Stock market live updates: Dow down 800, airlines slide, Apple drops

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CNBC’s Jim Cramer said on “Squawk on the Street” that investors should watch the chip stock Micron to judge when the Chinese economy is rebounding from the coronavirus outbreak. Cramer said that Micron, which is down 3.5% and trading about $55 per share Monday morning, has several positive characteristics that should make it an attractive buy once the outbreak is contained. “It has a huge amount of business in China, so watch Micron. If Micron turns, then you can make a case that maybe things indeed are better,” Cramer said. — Pound

Some stocks are seeing a benefit from the coronavirus fears. Clorox shares are up more than 1%. Zoom, a maker of video conferencing services, was up more than 5%. Gilead Sciences, which is working on a drug to treat the coronavirus, rose 5%, making it the biggest winner in the S&P 500. —Melloy

Stocks had a tumultuous open on Monday, with the Dow Jones Industrial Average dropping about 975 points. The fall in the 30-stock average is the third largest one-day point drop in the past three years. The S&P 500 and Nasdaq-100 were down by 2.3% and 4%, respectively. Alongside the market sell-off, bond yields and oil prices also fell. – Fitzgerald

Warren Buffett, chairman and CEO of Berkshire Hathaway, said Monday the recent outbreak of the coronavirus is not changing his outlook on stocks as the economy remains solid, albeit a little softer. “Business is down but it’s down from a very good level,” he said. Buffett also thinks Apple might be the “best business I know in the world,” while noting that bank stocks are “very attractive compared to most other securities I see.” For more on Buffett’s three-hour interview with Becky Quick on “Squawk Box,” click here. —Imbert

Source: https://www.cnbc.com/2020/02/24/stock-market-today-live.html

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