Dow Jones Tanks over 1,000 Points

Overnight, the Dow Jones Industrial Average sold off. All of Wall Street was substantially lower as U.S. traders worried about the spread of the coronavirus which soured sentiment and sent equities sharply lower.

Traders are now worrying about a global economic slowdown as this outbreak goes global shutting down trade routes and industry.

The Dow Jones Industrial Average (DJIA) saw DJIA tanked 1,031.61 points or 3.56 percent. The S&P 500 tumbled 3.35 percent and the tech heavy Nasdaq composite index was down over 3.7 percent.

U.S. equities, across the board, have erased all of their gains for 2020 in a single day.

Dow Components Hit Hard by the Coronavirus

Several big names on the Dow component were hit hard thanks to the spread of the coronavirus out of China. Airline plays like Delta and American Airlines fell over six percent.

Shares of United fell 5.4 percent. Casino operators were also down sharply on the dat. Shares of MGM fell 5.4 percent and Las Vegas Sands stock fell 5.2 percent.

Chipmakers were also pummeled as they have a great deal of exposure in China, South Korea and Japan. Shares of Nvidia tanked over seven percent and Intel shares fell four percent. Shares of AMD took a beating and fell 7.8 percent.

Traders React to Coronavirus Headlines as the Outbreak Spreads

The coronavirus first originated in central China and has spread rapidly to other countries like South Korea, Italy and Iran. Italy has reported a spike in cases over the last couple of days.

The country of South Korea, neighbor to China, as raised its virus alert to the “highest level.” The number of infected in Korea now stands at 800, at last glance. This is the largest concentration of infected outside of China.

Italy, a European Union member state, has more than 130 reported cases and three confirmed related deaths.