Wall Street Opens Lower While Coronavirus Spreads Beyond China

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Sentiment on Wall Street is once again depressed by concerns about the new coronavirus, which is killing more and more people, with more and more infections. The stock markets in New York are expected to open lower on Friday.

The number of infections and deaths in China has risen again, while elsewhere, such as South Korea, more people are becoming infected. Disappointing figures on economic activity came from Japan, which showed that the virus has a negative impact on the Japanese economy. Investors are mainly setting tech companies slightly lower after the death toll and the number of virus infections continued to rise according to the latest figures from the World Health Organization.

Norwegian Cruise Line Holdings, which lost almost 7 percent on Wall Street, suspended Asian cruises until the end of the third quarter. In addition, the company warned of a negative impact of the coronavirus on net income. Healthcare and cleaning products manufacturer Procter & Gamble (P&G) also warned of the impact of the virus outbreak. Nevertheless, the share increased by 0.9 percent.

The Dow-Jones index ended Thursday 0.4 percent in the minus at 29,219.98 points. The broad-based S&P 500 also dropped 0.4 percent, to 3373.23 points. The technology fair Nasdaq dropped 0.7 percent to 9750.97 points.

Deere

Agricultural machinery manufacturer Deere is less gloomy about the trade tensions between China and the United States. Now that the two superpowers have reached a partial trade agreement, American farmers are looking to the future with a little more confidence, according to Deere. Figures were better than expected and Deere seems to be opening much higher.

Merger T-Mobile

Telecom providers Sprint and T-Mobile announced that they had agreed on new terms and conditions for their merger, which was recently approved by a US court. After the merger, the telecom combination will serve some 80 million customers, competing with major peers such as AT&T and Verizon. As a result, the merged company will be the third-largest telecommunications company in the US.

Coca-Cola

Coca-Cola expects the impact of the virus to hit results in the first quarter, with lower sales volumes, among other things. Forecasts for the full year are still being maintained. China is Coca-Cola’s third-largest market in terms of sales volumes.

Morgan Stanley

In addition, there were also severely disappointing annual figures from media group ViacomCBS. Investors put the company almost 18 percent lower on the stock exchange.

On the takeover front, business bank Morgan Stanley bought online broker E*Trade Financial in order to strengthen its asset management services. The transaction had a price tag of $13 billion. The Morgan Stanley stock fell by just under 5 percent.

Sycamore

The companies also paid a lot of attention to lingerie brand Victoria’s Secret. Investor Sycamore takes a majority stake of 55 percent in the lingerie fashion house, known for its fashion shows with top models. The remaining shares remain in the hands of parent company L Brands, which lost almost 5 percent.

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