Markets continue to slide on coronavirus fears
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Dear Readers,
Due to a technical glitch, we did not send out yesterday’s market summary. We sincerely apologize for this error and are working to prevent this from happening again. However, we present you today’s market report also covering Monday’s trading session:
Continuing from Monday, world markets sold off Tuesday on lingering coronavirus fears as cases rise outside China. Though the number of new cases appears to have leveled off in China itself, numbers have been rising in Italy, Iran and South Korea as Spain reports new cases and America braces for its first. Chinese indices were modestly down or even slightly positive Tuesday, but the Nikkei sank over 3% and Europe lost nearly 2%. North American indices, including the TSX, began the session actually positive, but soon sold off to close around -3%.
Unlike Monday, however, both crude oil and gold fell around 2.5%. The sell-off is hitting virtually every sector in different ways. For example, payments stocks like Visa will suffer fewer transactions by Chinese consumers, and so it dropped 5.23% on Tuesday. Makers of tech components, such as OLED, continued to plunge, down 3.49%, while its $154.72 closing price is well off its 52-week high of $230. Even much-loved stocks like Brookfield Asset Management (aka “the BAM”) sank 2.9%. Also like Monday, Tuesday’s session saw investors seeking the safe haven of gold, though the rally Tuesday was weaker, effecting only some gold stocks. (Look out for Stockchase’s weekly reports on precious metals this and next week.)
🛍 Amazon.com -4% (Monday)
🍎 Apple -5% (Monday)
🏛 Manulife Financial -6.31% (Monday)
⚡ Ballard Power Systems -15% (Monday)
✈ Chorus Aviation Inc -7.93% (Monday)
🥇 Iamgold Corp +16% (Monday)
👟 Nike Inc. -3%
🏛 Visa Inc. -5.23%
🧬 Universal Display Corp. -3.49%
🏛 Brookfield Asset Management (A) -2.90%
