Global stocks continued to decline on Tuesday, with the Dow almost matching its over 1,000 point drop from Monday and the S&P 500 and Nasdaq both continuing to fall sharply. Technology stocks like Apple (NASDAQ: AAPL) and Facebook (NASDAQ: FB) have fallen into correction territory.
U.S. stocks really took a hit from the Centers for Disease Control and Prevention (CDC) outlining domestic outbreak planning after officials flagged that the coronavirus is likely to become a global pandemic. Due to the ongoing spread, health officials are now concerned that the virus will not be containable.
Here's how the market closed after another gloomy trading day:
S&P 500 Index (NYSE: SPY): -3.03% or -97.59 points to 3,128.30
Dow Jones Industrial Average (NYSE: DIA): -3.15% or -879.64 points to 27,081.16
Nasdaq Composite Index (NASDAQ: QQQ): -2.77% or -255.67 points to 8,965.61
In Major Stock News, shares of the biotech Moderna (NASDAQ: MRNA) rose almost 28% after it announced that it had shipped its coronavirus vaccine to U.S. government researchers for study. Shares of Mastercard (NYSE: MA) fell more than 6% after the credit card company issued an investor warning that the coronavirus will have an impact on its 2020 revenue. HP's (NYSE: HPQ) stock increased over 5% after beating expectation for its first fiscal quarter. Shares of Tupperware (NYSE: TUP) sharply dropped almost 50% after the consumer household products company warned of a shortfall in its full-year 2019 earnings. Shares of Expedia (NASDAQ: EXPE) dropped after the travel platform announced that it will cut 3,000 jobs in an effort to streamline its business.
In Stock Sector News, all sectors took another harsh hit on Tuesday, with the total percentage decline being -3.03%. The performance decline is as follows: Energy -4.34%, Materials -4.30%, Industrials -4.03%, Financials -3.41%, Information Technology -3.18%, Health Care -2.95%, Consumer Discretionary -2.61%, Real Estate -2.57%, Communication Services -2.41%, Utilities -2.16% and Consumer Staples -1.75%.
Lastly, in Commodity and Currency News, crude oil prices tanked on Tuesday, with West Texas Intermediate (NYSE: USO) declining -2.43%, just barely costing over $50 per barrel, and Brent Crude (NYSE: BNO) dropping -2.19%. In a shift from recent trends, gold (NYSE: GLD) prices have fallen from their 7-year highs, with the yellow metal price declining -1.46%. Finally, the U.S. Dollar (NYSE: UUP) continued to decrease on Tuesday, with the DXY Index lowering -0.33%.