Australian Market

Markets in Australia were closed for Australia Day.

US Market

Stocks and crude oil tumbled intraday as escalating concerns about the containment of China’s viral outbreak reignited global growth worries.

The Dow Jones Industrial Average fell 370 points, or 1.3%, and the S&P 500 dropped 1.3%. The technology-heavy Nasdaq Composite lost 1.5%. All three indexes were poised for their worst day since October.

The selloff was broad-based. All 11 sectors in the S&P 500 slumped, as did 24 of the 30 Dow components. Energy stocks suffered the steepest losses, falling more than 2%, in the broad stock-market index.

Uncertainty surrounding the virus jolted a market that had been unusually calm: The S&P 500 hasn’t closed up or down 1% in a single trading session since mid-October, one of its longest such streaks since 1969.

Commodities

Gold prices tallied their highest finish in more than six years, as fears of the economic impact of a fast-moving viral outbreak hurt appetite for stocks and powered buying in assets perceived as havens.

Gold for February delivery on Comex gained $5.50, or nearly 0.4%, to settle at $1,577.40 an ounce, after hitting an intraday high at $1,588.40, after. It settled with a weekly gain of 0.7% on Friday.

Oil Futures

U.S. benchmark oil prices ended the session 1.9% lower at $53.14 a barrel, marking a fifth straight daily decline and the lowest closing price since Oct. 15.

Investors continue to sell due to the deadly coronavirus that is weakening demand in China and potentially world-wide.

Forex

The U.S. dollar was broadly benefiting from a flight to safer assets, rising against a wide swath of emerging market currencies while also seeing strong gains against the Canadian, Australian and New Zealand dollars as well as the Norwegian krone, which were weighed down by weaker oil prices.

While the dollar has edged lower against the traditional havens, the Japanese yen and Swiss franc, the WSJ Dollar Index was still up roughly 0.1% intraday at 90.79, as investors focus on the potential economic impact of the spreading coronavirus.

European Markets

European stocks were firmly lower as the coronavirus outbreak in China darkened the mood and developments in the U.S. presidential impeachment trial created uncertainty.

The Stoxx Europe 600 dropped 2.1%, the CAC-40 and DAX fell 2.4% and the FTSE 100 retreated 2.2%.

Asian Markets

Markets in China, Hong Kong and South Korea were closed for the Lunar New Year holiday. The Nikkei Stock Average ended 2.0% lower at 23343.51, marking the biggest percentage drop since Aug. 26, 2019.

Chinese tourism-related stocks were hit after Beijing halted overseas departures of Chinese tour groups as it tries to contain the spread of coronavirus. Tokyo Disney Resort-operator Oriental Land ended 7.8% lower, cosmetics maker Shiseido fell 5.5% and Japan Airlines settled down 3.9%.

Indian shares also slid on fears over the spread of coronavirus. The benchmark Sensex closed 1.1% lower at 41155.12, led by financial firms and metal- and power-related stocks.