Stocks fell sharply on Friday after the number of new coronavirus cases escalated, fueling worries over a pronounced global economic slowdown.
The Dow Jones Industrials tumbled 212.6 points, to move into noon hour at 29,007.38, and break below 29,000 for the first time since Feb. 10.
The S&P 500 slouched 27.24 points to 3,345.99.
The tech-heavy NASDAQ dropped 119.47 points, or 1.2%, to 9,631.49.
Friday’s losses put the major averages on pace for their first weekly losses in three weeks. The NASDAQ is down roughly 1.3% week to date. The Dow and S&P 500 are both down at least 1.3% for the week.
In corporate news, Deere shares popped more than 6% on quarterly earnings that beat analyst expectations. Dropbox soared more than 22% after posted a profit that topped estimates.
Microsoft and Nike fell more than 2% each to lead the Dow lower. The S&P 500 was pressured by a 1.9% drop in the tech sector. Facebook, Amazon, Netflix, Google-parent Alphabet and Apple all traded at least 0.7% lower to drag down the NASDAQ lower.
China’s National Health Commission reported more than 75,000 confirmed cases and over 2,000 deaths on the mainland. More than 800 new cases were reported in China overnight. South Korea reported 52 new cases on Thursday to take its total to 150.
IHS Markit also said activity in the U.S. services sector hit its lowest level in more than six years, noting confidence was "subdued" to the coronavirus.
Prices for the 10-Year U.S. Treasury gained sharply, lowering yields to 1.47% from Thursday’s 1.52%. Treasury prices and yields move in opposite directions.
Oil prices dropped 68 cents to $53.20 U.S. a barrel.
Gold prices hiked $21.70 to $1,642.20 U.S. an ounce.
