Dow Jones Industrial average drops 453 points
The Dow slid 453.93 points, or 1.57%, to end the day at 28,535.80. The S&P 500 dropped 1.57% to 3,243.72. The Nasdaq Composite fell 1.89% to 9,139.31. Wall Street suffered steep losses as coronavirus fears dented sentiment once again.
Coronavirus uncertainty weighs on Wall Street
The number of confirmed coronavirus cased in China has broken above 2,800, with the death toll rising to 81. This has led to increasing uncertainty around how the virus would hurt the global economy. The S&P 500 also snapped a 74-session streak without a decline of at least 1%. Investors will now look to hear what companies say about how the coronavirus could impact businesses. The uncertainty also will make it harder for stocks to notch fresh record highs.
Airlines, Estee Lauder drop
Airline shares, including American and Delta, dropped 5.54% and 3.37%, respectively, amid worries the coronavirus could dampen global travel. Estee Lauder, a cosmetics company with high revenue exposure to China, also fell 4.07%.
What happens next?
The Federal Reserve will begin its two-day monetary policy meeting on Tuesday. Durable goods data, along with consumer sentiment numbers, are scheduled for release in the morning. Lockheed Martin, Harley Davidson, Apple and 3M are among the companies set to report earnings. Read more here.