FW: The 10-Point Extra: The Latest on the Coronavirus

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Team-

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Please see below=E2=80=A6great info on the market drop we=E2=80=99ve =
seen over the last week and the latest on the Coronavirus and its =
economic implications.

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-Sam

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From: Matt Murray, WSJ =20
Sent: Thursday, February 27, 2020 4:14 PM
To: samuelwiss2012@gmail.com
Subject: The 10-Point Extra: The Latest on the Coronavirus

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All three major U.S. indexes posted their biggest one-day point drops =
ever as fears about the coronavirus grow, in a special edition of The =
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Today’s guide to the WSJ=20

Good Evening, and welcome to a special edition of The 10-Point.=20

It was a tough day for markets and U.S. stocks slid into a correction as =
fears about the coronavirus continued. Cases of the new virus are =
increasing, though just how deadly it might be overall is not yet clear. =
Concerns about its effects on daily life, businesses, schools and more =
have rippled around the globe. We’ve rounded up our coverage, from the =
latest on its spread to the reaction from companies and governments. For =
more, visit our =
live coverage page, which is regularly updated.

=E2=80=94Matt Murray, editor in chief

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1.

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The February market rout deepened today as investors braced for the =
coronavirus to slow business activity and depress corporate earnings. =
The Dow industrials tumbled 1,190.95 points, or 4.4%, to 25766.64, =
bringing its slide this week to more than 3,200 points. The S&P declined =
4.4%, extending its six-day decline to more than 10%=E2=80=94the fastest =
slide of that magnitude off a recent all-time high on record. The S&P =
500 and the Nasdaq Composite notched their largest one-day percentage =
declines since August 2011. All three major U.S. indexes posted their =
biggest one-day =
point drops ever.

Commodities from oil to industrial metals =
also dropped =
today=E2=80=8B. U.S. crude-oil futures slid 3.4% to $47.09 a barrel on =
the New York Mercantile Exchange. Prices are now 29% below a peak hit =
early this year. Brent crude closed down 2.3% to $52.18 a barrel on the =
Intercontinental Exchange. Saudi Arabia is slashing crude exports to =
China as demand weakens.

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A U.S. coronavirus outbreak would trigger temporary but widespread =
disruptions of daily life and business activity, =
posing a new =
risk to the nation’s longest economic expansion on record. Some U.S. =
companies said they =
could lose as =
much as half their annual revenue from China if the coronavirus epidemic =
extends through the summer. In Europe, investors are =
pulling out of =
Italian sovereign debt and heading for the safety offered by countries =
such as Germany and France.

* Among the best performers in the market’s rout =
were Chinese =
stocks.
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* Investors have dramatically =
reassessed the =
chances that the Fed will lower interest rates as soon as next month.
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* =F0=9F=93=9E On Call With WSJ: =
Register here =
for a conference call Friday at noon EST with Wall Street Journal =
editors and reporters on how global markets are reacting to the latest =
virus news.

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2.

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More than 82,000 people have been infected by the virus globally. The =
death toll stands at more than 2,800. U.S. authorities said that a =
patient in California =
might be the =
first U.S. coronavirus case diagnosed without a clear explanation about =
how the disease was transmitted. Federal officials are ramping up =
testing after that case.=20

President Trump put Vice President Mike Pence in charge of =
federal response =
efforts. Mr. Pence reiterated today that risk from the coronavirus =
remains low, but added: “We’re ready=E2=80=94we’re ready for anything.” =
Senate Majority Leader Mitch McConnell (R., Ky.) called on lawmakers to =
pass legislation funding a response to the disease within the next two =
weeks. A final spending figure is expected between $4 billion and $8 =
billion.

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South Korean soldiers sprayed disinfectant on a street in Daegu on =
Thursday. PHOTO: LEE MOO-RYUL/ASSOCIATED PRESS

In South Korea, government data indicated the virus outbreak there is =
now spreading =
faster than in China, where the virus first emerged. Some governments in =
Asia are =
wielding fines and jail terms to punish those accused of misleading =
investigators or flouting quarantine orders. Japan asked all schools in =
the country to shut for a month.

Italy’s number of confirmed cases leapt to 650, but governments across =
the EU have so =
far declined to reinstate border checks or take other measures to =
isolate the country. Iran today reported 106 new infections, as =
faith-based travel in the Middle East =
emerged as a =
dangerous new risk in the spread of the virus. Saudi Arabia temporarily =
barred visitors arriving for religious pilgrimages.

* Epidemiologists love studying the Olympics: There are few =
places better at breeding illness. Now the =
Tokyo Games =
might be in trouble.
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* Colleges and universities are =
canceling =
study-abroad trips.

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3.

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Businesses are scrambling to respond to the outbreak and are already =
seeing its impact.

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A closed Starbucks store in Shanghai, China, on Feb. 7. PHOTO: QILAI =
SHEN/BLOOMBERG NEWS

Banks with heavy exposure to Europe and Asia have =
warned their =
profits could be hit, and the auto industry =
braced for =
supply-chain disruptions. Starbucks said it had =
reopened =
hundreds of its China stores that had been closed in response to the =
outbreak. But other industries are reeling, such as toy companies, which =
are delaying product launches and struggling to fill orders after the =
epidemic closed =
or hindered factories in China.

Hollywood has already been =
forced to =
postpone several prominent films’ release in China, and maritime =
operators are =
facing their biggest challenge since the 2009 financial crisis. =
Disruptions are =
likely to =
prolong a continuing slump in U.S. freight transport. Facebook said it =
had canceled its annual developer conference in California, scheduled =
for May.=20

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4.

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What We Know About the Coronavirus So Far, and How to Prepare Yourself

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A man reaches for a mask at a Home Depot in Los Angeles.
PHOTO: FREDERIC J. BROWN/AGENCE FRANCE-PRESSE/GETTY IMAGES

Increased travel and trade over the past couple of decades have =
significantly accelerated the risk of global spread of disease. Yet how =
big an impact the virus ultimately has =
depends on how =
transmissible and deadly it turns out to be, which isn’t yet fully =
understood. The outbreaks in Italy, South Korea and Iran all started =
with a few cases and expanded quickly, suggesting that many mild cases =
contributed unseen to the spread.

The virus, called Severe Acute Respiratory Syndrome Coronavirus 2, or =
Sars-CoV-2, causes a disease called Covid-19. While the number of cases =
in the U.S. is low, officials have warned the virus could spread =
further. But =
there are precautions you can take, such as washing hands frequently.

* Hospitals and public-health officials in the U.S. and Europe =
are rationing =
medical masks and scrounging for more.

Get answers to more questions about the virus in our =
updated Q&A.

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5.

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What Else We’re Reading

What would a coronavirus outbreak in the U.S. mean for schools? ( =
New York Times)

One of the biggest rights holders of the Olympics, the media company =
Discovery, said it had insurance to protect itself from a loss of =
revenue if the Tokyo Olympics are canceled. ( =
Associated =
Press)

Amazon.com said it banned more than 1 million products that inaccurately =
claimed to cure or protect against the coronavirus. ( =
Reuters)

The Centers for Disease Control and Prevention has a comprehensive page =
about the virus and its spread. ( =
CDC)

The World Health Organization’s coronavirus disease situation reports =
are updated daily. ( =
WHO)

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=F0=9F=93=A2 Have comments or questions about special editions of The =
10-Point? Email us at 10point@wsj.com.

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The 10-Point was the name given to the news column that runs on the =
front page of The Wall Street Journal.

Today=E2=80=99s newsletter was curated and edited by =
Eleanor Miller in New York in =
collaboration with Editor in Chief Matt Murray.

Let us know what you think by replying to this email.

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