Stock market live updates: Dow futures down 700, airlines slide, Apple drops

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Technical analysts saw some weak internals in this market at the end of last week, which could be why the decline Monday is a little more severe than expected. Stocks were vulnerable to a decline. “The market is becoming very narrow in terms of stocks that have outperformed the S&P 500 over the last three months,” wrote JC O’Hara, chief market technician for MKM Partners, over the weekend. “Currently, this is the smallest group of winners since the 2007 market top.” —Melloy

The Federal Reserve may be forced to cut interest rates this year as worries about the coronavirus keep spreading, according to an Evercore ISI note to clients on Monday. “With outbreaks of the Wuhan virus in South Korea and Italy suggesting that it may be on the brink of morphing into a global pandemic we raise our estimate of the likelihood that the Fed cuts interest rates this year to 45 per cent,” strategist Krishna Guha said. “We would rather have a vaccine than a rate cut and fully recognize that monetary policy is not optimized for addressing this type of shock,” he said. —Bloom

Headlines over the weekend about a surge in coronavirus cases reported outside of China dented market sentiment to start off the week. South Korea said the number of people infected now totals more than 750. In Italy, the government said more than 130 cases have been confirmed along with three deaths. Iran has also confirmed more than 40 cases and eight deaths stemming from the coronavirus. These reports sent not only U.S. risk markets tumbling; they also dragged down global markets. —Imbert

Stocks not directly tied to the coronavirus fears are also very weak in premarket trading as investors sell popular positions in a risk off move. Netflix shares were off 4%. Amazon, Microsoft and Disney all dropped more than 3%. —Melloy

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

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