Markets fell sharply in midday trading, continuing the week’s trend and approaching formal “correction” territory—10% down from recent highs this month—because of ongoing concerns about the coronavirus.
The S&P 500 was down 0.8% to 3,092.61; the Dow Jones Industrial Average 0.9% to 26,271.99; the Nasdaq 1% to 8,887.90.
The yield on a 10-year Treasury bond, after falling in morning trading, was trending up 0.5% to 1.32%.
The price of gold was down a tick, 0.1%, to $1,641.
A barrel of oil plunged 3% to $47.26.
RESTAURANTS
Chipotle Mexican Grill Inc. (NYSE: CMG) in Newport Beach declined 7% to $787.87 for a $22 billion market cap. Investor Bill Ackman’s Pershing Square Capital hedge fund cut its stake in the fast-casual chain to 4.2% from 5.4%, for “portfolio management,” noting that growth in Chipotle shares over the last two years meant 20% of its capital was in the chain; the hedge fund has $7 billion in assets.
HEALTHCARE
San Clemente-based Glaukos Corp. (NYSE: GKOS) rose 3% to $63 and a $2.7 billion market cap. The glaucoma drug and device maker is set to report earnings today. Shares are up about 16% year-to-date.
