11:25 a.m. ET: Why Apple, tech stocks are sinking

For Apple (AAPL) and several other tech bellwethers, the heavy reliance on China (both from a demand and supply perspective) are an albatross as coronavirus fears crimp the global supply chain.

In a note to clients on Monday, D.A. Davidson cited the iPhone maker as the biggest loser in the current environment. Analyst Tom Forte told Yahoo Finance in an interview that Grubhub and Netflix could benefit, as homebound citizens order in and binge on television.

The firm also listed the following as having “significant risk”:

• Amazon (AMZN)

• Logitech (LOGI)

• Shopify (SHOP)

In late morning trading, Apple dived by 4% to trade around $300 per share, while Facebook slumped by nearly 5%.

11:00 a.m. ET: Stocks pull off troughs, still sharply lower

Wall Street has clawed off session lows, but indexes remain well underwater as traders aggressively price in a worsening of the coronavirus outbreak. Here’s where major benchmarks are currently:

• S&P 500 (^GSPC): -2.69% or -89.92 points to 3,247.83

• Dow (^DJI): -2.79%, or -808.98 points to 28,183.43

• Nasdaq (^IXIC): -3.31% or -316.59 points to 9,260.00

• Crude oil (CL=F): -4.40% to $51.03 a barrel

• Gold (GC=F): +1.77% to $1,678 per ounce

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10:50 a.m. ET: Italy, already reeling, takes new blow from virus outbreak

Via Reuters, Italy — a G7 economy that’s seen sluggish (if nonexistent) growth for much of the last decade, is all but certain to take another hit from the coronavirus’ appearance there. Over 220 people have been infected since Friday with six dead.

From the story:

The euro zone's third-largest economy has been the most sluggish in the 19-nation bloc since the start of monetary union. It shrank by 9% in the wake of the 2008 global financial crisis and has recovered only about half of that since then.

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10:15 a.m. ET: WHO on coronavirus pandemic: ‘Not yet’

In its daily update, the World Health Organization’s director general made a distinction between the coronavirus being a contagious epidemic and a full-fledged pandemic:

"Our decision about whether to use the word “pandemic” to describe an epidemic is based on an ongoing assessment of the geographical spread of the virus, the severity of disease it causes and the impact it has on the whole of society.

Meanwhile, The White House may seek up to $1 billion to prevent the virus from worsening in the United States.

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10:14 a.m. ET: How the coronavirus will affect the global economy

Goldman Sachs took a knife to its U.S. estimates, shaving 0.2 percentage points off estimated Q1 GDP given the widening coronavirus outbreak. The bank warns that “risks are clearly skewed to the downside” in light of supply chain troubles, and will be felt in the following four ways:

The impact of the coronavirus on US growth is likely to come from four main channels, namely 1) reduced US goods exports to China, 2) reduced spending in the US by Chinese tourists and students, 3) a decline in US retailers’ services value added through lower US consumption of imported goods, and 4) a decline in US production due to supply chain production disruptions. The first two channels reduce output through lowering demand, while the latter two channels reduce output through a reduction in supply.

In a separate note, Goldman cited evidence that suggested the virus’s spread “is likely having a somewhat gradual but still sizeable impact on macro data.”

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9:50 a.m. ET: Expect cheaper energy prices until 2025: BofA

The upside of the coronavirus crisis will be sharply lower energy prices, with the hit to global demand expected to keep crude depressed, according to Bank of America. In a research note to clients on Monday, analysts said they expect Brent to range-trade between $50 and $70 until 2025:

As prices become more anchored around $60, we believe volatility implied in oil options could trend lower in the medium term. In contrast to last year, we see more support to our price outlook on increased capital discipline across the US shale industry, despite coronavirus risks. Our projections assume OPEC+ is prepared to continue to lose share in the global oil market, particularly if pandemic risks rise again.

The bank also expects the oil market to need additional production cuts this year amid “modest” demand that will keep Brent averaging $62 per barrel in 2020.

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9:30 a.m. ET: Wall Street plunges at the opening bell

The escalating coronavirus crisis is taking a huge toll on financial markets. The bloodletting that started on Sunday with stock futures and continued through Asia and European session has now hit U.S. blue-chip and tech stocks. Some of the day’s biggest losers include bellwether names like Apple, Google and Tesla — all of which fell by around 5% on the day.

Here’s where the markets began Monday’s trading session, which is shaping up to be an ugly one:

• S&P 500 (^GSPC): -3% or -100 points to 3,237.52

• Dow (^DJI): -3.2% or -918.19 points to 28,074.13

• Nasdaq (^IXIC): -3.52% or -336.76 points to 9,245.73

• Crude oil (CL=F): -4.72% to $50.86 a barrel

• Gold (GC=F): +2.18% to $1,684.70 per ounce

Analysts, however, don’t think the current drop will last. Invesco’s Brian Levitt told Yahoo Finance on Monday that the current scare is little more than a blip in a longer secular bull that won’t trigger a recession. "We will be back sometime later in this year talking about stabilizing economic activity."

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7:30 a.m. ET: Stock futures slump in early trading

U.S. stock futures appeared poised to extend last week’s losses, with each of the three major indices indicating a lower open as Wall Street grappled with the widening coronavirus crisis.

Here’s were the main moves during the pre-market session, as of 7:30 a.m. ET:

• S&P 500 futures (ES=F): 3,265.00, down 74.25 points or 2.22%

• Dow futures (YM=F): 28,293, down 688.00 points or 2.37%

• Nasdaq futures (NQ=F): 9,222.25, down 235.75 points or 2.49%

• Crude oil (CL=F): $51.39 per barrel, down $1.99 or 3.73%

• Gold (GC=F): $1,682.50 per ounce, up $33.70 or 2.04%

An unexpected surge in confirmed infections within South Korea and Italy — which now has the largest cluster of cases outside of China — raised the possibility that the mystery virus could be mutating into a pandemic. Last week, the Hubei province at the epicenter of the coronavirus outbreak revised its method of counting cases for the third time this month, further undermining confidence in the country’s official counts.

It raises the stakes for the entire global economy rather than just China, where the overwhelming majority of the world’s nearly 80,000 cases are located. According to Marc Chandler at Bannockburn Global Forex:

The [coronavirus] has not only crippled the Chinese economy, but its sheer size and magnitude of its integration in the global supply chains have far-reaching knock-on effects. Asia-Pacific economies that were increasingly reliant on Chinese input and demand are the most vulnerable. Estimates suggest that the world's second-largest economy is operating well less than 50% of capacity.

The virus is sending ripples across the global supply chain, with names like Volkswagen, Burberry, Starbucks and Apple among the growing list of multinationals whose operations are being adversely impacted by the outbreak.

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