Midway through trading Monday, the Dow traded down 7.78% to 21,381.93 while the NASDAQ fell 6.91% to 7,330.42. The S&P also fell, dropping 7.01% to 2,520.85. South Korea confirmed a total of over 8,200 coronavirus cases, while Italy reported a total of at least 24,000 confirmed cases and 1,800 deaths. Total cases in the US exceeded 3,400 with around 65 deaths. Mainland China reported 16 additional confirmed cases with 14 new deaths. In total, there are at least 169,000 cases of COVID-19 worldwide with over 6,500 deaths.
Leading and Lagging Sectors
Consumer staples shares slipped by just 4% on Monday. Meanwhile, top gainers in the sector included United Natural Foods, Inc. (NYSE: UNFI), up 21%, and Bioceres Crop Solutions Corp. (NYSE: BIOX), up 15%.
In trading on Monday, real estate shares dipped 9.2%.
In an emergency move Sunday afternoon, the U.S. Federal Reserve announced it has cut interest rates to zero to 0.25%, the first time interest rates have been that low since the 2008-2009 financial crisis.
The Fed had been scheduled to meet March 17 and 18. On Thursday, the Fed announced a new program to provide up to $1.5 trillion in short-term loans to support financial market liquidity.
Equities Trading UP
OpGen, Inc. (NASDAQ: OPGN) shares shot up 139% to $4.80 after OpGen announced Curetis, a company it is acquiring, is now offering coronavirus test kits.
Shares of United Natural Foods, Inc. (NYSE: UNFI) got a boost, shooting 22% to $6.99 after the company joined collaborative effort with administration and industry peers to 'keep stores well-stocked amidst COVID-19's impact.'
BioNTech SE (NASDAQ: BNTX) shares were also up, gaining 27% to $39.42 after the German company said it intends to initiate clinical testing of a coronavirus vaccine. Clinical testing of BNT162 will beginin Europe, the U.S. and China in late April 2020, subject to regulatory clearance, according to BioNTech. As part of the development program, BioNTech announced a strategic alliance with China's Fosun Pharma to jointly develop its vaccine in China.
Equities Trading DOWN
Gulfport Energy Corporation (NASDAQ: GPOR) shares tumbled 63% to $1.01 amid a significant decline in the price of oil due to investor concerns of a global recession driven by coronavirus.
Shares of ProPetro Holding Corp. (NASDAQ: PUMP) were down 50% to $1.8901 after the company reaffirmed preliminary Q4 results and rescheduled Q4 results to April 1, 2020. The company also disclosed that Phillip Gobe will succeed Dale Redman as CEO.
Designer Brands Inc. (NYSE: DBI) was down, falling 44% to $5.54 on coronavirus fears as Nike, Under Armour and other retailers closed stores to help combat the spread of the virus. Wells Fargo lowered the price target for Designer Brands from $20 to $13.
In commodity news, oil traded down 5.6% to $29.94, while gold traded down 0.7% to $1,506.70.
Silver traded down 10.3% Monday to $13.005, while copper fell 2.8% to $2.3955.
European shares were lower today. The eurozone’s STOXX 600 fell 4.2% the Spanish Ibex Index fell 7.7%, while Italy’s FTSE MIB Index fell 3.9% Meanwhile, the German DAX dropped 4.4%, and the French CAC 40 fell 5.2% while UK shares fell 4.4%.
The New York Empire State manufacturing index fell to -21.5 in March, versus a reading of 12.9 in February.
The Treasury is set to auction 3-and 6-month bills at 11:30 a.m. ET.
The Treasury International Capital report for January will be released at 4:00 p.m. ET.