U.S. stock futures pointed to sharp declines on Wall Street at the open on Monday as the number of coronavirus cases outside China surged, stoking fears of a prolonged global economic slowdown from the virus spreading.
As of 9:11 a.m. ET, Dow Jones Industrial Average futures were down 907 points, indicating a drop of 900 points at the open.
Monday’s moves came as investors watch developments surrounding the coronavirus outbreak that was first reported in China, but has spread rapidly in other countries especially South Korea and Italy, which reported a spike in the number of confirmed cases in recent days.
Buffett told CNBC’s Becky Quick on “Squawk Box.” “You look at car holdings —railcar holdings, moving goods around. And there again, that was affected by the tariffs too because people front-ended purchases, all kinds of things.” Buffett added he still recommends buying stocks.
Monday’s moves came as investors watch developments surrounding the coronavirus outbreak that was first reported in China, but has spread rapidly in other countries especially South Korea and Italy, which reported a spike in the number of confirmed cases in recent days.
“There remains a large degree of uncertainty surrounding the virus, and no one knows how this will ultimately play out,” said Keith Lerner, chief market strategist at Truist/SunTrust Advisory. “With stock prices and valuations still near cycle highs, the risk of a worsening virus outbreak has not been priced into the market to a great extent.”
Dow drops more than 900 points as coronavirus cases outside of China surge
