3 Stocks Are Gaining Even As Coronavirus Creates Chaos
Zacks Investment Research | Feb 28, 2020 07:56AM ET
The coronavirus eruption has crippled China, with 2,788 reported deaths and 335 new confirmed cases, as of Feb 28. In fact, investors are fretting over the new infections and deaths reported around the world. Notably, the Dow Jones Industrial Average has shed more than 1,000 points, thus creating an air of uncertainty about global markets.
U.S. stocks also tumbled for the sixth straight day yesterday, slipping to the lowest level since last October. Further, tech behemoths like Microsoft (NASDAQ:MSFT) and Apple (NASDAQ:AAPL) slashed their growth outlooks — clearly a sign that COVID-19 will have a larger-than-anticipated impact on global business.
Let’s take a look at the effects of the breakout.
Key Players at Risk
U.S. President Donald Trump has acknowledged that this acute outbreak will dent growth. Notably, impact on the aviation, hospitality and retail sectors may lower consumer spending.
Due to significant exposure to China, many key players in the United States have been hit hard. These include the likes of Starbucks (NASDAQ:SBUX) , Nike (NYSE:NKE) , United Airlines Holdings and Walmart (NYSE:WMT). For instance, Nike-owned stores in China have been shut, which weighed on the company’s revenues in the fiscal third quarter.
industry ’s 1.6% rise.
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