UK markets open in 35 minutes

Trump: US Coronavirus Risk ‘Very Low’; Microsoft Warns of Windows Unit Revenue Miss

James Hyerczyk

U.S. equity markets finished mixed on Wednesday with the S&P 500 Index falling for a fifth straight session, while the selling pressure was a little lighter than the two previous sessions, the price action remained volatile as investors continued to react to headlines about coronavirus and its potential impact on the U.S. economy.

In the cash market on Wednesday, the benchmark S&P 500 Index settled at 3116.39, down 11.82 or -0.36%, the blue chip Dow Jones Industrial Average finished at 26957.59, down 123.77 or -0.43% and the technology-based NASDAQ Composite closed at 8980.78, up 15.17 or +0.17%.

Trump Says Coronavirus Risk in US is Low

President Donald Trump told Americans on Wednesday that the risk from coronavirus remained “very low,” and placed Vice President Mike Pence in charge of the U.S. response to the looming global health crisis.

He also said the spread of the virus in the United States was not “inevitable” and then went on to say: “It probably will, it possibly will. It could be at a very small level, or it could be at a larger level. Whatever happens we’re totally prepared.”

U.S. Coronavirus Update

Dozens of people were being checked for the coronavirus in the New York City area on Wednesday, officials said, but Governor Andrew Cuomo said the state has had no confirmed cases so far, Reuters reported.

“This situation is not a situation that should cause undue fear,” Cuomo told a news conference, saying that 27 people in New York have tested negative for the virus.

I’m happy to say right now, we don’t have a case,” county health commissioner Lawrence Eisenstein said.

In other news, the Centers for Disease Control and Prevention confirmed an infection of the new coronavirus in California in someone who had not traveled outside the United States or been exposed to a person known to have the virus, a first for the country.

Microsoft Expects Windows Unit to Miss Revenue Outlook on Coronavirus Impact

Microsoft Inc. said on Wednesday it does not expect to meet its quarterly revenue forecast for its Windows and personal computing business as a result of the coronavirus outbreak, sending its shares down more than 1% in after-market trading.

“Although we see strong Windows demand in line with our expectations, the supply chain is returning to normal operations at a slower pace than anticipated,” the company said in a statement.

Microsoft is the second company in the trillion dollar club to withdraw outlook. Earlier this month, Apple said that it may not be able to meet its March-quarter sales forecast.

This article was originally posted on FX Empire