Concerns Over COVID Spread Weigh on New York Stocks... Coupang and Netflix Plunge (Comprehensive)

[Asia Economy New York=Correspondent Baek Jong-min] Major indices on the New York stock market all closed lower. Concerns have been raised that corporate earnings are falling short of the record-high indices amid the ongoing spread of the novel coronavirus infection (COVID-19).

[Image source=Reuters Yonhap News]

On the 20th (local time), the Dow Jones Industrial Average fell 0.75% to 33,821.30, the S&P 500 dropped 0.68% to 4,134.94, and the Nasdaq declined 0.92% to 13,786.27.

There was a broad sell-off across the market, with notable declines in both cyclical stocks and technology shares.

Boeing and Nike each fell more than 4%. United Airlines plunged 8.5% after warning that business and international travel recovery is still far off. American Airlines also dropped 5.5%. Cruise operators Carnival and Norwegian Cruise Line each declined over 4%.

The World Health Organization (WHO) warning that global COVID-19 infections are reaching the highest levels has been analyzed as worsening investor sentiment.

Tesla rose 0.52%, buoyed by the rise in Bitcoin prices. Cryptocurrency exchange Coinbase fell 3.6%.

E-commerce company Coupang closed at $42.62, down 6.78%, marking its lowest closing price since its listing on the New York Stock Exchange last month.

Johnson & Johnson, which experienced a halt in the use of its Janssen COVID-19 vaccine, rose 2.3% due to better-than-expected earnings results.

CNBC reported that there are evaluations suggesting corporate earnings were insufficient to sustain the stock market rally.

Netflix, which announced earnings after the market close, saw its shares plunge 11% in after-hours trading following news that subscriber growth was 3.98 million, significantly below the expected 6.2 million.

May West Texas Intermediate (WTI) crude oil closed down 94 cents (1.5%) at $62.44 per barrel.

This content was produced with the assistance of AI translation services.