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Coronavirus Strikes Hotels, Airlines Industry Stocks

U.S. stock index futures plunged sharply on rising concerns in regards to the financial fallout of a fast-spreading coronavirus epidemic in China as the country extended the Lunar New Year holidays and more giant businesses shut down.Coronavirus Strikes Hotels, Airlines Industry Stocks

Travel-associated stocks, including airways, casinos, and resorts, were the worst-struck in premarket trading Monday. A number of cities in China had been locked down for contagion worries, and new cases had been reported from the world over.

Wynn Resorts, Melco Resorts & Leisure, and Las Vegas Sands, which have massive businesses in China, were down between 5% and 7%. United Airlines Holdings and American Airways plunged 3.5% and 2.6%, respectively.

Shares of some tech giants that enjoyed a sturdy rally recently had been down. Apple, Alphabet, and had been all down around 2%.

The benchmark S&P 500 recorded its worst week in six months on Friday, and investors flocked to safer assets corresponding to gold and government bonds.

The death numbers from the epidemic in China surged to 81 Monday. While a small number of cases connected to individuals who traveled from Wuhan have been confirmed in over ten nations, together with Thailand, Japan, France, and the U.S., no deaths have been reported outside China.

Dow e-minis had been down 408 points, i.e., 1.41%. S&P 500 e-minis had been down 46.5 points, or 1.41%.

Shares in oil juggernauts Exxon Mobil and Chevron Corp dropped around 2% each as crude price plunged below $60 for the primary time in nearly three months as the epidemic kindled fears of slowing oil demand.