Coronavirus Spread Hurts Market Darlings the Hardest
With the markets seeing a major sell-off on Monday, the fears of a coronavirus spreading into a pandemic beyond China (South Korea, Italy, Turkey) is becoming more real. We are also now getting to see some of the expected “election volatility” come into play after having been considered a “market risk” rather than a market event until this point.
24/7 Wall St. has tracked some of the top so-called market darlings that have done so well in 2019 and at the start of 2020, and these shares were all paying a big price with big selling pressure on Monday morning. We will cover the moves later in the day as a refresh to this story.
Shortly after the opening bell, the Dow Jones industrials were down over 800 points at 28.175 and the S&P 500 was down about 89 points at 3,249.25. The tech-heavy Nasdaq, where most of the “darlings” are traded, was down 286 points (3%) at 9,290 on last look. Here is how the companies in focus have been trading.
Advanced Micro Devices Inc. (NASDAQ: AMD) closed at $53.28 on Friday, down from a recent high of $59.27, and it was down over 8.6% at $48.70 after Monday’s opening bell.
Amazon.com Inc. (NASDAQ: AMZN) closed at $2,095.97 on Friday, with a recent all-time high of $2,185.95, and its shares were down almost 35 at $2,037.00 on Monday after the opening bell.
Apple Inc. (NASDAQ: AAPL) closed at $313.05 on Friday, after a recent all-time high of $327.85, and was last seen down 5.5% at $295.35.
Enphase Energy Inc. (NASDAQ: ENPH) closed at $59.09 on Friday, after hitting a post-earnings high of $59.15, but its shares were down almost 6% at $55.60 Monday morning.
Microsoft Corp. (NASDAQ: MSFT) closed at $178.59 Friday, versus a recent all-time high of $190.70, and its shares were last seen down 4.8% at $170.00.
Nvidia Corp. (NASDAQ: NVDA) closed at $294.07 on Friday with a new high of $316.32, but the shares were down over 6% at $275.50 on Monday morning.
Shopify Inc. (NYSE: SHOP) was down 5.2% at $493.65 on Monday morning, after closing at $520.66 on Friday. Last week’s high was $593.89.
Tesla Inc. (NASDAQ: TSLA) closed at $901.00 on Friday, after hitting an all-time high of $968.99, and its shares were down almost 5% at $856.70 on Monday after the opening bell.
Again, this story will be updated and expanded.
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