Stocks on Wall Street began Friday’s trading session lower with the Dow Jones falling more than 700 index points at the open. Rising concerns over the coronavirus outbreak remained in investors’ focus including expectations from the US Federal reserves to take the action by cutting rates.
Apple and Microsoft fell 3.83% and 1.95% respectively while the Nasdaq 100 fell 2.65% as Tesla dropped 5.92%. S&P 500 was 2.67% lower at the same time.
The euro traded 0.27% lower against the dollar, going for 1.09665 at 9:32 am ET.
Geopolitics
The Iranian Parliament announced it has decided to stop holding sessions until further notice. The decision was announced after the Iranian Vice President for Women and Family Affairs, Masoumeh Ebtekar were reportedly infected with COVID-19. The nation’s deputy health minister, as well as two members of parliament, were confirmed to have tested positive.
OPEC
According to Reuters, Saudi Arabia and other members of the OPEC are said to be pushing for deeper oil production cuts than previously planned due to the negative impact of coronavirus on the markets.
