Stocks drop at open after virus warning from White House
The major indices start the session sharply lower following a dreary warning on the coronavirus from the White House. The S&P 500 (-3.1%) and Dow Jones Industrial Average (-3.1%) are both down 3.1%. The Nasdaq Composite is down 2.5%. All 11 S&P 500 sectors are trading in negative territory by more than 2.0%. The financials (-4.3%) and real estate (-4.9%) sectors are leading the retreat, while the consumer staple sector (-2.1%) is currently down the least.  U.S. Treasuries are trading mixed. The 2-yr yield is up four basis points to 0.24%, while the 10-yr yield is down ten basis points to 0.60%. The U.S. Dollar Index is up 0.6% to 99.62. WTI crude is down 0.8% to $20.31/bbl.