Major indexes fluctuated on coronavirus developments but headed toward a negative close as the first quarter came to an end, giving up many of Monday’s gains.
The S&P 500 was down 1.1% at 2,598.14 during midday trading.
The Dow Jones Industrial Average fell 1% to 22,095.74.
The Nasdaq declined 0.7% to 7,719.99.
The yield on a 10-year Treasury bond fell 2.2% to 0.70%.
The price of gold decreased 2.4% to $1,604.
The price for a barrel of oil rose 1% to $20.29.
Sunstone Hotel Investors Inc. (NYSE: SHO) fell 5.6% to $8.19 per share for a market cap of $1.8 billion. The Aliso Viejo-based REIT has lost 25% of its market value since March 2 along with other hotel companies hit by travel bans due to the coronavirus pandemic.
Real estate investment trust Healthpeak Properties (NYSE: PEAK) in Irvine fell 5.7% to $22.96 per share for a market cap of $11.6 billion. Fitch Ratings on Monday said the “coronavirus will negatively affect senior housing facilities” in a report affirming Healthpeak at BBB+, which is investment grade, with a stable outlook.