Daily Market Update
with JJ Kinahan

5 min read

Sick Day: Market Sentiment Dampened by Coronavirus Outbreak in China

(Tuesday Market Open) As U.S. investors returned to their desks to begin a holiday-shortened week, they were facing some concerns that seemed to be eating into the optimism that led stocks to record highs last week.

The deadly coronavirus outbreak in China brought back memories of the economic repercussions from the Severe Acute Respiratory Syndrome (SARS) outbreak in the early 2000s, which hit the major financial center of Hong Kong hard. 

Stock market sentiment also appears to have taken a dent after the International Monetary Fund reduced its forecast for 2020 global economic growth to 3.3% from the 3.4% it had previously projected. Still, the new figure would be an increase from an estimated 2.9% growth in 2019. 

It also seems that President Trump’s impeachment trial may be adding a layer of caution to the market. But overall, traders and investors don’t seem too worried about it. 

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