Dow plummets almost 1,000 points as spreading coronavirus fears rattle traders
- US stocks were swept up in a global sell-off on Monday as investors grappled with spreading coronavirus fears.
- The Dow Jones industrial average plummeted as much as 997 points - or 3.4% - in early trading on Monday. The S&P 500 slid 2.5%.
- Meanwhile, the Cboe Volatility Index - or VIX, widely known as the stock market's fear gauge - spiked 40% to levels not seen since August.
- The flight out of risk assets and into safe havens sent the US 30-year Treasury yield to a record low, and gold is trading at the most expensive levels all year.
- Read more on Business Insider.
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US stocks were swept up in a global sell-off on Monday as fears over the spreading coronavirus - and its negative economic implications - rattled investor nerves.
Meanwhile, the Cboe Volatility Index - or VIX, which is widely known as the stock market's fear gauge - spiked 40% to its highest level since August.
The latest sharp move lower comes as the coronavirus outbreak has spread to more than 30 countries. Over the weekend, delegates at the Group of 20 meeting of major economies warned that coronavirus could undermine global growth. The IMF also cut its yearly growth projection for China by 0.4 percentage points.
Here's how the major US indices are trading:
Dow Jones industrial average: Down 769 points, or 2.6% - intraday low down 997 points
S&P 500: Down 2.5% - intraday low down 3.2%
Nasdaq Composite: Down 2.8% - intraday low down 4.3%
Advanced Micro Devices - a semiconductor maker with significant supply chain exposure in China - saw the most active trading in the early market and tumbled roughly 8%.
Fear about how coronavirus could disrupt the supply chains and growth of the world's corporations were also responsible for rattling markets on Monday. Apple, Disney, and Starbucks are some of the highest profile names that have seen disruptions in their businesses because of the virus.
Meanwhile, investors are fleeing to higher ground: Safe-haven asset gold reached $1,676 Monday, the most expensive all year. The yield on the 30-year US Treasury fell to a historic low of 1.8%, while the yield on the 10-year fell to 1.4%, a low not seen since 2016. Price moves inverse to yield.
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