OPENING CALL: The Australian share market is expected to open lower. The SPI200 futures contract expected to open down 89 points.
A busy week of corporate earnings is on tap, and low expectations could let companies beat their targets and give stocks a lift if they can shake off global coronavirus fears.
The likelihood of the Senate voting to call more witnesses in the impeachment trial appeared to mount on Monday after new allegations about President Trump’s motivation for freezing aid to Ukraine.
Each Market in Focus
Stocks and crude oil tumbled intraday as escalating concerns about the containment of China’s viral outbreak reignited global growth worries.
The Dow Jones Industrial Average fell 370 points, or 1.3%, and the S&P 500 dropped 1.3%. The technology-heavy Nasdaq Composite lost 1.5%. All three indexes were poised for their worst day since October.
The selloff was broad-based. All 11 sectors in the S&P 500 slumped, as did 24 of the 30 Dow components. Energy stocks suffered the steepest losses, falling more than 2%, in the broad stock-market index.
Uncertainty surrounding the virus jolted a market that had been unusually calm: The S&P 500 hasn’t closed up or down 1% in a single trading session since mid-October, one of its longest such streaks since 1969.
U.S. benchmark oil prices ended the session 1.9% lower at $53.14 a barrel, marking a fifth straight daily decline and the lowest closing price since Oct. 15.
Investors continue to sell due to the deadly coronavirus that is weakening demand in China and potentially world-wide.
While the dollar has edged lower against the traditional havens, the Japanese yen and Swiss franc, the WSJ Dollar Index was still up roughly 0.1% intraday at 90.79, as investors focus on the potential economic impact of the spreading coronavirus.
Japan Airlines settled down 3.9%.
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