traffic, pretty good about the demand in the most recent quarter,” Bill Wheat, chief financial officer of D.R. Horton, said on a conference call with analysts.