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The iShares MSCI Emerging Markets ETF (EEM) dropped 3.6%, putting the EM stocks fund on pace for its worst day since Aug. 5, when it closed 3.7% lower. EEM also dipped into correction territory, briefly trading 10% below its 52-week high. âFrancolla, Imbert
Monday’s sell-off in stocks led the Dow, S&P 500 and Nasdaq to trade below their 50-day moving averages. It was the first time that the Dow broke below its 50-day average since Feb. 3. The S&P 500 and Nasdaq, meanwhile, haven’t closed below their 50-day moving averages since October. âImbert, Francolla
Following Monday’s decline, the Dow is now in the red for 2020. The average is now down 1.3% year-to-date. The S&P 500 is still clinging to a 0.4% gain for the year. The Nasdaq Composite Index is still up 3.3% for the year, even after Monday’s slide. â Melloy
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. â Pound