(CNN) – US stocks opened in red on Wednesday, after Tuesday’s rally, as concerns about the outbreak of coronavirus they reappear.
The Dow opened 700 points, or 2.9%, lower.
The S&P 500 started 2.6% lower.
The Nasdaq compound fell 2.5%.
Later more fell:
US stocks sold most mid-morning, with the Dow plummeting more than 1,000 points.
The index last fell 4.1%, or 1,015 points, while the broader S&P 500 fell 3.7%.
The technology-heavy Nasdaq compound fell 3.3%.
Banks are lowering their earnings expectations for US stocks, which is not helping the market.
“We believe the trajectory of quarterly earnings will be more important than the full year figures,” said Jonathan Golub, chief equity strategist at Credit Suisse at U.S.
Golub said the company’s first-quarter earnings should be positive, albeit weaker, before earnings are negative in the second quarter. He added that the profits will recover by the end of 2020.
Earlier in the day, Goldman Sachs cut its S&P 500 profit forecast.