The seesaw trading as market attempts to recover from worst drop in 2 yearsPosted on February 25, 2020
United Airlines and Mastercard warned about the potential impact the coronavirus will have on 2020 results. The shares added to their Monday regular session declines with United losing 0.4% and Mastercard dropping nearly 3% after hours.
Micron shares also kept a lid on market sentiment Tuesday after a Bank of America analyst downgraded them to underperform from hold. The downgrade sent Micron down more than 1% in the premarket.
Investors fled the stocks as a surge in coronavirus cases outside of China intensified fears of a prolonged global economic slowdown.
The Dow sank more than 1,000 points, suffering its biggest point and percentage drop since February 2018. The S&P 500 plunged 3.3%, also the worst drop in two years. With Monday’s declines, the S&P 500 and the Dow both wiped out all of their 2020 gains.