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Feb. 27, 2020, 4:43 p.m. EST

Stocks tumble for sixth straight day, finish in correction territory, on fears coronavirus will slow economy

Bank of America, Goldman cut outlook for economic growth, earnings

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By William Watts, MarketWatch , Andrea Riquier

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And an updated estimate of U.S. fourth-quarter gross domestic product matched economist expectations and showed no change from the first estimate of 2.1% annualized growth. A report on U.S. durable goods orders was weaker than expected, declining 0.2% in January.

Which companies were in focus?

  • Shares of Best Buy Co. Inc. /zigman2/quotes/205918291/composite BBY +1.78%  fell 4.5% despite reporting fourth-quarter profit and revenue that topped Wall Street expectations.

  • Perrigo Co. PLC /zigman2/quotes/201110862/composite PRGO -1.12%  shares tumbled 14.3% after the provider of over-the-counter health and wellness products reported fourth-quarter adjusted profit that was shy of expectations, sales that were in line, and a downbeat full-year earnings forecast.

  • Teladoc Health Inc. /zigman2/quotes/207420252/composite TDOC -4.79% shares roared 15.7% higher after a pair of hefty price target increases.

  • Shares of J.C. Penney Co. Inc. jumped in premarket trading Thursday but closed 5% lower after the retailer reported earnings and revenue that topped analyst expectations and offered guidance that wasn’t as bearish as Wall Street forecasts.

  • Booking Holdings Inc., the company formerly known as Priceline, lost 1.1% after the company said late Wednesday that coronavirus would hit its Q1 profit. Wall Street analysts on Thursday cut their stock price target for the online travel aggregator.

  • Tesla Inc. /zigman2/quotes/203558040/composite TSLA -2.46% shares fell 12.8% Thursday, a weekly loss for the car maker of about 25%.

  • Shares of Whiting Petroleum Corp . /zigman2/quotes/204602363/composite WLL +4.65% lost 24.3% after the company provided guidance that disappointed analysts.

  • Apache Corporation /zigman2/quotes/200648444/composite APA +2.47%   shares ended 2.6% higher after the company reported higher-than-expected earnings.

  • Square Inc. /zigman2/quotes/205989440/composite SQ +3.42%   shares rose 3.6% after strong earnings.

How did other markets fare?

Most Asian markets fell Thursday, with Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +1.19% down 2.1%, while Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI +1.11%  rose 0.3% and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.07% slipped 1.1%.

European markets slumped for a sixth day with the Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +1.53% closing down 3.8% at 389.45.

The U.S. dollar index /zigman2/quotes/210598269/delayed DXY -0.27% slipped 0.5% against a basket of currency trading partners.

Gold for April delivery gave back earlier gains to finish lower for a third day at $1,642.50, while the 10-year U.S. Treasury /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +1.73%  rate fell 1.4 basis points to 1.296%, recovering from another all-time low earlier in the morning.

Oil prices fell to a 13 month low with West Texas Intermediate crude for April delivery tumbling 3.4% to settle at $47.09 and Brent crude, the global benchmark, fell 2.3% to end at $52.18 a barrel.

The Cboe Volatility Index /zigman2/quotes/210598281/delayed VIX -1.13% surged 41%.

Related: Coronavirus worries are rocking global markets. What are ETF investors doing?

/zigman2/quotes/205918291/composite
US : U.S.: NYSE
$ 78.88
+1.38 +1.78%
Volume: 653,832
June 2, 2020 11:06a
P/E Ratio
14.47
Dividend Yield
2.80%
Market Cap
$20.02 billion
Rev. per Employee
$343,032
loading...
/zigman2/quotes/201110862/composite
US : U.S.: NYSE
$ 54.82
-0.62 -1.12%
Volume: 124,219
June 2, 2020 11:05a
P/E Ratio
40.02
Dividend Yield
1.64%
Market Cap
$7.56 billion
Rev. per Employee
$446,340
loading...
/zigman2/quotes/207420252/composite
US : U.S.: NYSE
$ 165.31
-8.31 -4.79%
Volume: 804,577
June 2, 2020 11:06a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$12.93 billion
Rev. per Employee
$208,953
loading...
/zigman2/quotes/203558040/composite
US : U.S.: Nasdaq
$ 875.99
-22.11 -2.46%
Volume: 5.88M
June 2, 2020 11:06a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$166.58 billion
Rev. per Employee
$439,627
loading...
/zigman2/quotes/204602363/composite
US : U.S.: NYSE
$ 0.85
+0.04 +4.65%
Volume: 4.16M
June 2, 2020 11:06a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$74.25 million
Rev. per Employee
$2.76M
loading...
/zigman2/quotes/200648444/composite
US : U.S.: NYSE
$ 12.02
+0.29 +2.47%
Volume: 5.04M
June 2, 2020 11:06a
P/E Ratio
N/A
Dividend Yield
0.83%
Market Cap
$4.43 billion
Rev. per Employee
$2.15M
loading...
/zigman2/quotes/205989440/composite
US : U.S.: NYSE
$ 85.55
+2.83 +3.42%
Volume: 6.90M
June 2, 2020 11:06a
P/E Ratio
141.22
Dividend Yield
N/A
Market Cap
$36.34 billion
Rev. per Employee
$984,824
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
22,325.61
+263.22 +1.19%
Volume: 0.00
June 2, 2020 3:00p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,995.94
+263.42 +1.11%
Volume: 1.81M
June 2, 2020 4:09p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,087.19
+22.11 +1.07%
Volume: 1.00M
June 2, 2020 3:30p
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
359.61
+5.41 +1.53%
Volume: 0.00
June 2, 2020 4:51p
loading...
/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
97.57
-0.26 -0.27%
Volume: 0.00
June 2, 2020 10:56a
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
0.67
+0.01 +1.73%
Volume: 0.00
June 2, 2020 11:05a
loading...
/zigman2/quotes/210598281/delayed
US : Cboe Indices
27.91
-0.32 -1.13%
Volume: 0.00
June 2, 2020 9:51a
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William Watts is MarketWatch's deputy markets editor, based in New York. Follow him on Twitter @wlwatts. Andrea Riquier reports on housing and banking from MarketWatch's New York newsroom. Follow her on Twitter @ARiquier.

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