The major averages were under pressure on Friday in part because investors kept adding to their bond-market exposure.Posted on February 28, 2020
The benchmark U.S. 10-year Treasury yield touched a fresh record low. It was last at 1.18%. Yields move inversely to prices.
New Zealand and Nigeria reported overnight their first coronavirus cases. South Korea, meanwhile, confirmed more than 500 new cases. China reported 327 additional cases.
Caterpillar — a bellwether stock for global growth — was the worst performer among Dow stocks in the premarket, sliding more than 3%. Apple shares slid 2.9% while Chevron and Cisco Systems dipped more than 2% each.
The Dow plummeted nearly 1,200 points on Thursday — its biggest one-day point drop ever — as worries over the coronavirus possibly spreading sent stocks spiraling lower. The 30-stock average closed in correction territory along with the S&P 500 and Nasdaq Composite.
Concerns over the coronavirus have also led several companies to issue earnings and revenue warnings. Microsoft said Wednesday one of its key divisions may not meet the company’s previous revenue guidance. PayPal also warned about its outlook on Thursday.