Major U.S. stock indexes fell Tuesday, despite the Federal Reserve’s emergency rate cut intended to counter economic fallout from the global coronavirus epidemic. Traders were bracing for a rough week.
The S&P 500 was down 1.5% to 3,043.31 during midday trading.
The Dow Jones Industrial Average fell 1.8% to 26,223.25.
The Nasdaq decreased 1.5% to 8,821.53.
The yield on a 10-year Treasury bond plummeted 5% to 1.03%.
The price of gold increased 3.3% to $1,646.
The price for a barrel of oil rose 0.5% to $47.
RETAIL
Western apparel seller Boot Barn Holdings Inc. (NYSE: BOOT) in Irvine fell 4.9% to $28.40 per share for a market cap of $819.4 million. The stock has been on a generally downward path, losing 37% of its value since the start of the year.
RESTAURANTS
Fast casual food chain Chipotle Mexican Grill Inc. (NYSE: CMG) in Newport Beach fell 3.5% to $741.65 a share for a market cap of $20.6 billion. The shares may have been hit by the disclosure that investor Bill Ackman’s Pershing Square Capital hedge fund cut its stake in the chain to 4.2% from 5.4%. Separately news reports have said that diners are avoiding eating out due to the coronavirus scare. Zacks Equity Research said Monday it has a Buy rating on Chipotle Mexican Grill shares.
