Coronavirus live updates: Stocks fall after Apple virus warning, analyst says worst is yet to come for markets

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All times below are in Eastern time.

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

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

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

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

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

Source: https://www.cnbc.com/2020/02/18/coronavirus-latest-updates.html

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