Stocks Drop on Coronavirus Spread; Treasuries Jump: Markets Wrap

Financial stocks underperform as Wells Fargo plans job cuts
Dollar strengthens, rebounding from Wednesday’s decline

Esty Dwek, head of global macro strategy at Natixis Investment Managers, discusses the run-up in equities and the risks she’s seeing in the markets.Daybreak: Europe. (Source: Bloomberg)

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By Vivien Lou Chen and Vildana Hajric

July 8, 2020 at 9:38 PM UTC

Updated on

July 9, 2020 at 8:01 PM UTC

This article is for subscribers only.

U.S. equities slumped on concern that a resurgence in coronavirus cases will derail the comeback for the world’s biggest economy. Oil dipped below $40 a barrel and Treasuries jumped.

Financial companies were among the worst performers on the S&P 500 Index as Wells Fargo & Co. prepared to cut thousands of jobs because of the pandemic. The Dow Jones Industrial Average’s loss exceeded 1.3% as Boeing Co. dropped. The Nasdaq gauges advanced as big tech stocks rose.