Market, economic data will be clouded by coronavirus for months: Jefferies strategist

Описание: David Zervos of Jefferies joins "Squawk on the Street" to discuss how coronavirus could affect markets and the economy.

Stocks fell on Thursday, slipping from record highs, as investors grappled with a a jump in reported coronavirus cases and the virus’ possible economic impact.

The Dow Jones Industrial Average slid by 128.11 points, or 0.4%, 29,423.31. The S&P 500 fell nearly 0.2% to 3,373.94 after notching an intraday record earlier in the session. The Nasdaq Composite closed 0.1% lower at 9,711.97. The tech-heavy index also hit an intraday all-time high before dropping into the close.

Microsoft shares fell about half a percent after to push the Dow lower. Cisco Systems, however, was the Dow’s biggest decliner. The industrials sector dropped 0.7% and was the biggest laggard in the S&P 500. Health care also pulled back 0.5%.

United and American Airlines both fell more than 1%. Wynn Resorts and Las Vegas Sands — two proxy stocks for the coronavirus given their exposure to China — declined by more than 2% each.

China said it confirmed 15,152 new cases and 254 additional deaths. That brings the country’s total death toll to 1,367 as the number of people infected jumped to nearly 60,000, according to the Chinese government.

The jump in cases was due to the way Chinese authorities are counting them. Health authorities in Hubei province said Thursday that they changed the way they tabulate case totals — “clinically diagnosed” cases now count toward the “confirmed case” count, resulting in the sudden surge among the latter.

Stocks have also fared better during the coronavirus outbreak than in other global medical emergencies.

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