Stock market news live: Stocks tumble as coronavirus fears reignite – Yahoo Finance

The S&P 500 was on track to snap a three-day winning streak, as fears over the coronavirus flared.

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11:33 a.m. ET: PepsiCo CFO says coronavirus has had little effect on sales to date

At least for now, PepsiCo’s (PEP) exposure to China’s coronavirus outbreak looks contained given the company’s relatively small exposure to the country.

“Obviously a very difficult situation there,” PepsiCo CFO Hugh Johnston said on Yahoo Finance’s The First Trade. ”We have six plants there, and five are up and running. We actually expect the Wuhan plant to be up and running in the coming days as well. We were shut down for a period of time coming out of Chinese New Year, but we seem to be getting back to up and running a bit.”

Earlier Thursday, the food and beverage giant reported fourth-quarter sales and earnings that topped expectations, delivering core earnings per share of $1.45 on net revenue of $20.64 billion. However, the company’s 2020 core EPS guidance of $5.88 trailed consensus estimates for $5.95.

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11:27 a.m. ET: Stocks pare some losses

The three major U.S. indices were off the lows of the day, but still held in the red during intraday trading,

Here were the main moves in markets, as of 11:29 a.m. ET:

• S&P 500 (^GSPC): -0.07% or -2.27 points to 3,377.18

• Dow (^DJI): -0.26% or -77.01 points to 29,474.41

• Nasdaq (^IXIC): -0.04% or -4.23 points to 9,721.8

• Crude oil (CL=F): +$0.37% or +$0.19 to $51.36 a barrel

• Gold (GC=F): +0.49% or +$7.70 to $1,579.30 per ounce

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9:31 a.m. ET: Stocks open lower after coronavirus cases surge

The three major domestic stock indices fell after China’s Hubei province announced it was changing the way it diagnosed and counted coronavirus cases, leading to a surge in new cases.

Declines in the Dow were led by a 5.5% drop in shares of Cisco, after the networking company reported another drop in quarterly revenue and guided toward further sales declines. Cisco reported quarterly results after market close Wednesday.

Here were the main moves in markets, as of 9:32 a.m. ET:

• S&P 500 (^GSPC): -0.55% or -18.49 points to 3,367.31

• Dow (^DJI): -0.5% or -148.83 points to 29,402.59

• Nasdaq (^IXIC): -0.58% or -55.11 points to 9,670.51

• Crude oil (CL=F): +$0.37% or +$0.19 to $51.36 a barrel

• Gold (GC=F): +0.41% or +$6.40 to $1,578.00 per ounce

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9:12 a.m. ET: Alibaba CEO calls coronavirus crisis a ‘black swan’ event

Chinese e-commerce giant Alibaba Group’s CEO Daniel Zhang characterized the widening coronavirus crisis as a “black swan event” on Thursday, warning that the outbreak has potentially global implications.

During a call with analysts discussing the company’s fiscal third-quarter results that beat expectations, Zhang said that the coronavirus presents “near term” challenges to Alibaba’s businesses that will have “significant impact” on China and beyond.

The comments came amid quarterly results for the Chinese company that topped consensus expectations, with earnings, sales and mobile monthly active users each coming in better than anticipated.

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8:30 a.m. ET: Jobless claims rise less than expected for week ended Feb. 8

New unemployment claims rose by 2,000 to 205,000 for the week ended February 8, the Labor Department said Thursday. This was below expectations for a jump to 210,000 new jobless claims, according to Bloomberg-compiled consensus data.

The four-week moving average for jobless claims – a less volatile measure of underlying trends – was unchanged from last week’s 212,000, which had been the lowest level since July.

Continuing unemployment claims rose by 1.698 million for the week ended February 1, well below the prior week’s rise of 1.759 million. Consensus economists expected this to rise to 1.734 million for the most recently reported week.

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8:30 a.m. ET: Consumer prices post biggest 12-month rise since October 2018 in January

Consumer prices posted their largest 12-month increase in more than a year in January, as prices for shelter, food and medical care services jumped.

The Labor Department’s headline consumer price index rose by 2.5% over last year in January, topping expectations for a 2.4% increase and December’s 2.3% rise. But over last month, consumer prices rose by just 0.1%, or slightly short of the 0.2% rise anticipated.

Excluding more volatile food and energy prices, CPI rose 2.3% over last year, or greater than the 2.2% increase expected. CPI excluding food and energy was up 0.2% over last month, matching expectations.

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7:54 a.m. ET: Tesla shares fall after announcing plan to issue $2 billion of common stock

Tesla (TSLA) will issue $2 billion of common stock in a public offering, with CEO Elon Musk set to buy up to $10 million worth of shares, the company said in a statement Thursday. Larry Ellison, Tesla board member and co-founder of Oracle, will buy up to $1 million of common stock.