Stocks trade lower as coronavirus declared global emergency
China reported 9,692 confirmed cases of the virus on Friday with a death toll of 213
U.S. equity futures are pointing to a lower open when trading begins on Friday after the World Health Organization declared the coronavirus a global emergency.
The major futures indexes are indicating a decline of 0.5 percent.
Markets in mainland China remained closed as the U.S. warned against all travel to China following the WHO's announcement.
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China reported 9,692 confirmed cases of the virus on Friday with a death toll of 213, including 43 new fatalities.
Japan's Nikkei rose 1 percent, while Hong Kong's Hang Seng fell 0.5 percent.
A monthly survey of manufacturers in China showed factory activity weakened, but it did not reflect the latest developments from the virus outbreak.
In Europe, London's FTSE fell 0.9 percent, Germany's DAX slipped 0.5 percent and France's CAC dropped 0.7 percent
A late wave of buying left major U.S. stock indexes with modest gains on Wall Street after they spent most of the day in the red. Technology companies and banks fared best.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
| SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
Investors worry that the outbreak could end up dampening global economic growth.
But those concerns appeared to ease by late afternoon, after the director general of the World Health Organization said that the organization was not recommending limiting travel or trade to China.
STATE DEPT. SAYS DON'T GO TO CHINA
The U.S. issued its own advisory warning against all travel to China, and advice to Americans inside China to leave if possible.
In Thursday session, the S&P 500 index rose 0.3 percent after falling as much as 0.9 percent earlier in the day. The Dow Jones Industrial Average climbed 0.4 percent, while the Nasdaq added 0.3 percent.
The WHO's move to declare the outbreak a global emergency Thursday came after the number of cases spiked tenfold in a week. The declaration means the WHO sees the virus as a risk to other countries that requires an international response.
Amazon shares are surging in the premarket by 9 percent, putting shares around $2,033, after results topped estimates. The company crediting amazon prime for the growth.
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Tesla surged 10.3% after the electric vehicle maker blew past Wall Street’s fourth-quarter earnings forecasts on record sales. The company also told investors that it is ramping up production of the Model Y small SUV, which is a key product because consumers are buying smaller utility vehicles.
The Associated Press contributed to this article.