As fears about the coronavirus catch up to U.S. markets, investors are watching ...
NEW YORK - As fears about the coronavirus catch up to U.S. markets, investors are watching closely to see if the outbreak freezes global supply chains and spreads far enough to be called a pandemic.
U.S. stocks slid more than 3% while Treasury yields tumbled and the yield curve inversion deepened - a sign that signals potential recession. Already, companies such as iPhone giant Apple Inc have warned that supply chain disruptions could lead to short-term product delays. Any further spread of the virus will likely exacerbate those problems and hurt demand, said Eric Marshall, a portfolio manager at Hodges Capital.
A continued sell-off in equities while the bond market continues to rally would also put an end to a synchronicated rally that had pushed both risk-on assets like U.S. stocks and typical safe-havens like the dollar and Treasuries all up by 3% or more this year.
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