Coronavirus will “decrease earnings and growth” around the world, analyst says
Ryan Detrick, Senior Market Strategist for LPL Financial, said in a statement today, “The coronavirus might be slowing in mainland China, but the huge jump over the weekend to various other countries has many reassessing 2020 growth estimates.”
“The [International Monetary Fund] already lowered China’s growth this year, but should the virus continue to spread to other parts of the world, we could see quickly decreasing earnings and growth outlooks.”
Earlier today, US stock markets plunged almost 1,000 points as coronavirus fears mount.
The Dow has now lost more than 1,400 points in the span of the three trading days. That sharp drop wiped out the Dow’s gains for the year — leaving the index slightly negative for 2020.
The S&P 500 and Nasdaq are both down this morning, but remain positive on the year.