Health and Science

Stocks fall after Apple's coronavirus warning, analyst says 'worst is yet to come' for markets

This photo taken on February 17, 2020 shows a member of the medical staff checking the body temperature of a patient who has displayed mild symptoms of the COVID-19 coronavirus, at an exhibition centre converted into a hospital in Wuhan, China.
STR | AFP | Getty Images

The coverage on this blog has ended — but for up-to-the-minute coverage on the coronavirus, visit the live blog from CNBC's Asia-Pacific team.

All times below are in Eastern time.

  • Total confirmed cases: More than 73,400
  • Total deaths: At least 1,874

6:04 pm: Hubei province reports 1,693 new cases

China's Hubei province, the epicenter of the outbreak, reported 1,693 confirmed new cases and 132 deaths over a 20-hour period , the local health authority said, according to a CNBC translation of the statement in Mandarin. The new cases bring the total number of infections for the province to 61,682, including 44,412 in the city of Wuhan alone, where doctors first identified the COVID-19. Officials said 9,128 patients have been discharged from local hospitals while 43,471 are still hospitalized, of which 9,289 are critically ill. — Kopecki

5:48 pm: CDC places travel restrictions on Princess Cruise passengers

The CDC said it is prohibiting any passengers or crew from the Princess Cruise ship that was quarantined off the coast of Japan from returning to the U.S. for at least 14 days. There are still more than 100 of the original 3,700 people still aboard the Diamond Princess ship or in hospitals in Japan. They will need to wait 14 days after disembarking from the ship — without showing symptoms or testing positive for COVID-19 — before they will be allowed to fly back to the U.S., the CDC said. "While the quarantine potentially conferred a significant public health benefit in slowing transmission, CDC's assessment is that it may not have been sufficient to prevent transmission among individuals on the ship," the agency said. "CDC believes the rate of new infections on board, especially among those without symptoms, represents an ongoing risk." — Kopecki

US passengers embark in a plane at the Haneda Airport, in Tokyo on February 17, 2020 after disembarking in Yokohama from the Diamond Princess cruise ship, where people are quarantined on board due to fears of the new COVID-19 coronavirus.
KAZUHIRO NOGI | AFP via Getty Images

5:26 pm: Too early to tell whether the outbreak is slowing in China

China may be reporting fewer new cases of coronavirus and fewer COVID-19 deaths, but it does not mean the country's outbreak is slowing, immunologist Anthony Fauci told CNBC on Tuesday. "I think we need to give it a few more days to determine if that's real or if that's the variability that you generally see," Fauci, a member of President Donald Trump's coronavirus task force, said on "Closing Bell." Fauci, who is the director of the National Institute of Allergy and Infectious Disease, was referencing reports Tuesday that the number of new daily cases in China fell below 2,000 for the first time since Jan. 30. Chinese officials also reported 98 deaths, the first time the daily toll was below 100 since Feb. 11. — Stankiewicz

4:50 pm: Dow falls for third day as Apple issues virus warning

The Dow Jones Industrial Average fell for a third-consecutive day as investors weighed a stark warning from tech giant Apple. Apple cautioned it does not expect to meet its quarterly revenue forecast, citing slowed production and weakened demand in China as a result of the coronavirus outbreak. The most valuable company in the U.S. initially said it expected to report net sales between $63 billion to $67 billion in its fiscal second quarter. Apple also finished the session well off its lows of the day, closing 1.8% lower. — Imbert

4:41 pm: Raymond James says 'worst is yet to come' on market impact

Raymond James said China's delayed response is inciting comparisons to the Soviet Union's response to the Chernobyl nuclear disaster, and that the economic and market impact could get worse. China's "slow reaction and continued unanswered questions appear to be sowing real concerns among the Chinese people," wrote a team of Raymond James analysts led by Chris Meekins in a note to clients, which is amplifying concerns over General Secretary Xi and the Chinese Communist Party's grip on power. Raymond James said that following conversations with government officials and academics, it believes the "worst is yet to come" and that the "market is underappreciating the potential dangers and what the key government leaders on the virus are saying." — Stevens

4:37 pm: Whether US can contain virus is not yet known, NIH's Fauci says

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Outlook for coronavirus to spread in the US

3:54 pm: Hospitality chain Oyo keeps China hotels open

Indian hospitality chain Oyo said it's keeping as many hotels as possible open in China despite the outbreak, its CEO told CNBC's "Squawk Alley." In the outbreak's epicenter of Wuhan, the hospitality chain has locations open at reduced prices to accommodate doctors and those stranded by travel restrictions. There are even available rooms at Oyos surrounding the Wuhan hospital that was built in less than two weeks. However, it's too early to tell how the outbreak will impact business, according to Oyo CEO Ritesh Agarwal. Oyo has 9,000 hotels in China, making the country its second-biggest market. — Miller

2:55 pm: Mondelez has reopened plants in China, expects coronavirus to hurt financial results

Mondelez CEO Dirk Van de Put said today at a conference that the company has reopened its four plants in China, but they are not running at full capacity yet. The Oreo-maker expects to see some impact on its revenue and margins as a result of lower Chinese demand for its snacks during the Lunar New Year holiday, but Van de Put said that the company's outlook "is still the best we can give you." None of its employees have been sickened by the outbreak. — Lucas

2:25 pm: GM, Fiat Chrysler and Toyota resume auto production in China

General Motors, Fiat Chrysler and Toyota Motor on Tuesday confirmed that they've reopened their factories or are beginning to restart production in China following an extended holiday shutdowns due to the COVID-19 outbreak. Michael Palese, a spokesman for Fiat Chrysler, said the company's plant in Guangzhou, located hundreds of miles south of the coronavirus epicenter in Wuhan, has resumed production this week. The company's second assembly plant in China is "expected to resume operations soon," he said in an email. — Wayland

1:40 pm: WHO reports 92 cases of human-to-human cases outside China

World health officials have confirmed 92 cases of human-to-human transmission in 12 countries, director-general of the World Health Organization Tedros Adhanom Ghebreyesus said at a news briefing. Singapore "At the moment, we don't have enough data on cases outside China to make a meaningful comparison on the severity of disease or the case fatality rate," he said. "However, we have not yet seen sustained local transmission, except in specific circumstances like the Diamond Princess cruise ship." — Feuer

1:22 pm: J&J expands partnership with HHS to develop therapeutics

Johnson & Johnson's Janssen Pharmaceutical will expand its existing partnership with the HHS' Biomedical Advanced Research and Development Authority to develop treatments for the disease. The collaboration will enhance Janssen's ongoing work with global partners to screen a library of potential antiviral molecules that could fight against the disease, as well as identify medicines that might be used safely and effectively to reduce the severity of the illness and treat infections, HHS said. There are currently no vaccines or therapeutics approved by the U.S. Food and Drug Administration to treat the virus. — Higgins-Dunn

12:45 pm: More American evacuees complete quarantine

Nearly 160 Americans evacuated from Wuhan on a government-chartered flight completed their 14-day federal quarantine order at a San Diego base, Matthew Gregory, a spokesman for the Marine Corps Air Station Miramar, said. He added that the evacuees will be screened once more for the virus before their final release, and the Department of Health and Human Services will make travel arrangements. About 60 more evacuees at the base are due to be released from quarantine on Thursday. Two passengers who had been quarantined at the base tested positive for the virus and are receiving treatment from UC San Diego Health, U.S. health officials said last week. — Feuer

Dr. Kong Yuefeng, a recovered COVID-19 patient who has passed his 14-day quarantine, donates plasma in the city's blood center in Wuhan in central China's Hubei province Tuesday, Feb. 18, 2020.
Barcroft Media | Getty Images

12:11 pm: Stocks down more than 250 points after Apple's coronavirus warning

The Dow fell 255 points midday after a warning from tech giant Apple stoked worries over the coronavirus and its impact on corporate profits and the global economy. The S&P 500 dipped 0.7% while the Nasdaq Composite slid 0.4%. Apple had said it does not expect to meet its quarterly revenue forecast, citing slowed production and weakened demand in China as a result of the coronavirus outbreak. — Imbert

11:39 am: One health expert says coronavirus outbreak will likely get worse before it gets better

Dr. Syra Madad, senior director of New York City's Special Pathogens Program, joined "Squawk Box" to discuss the coronavirus outbreak and how health officials are working to prevent spread of the illness.

VIDEO5:2205:22
Coronavirus outbreak will likely get worse before it gets better, specialist says

11:16 am: Jaguar Land Rover faces shortage of parts due to coronavirus

Jaguar Land Rover only has enough auto parts from China to continue production in Britain for the next two weeks because of the impact of the coronavirus on its supply chain, the company's CEO said. Britain's largest automaker, which has three factories in the U.K., has had to fly in parts from China in suitcases. Sales have come to a halt in China, and it is unclear when they will resume. The firm's Chinese factory is slated to re-open next week. — Miller

10:37 am: Sanofi teams up with the federal health agency to develop vaccine

Sanofi joins a list of about a dozen drugmakers that are working on a vaccine or anitviral treatment to combat the deadly virus. The French drugmaker is working with the Biomedical Advanced Research and Development Authority (BARDA) of the U.S. Department of Health and Human Services, it said. The company plans to further investigate an advanced pre-clinical vaccine candidate previously developed against the SARS virus in the early 2000s, which it believes could protect against the latest coronavirus. —Reuters

10:13 am: WHO to provide update on coronavirus

World Health Organization officials are holding a press conference at 10:30 am ET to update the public on the coronavirus outbreak. Watch here. — Robins

9:57 am: Walmart CEO says 'too soon' to forecast impact from coronavirus

Walmart CEO Doug McMillon said it's too early to tell what the effects of the coronavirus will be on the retailer's financial results. "We are still operating our stores [in China]. Almost all of them are open ... but operating on reduced hours," with a focus on selling food and consumables, he said. Walmart's current full-year forecast doesn't include impacts from the virus. — Thomas

VIDEO1:5701:57
Walmart CEO: It's too early to tell how to forecast coronavirus impact

9:29 am: Fund managers slash China growth outlook

Continuing worries over the impact the COVID-19 outbreak will exert on economic growth have caused fund managers to cut their China GDP expectations to the lowest level in more than four years. Investment professionals now see China's $12.2 trillion economy rising an average of just 5.2% over the next three years, according to the Bank of America Global Research Fund Manager Survey for February. While that's a level that much of the developed world would envy, it's well off China's average quarterly gain of 6.6% over the previous three years and well below the 10.6% gain of 10 years ago. It is also the lowest outlook since September 2015. The pessimistic view coincided with a lower though still largely positive outlook for the rest of the world. — Cox

9:03 am: Coronavirus is more fatal in men than women, major study suggests

Men have a higher risk of death than women if they contract the new strain of coronavirus, Chinese researchers have concluded, in the largest study on the outbreak to date. In research published Monday analysts studied 72,314 patient records from the Chinese Center for Disease Control and Prevention. The records detailed 44,672 confirmed cases of the coronavirus, 16,186 suspected cases and 889 cases where the carrier of the coronavirus displayed no symptoms. Patients were categorized into three groups depending on whether their symptoms were mild, severe or critical. The vast majority of confirmed cases were recorded in people ages 30 to 69, according to the research. Most of those diagnosed with the coronavirus — formally named COVID-19 — had reported "Wuhan-related exposures," while 81% of the confirmed cases were classified as mild. — Taylor

8:53 am: Holiday Inn owner IHG sees revenue fall in China

InterContinental Hotels, IHG, warned that fewer travelers are booking its rooms in China because of the COVID-19 outbreak. The owner of the Holiday Inn chain has been highlighted by analysts as among the European companies most directly exposed to the epidemic. The group had begun to see an impact on bookings in late January and has now closed or partially closed 160 of its 470 hotels in Greater China, it said . The company's annual results on showed that revenue per available room (RevPAR) had already declined by 4.5% last year in Greater China while performance in European and U.S. markets was little changed. Based on current disruption the impact equates to about $5 million a month for IHG's mainland China business, Chief Executive Keith Barr said on an analysts call, describing the decline as "a short-term blip". Barr added that the region contributes less than 10% of group profit. — Reuters

8:07 am: Chip stocks dive after Apple's coronavirus warning

Apple's suppliers and partners are getting hit hard following the iPhone maker's revenue warning due to the coronavirus epidemic in China, underscoring fears about the financial fallout of the outbreak. Qorvo, a radio frequency chip supplier for Apple, fell nearly 2.5% in early trading. Credit Suisse estimates 30% of Qorvo's revenues come from Apple. Chip company Skyworks Solutions, with about half of its sales from Apple, fell 2.4% and Lam Research slid 4%. Other chip suppliers like Broadcom, Micron and Intel, fell 1.2%, 1.8% and 1%, respectively. About 20% of Broadcom's revenues come from Apple and about 5% of Micron and Intel's come from the iPhone maker. Semiconductor companies Nvidia and Xilinx dropped 0.5% and 1.9% in early trading. Apple said Monday that it does not expect to hit its quarterly revenue forecast due to lower iPhone supply globally and lower Chinese demand as a result of the coronavirus. — Fitzgerald

VIDEO5:3705:37
Coronavirus impact on Apple's supply, Chinese demand is temporary, analyst says

7:56 am: Haagen-Dazs closes about half of Greater China stores on coronavirus fears

General Mills said nearly half of its Haagen-Dazs ice cream shops in Greater China had been temporarily closed, amid the rapid spread of the coronavirus in the world's second biggest economy. The epidemic has forced companies with significant exposure in China to temporarily shut stores. Some have also warned of a hit to their earnings. General Mills said it could not quantify the impact of the outbreak on its fiscal 2020 results at the time, although it reaffirmed its forecast for the fiscal year ended May 31. The Greater China region accounts for about 4% of the company's net sales, with Haagen-Dazs shops and other food service outlets making up about 40% of that. The Minneapolis-based company said Haagen-Dazs stores that remained open were operating under severely restricted hours. The company operated 525 Haagen-Dazs ice cream parlors and franchised 365 more outside of the United States and Canada, as of May 26, according to a regulatory filing. — Reuters

7:25 am: Gottlieb warns Japan is on the 'cusp' of an outbreak

Former FDA Commissioner Scott Gottlieb said the public should start focusing on COVID-19 cases outside of China when considering the global risk. He said Japan appears to be "on the cusp of a large outbreak and maybe epidemic growth in Japan. We need to watch that very closely. They've had a doubling of cases just in the last four days" with a total of 59 confirmed cases and one death so far, he said on CNBC'S "Squawk Box." "If you start to see this become an epidemic in other nations ... that's going to be extremely worrisome that we're not going to control this globally," Gottlieb said. — Bursztynsky

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Gottlieb: Japan appears to be on the cusp of a large coronavirus outbreak

6:15 am: German investor confidence falls sharply amid coronavirus fears

German investor confidence has sharply deteriorated amid intensifying fears that China's coronavirus outbreak will significantly hamper world trade, according to a new survey. The ZEW Research Institute said its monthly survey showed economic sentiment fell to 8.7 in February, down from 26.7 in January. Analysts had anticipated a reading of 21.5 this month. "The feared negative effects of the Coronavirus epidemic in China on world trade have been causing a considerable decline of the ZEW Indicator of Economic Sentiment for Germany," ZEW President Achim Wambach said in a statement. "Expectations regarding the development of the export-intensive sectors of the economy have dropped particularly sharply." — Meredith.

5:20 am: China's state-owned companies face operational challenges at home and abroad

The coronavirus has brought "unthinkable" challenges for Chinese state-owned enterprises' operations, an official of the state-owned Assets Supervision and Administration Commission said. The official, Ren Hongbin, also said the immediate goal is to assist in virus control efforts, including production of medical supplies. "The assets supervision commission will not change the production and operational targets, and reform goals set at the beginning of the year," said Ren, deputy director of the commission, according to a CNBC translation of his Mandarin-language remarks. However, its goals will be more difficult to achieve now that the coronavirus has disrupted economic activity nationwide. Commission officials also said the virus has created difficulties for state-owned enterprises' overseas projects that the agency needs to handle, alongside the resumption of work in mainland China. — Cheng

4:40 am: Japan says 88 new cases confirmed on Diamond Princess cruise ship

Japan has reported another 88 people aboard the Diamond Princess cruise liner have tested positive for the coronavirus, taking the total number of on-board infections to 542. Japan's public broadcaster NHK, citing the health ministry, said that 65 of the 88 people found to have contracted COVID-19 had no symptoms. A total of 2,404 passengers and crew members have been tested for the virus, the health ministry said, with 542 infections. The ship is quarantined in Japan's port of Yokohama. — Meredith.

4 am: French health minister warns there is a 'credible risk' of coronavirus pandemic

French Health Minister Olivier Veran has cautioned there is a "credible risk" that China's fast-spreading coronavirus could escalate into a global pandemic. Speaking to France Info radio, Veran said the prospect of the coronavirus spreading worldwide was "both a working assumption and a credible risk." The World Health Organization recognizes a pandemic as the worldwide spread of a new disease. Last month, the United Nations health agency declared the coronavirus a global emergency. The WHO has urged against a global over-reaction to the virus. — Meredith.

Read CNBC's coverage from CNBC's Asia-Pacific and Europe teams overnight here: Wuhan hospital director dies from virus, Moody's lowers China forecast

Reuters and CNBC's Kevin Stankiewicz, Fred Imbert, Pippa Stevens, Hannah Miller, Amelia Lucas, Michael Wayland, Noah Higgins-Dunn, Anjali Robins, Amelia Lucas, Lauren Thomas, Jeff Cox, Chloe Taylor, Maggie Fitzgerald, Jessica Bursztynsky, Sam Meridith, Fred Imbert and Evelyn Cheng contributed to this report.