U.S. stocks sold off and the Nasdaq had its worst daily percentage decline in ab...
The S&P technology index .SPLRCT dropped 2.3%. Chipmakers, which have strong ties to China, also fell sharply. The Philadelphia Semiconductor index .SOX ended down 3%.
China reported a jump in new cases on Friday, while South Korea became the latest hot spot, with 100 new cases, and more than 80 people tested positive for the virus in Japan. “It’s creating a wild card” for companies and investors, said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. “Going into a weekend not so long after the stock market was hitting highs, people are taking some money off the table.”The worries pushed up Wall Street’s fear gauge, the CBOE volatility index , and caused investors to seek safe-haven assets. The VIX hit its highest closing level since Feb. 3.
Gold and bond prices rose and some defensive equity sectors, including staples .SPLRCS, ended the day higher. The IHS Markit Purchasing Managers’ index of services sector activity dropped to its lowest level since October 2013, signaling a contraction for the first time since 2016. The manufacturing sector also clocked its lowest reading since August.
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