Traders work on the floor at the New York Stock Exchange, January 14, 2020.
Brendan McDermid | Reuters
Dow Jones Industrial Average falls 128 points
The Dow slid 128.05 points, or 0.44%, to 29,219.98. The S&P 500 dipped 0.38% to 3,373.23. The Nasdaq Composite pulled back 0.67% to 9,750.96. A wave of risk-off sentiment, coupled with some technical factors, pressured the broader stock market.
Coronavirus and technicals lead to market swoon
The major averages hit their session lows around midday trading after a sudden move down. While the reason for the decline was not entirely clear, some traders pointed to some technical factors as well as a report from the state-run Global Times newspaper in China, which said coronavirus cases spiked at a hospital in Beijing. Others pointed to positions being unwound within so-called momentum stocks. “At this point, if we start seeing anything negative, it will probably force some people to start taking profits,” said Christian Fromhertz of Tribeca Trade Group.
Goldman and Intel drop, Apple falls
Goldman Sachs and Intel dropped 1.94% and 2.47%, respectively, to lead the Dow lower. Apple also contributed to the losses, dipping 1.03%.
What happens next?
Existing home sales numbers are set for release Friday. Investors will also be on the lookout for any updates on the coronavirus. Read more here.
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