US stocks open lower on coronavirus threat

The three major indexes were down Wednesday as US stocks opened lower and drifted the day after gaining 1,167 points, suggesting another rocky day of trading amid fears of an economy dragged down by the coronavirus.

In early trading, the Dow Jones Industrial average fell 770.92 points, or 3.14 percent, to 24,225.01. The S&P 500 lost 3.04 percent. Nasdaq Composite declined 2.66 percent.

Brent Crude, a worldwide benchmark, fell 2.61 percent. West Texas Intermediate Crude declined 2.94 percent. Oil is often viewed as a proxy for future economic activity.

Yield on the 10-year US Treasury note declined slightly as the price edged up as investors sought safety. Bond yield and price move in opposite directions.

US President Donald Trump plans to meet with top banking officials Wednesday afternoon to discuss the threat of the coronavirus.

Representatives from Goldman Sachs, Bank of America, Wells Fargo, JPMorgan Chase and Citigroup are expected to attend. The full agenda has not been announced.

"We'll be talking to them about what they can do to help small businesses and companies that are impacted," Treasury Secretary Steven Mnuchin told reporters Monday.

It may be another rough day for airline stocks as individuals and companies limit travel during the coronavirus outbreak.

In response, American Airlines, United Airlines and Delta have reduced the number of flights. Some cuts may extend through the summer.

Leisure stocks, including hotel and cruise ship lines, also may be clipped in Wednesday's trading.

On Tuesday, US stocks rallied for a strong finish after sliding into negative territory by midday and the Dow closed up 1,167 points.

US President Donald Trump plans to meet with top banking officials Wednesday afternoon to discuss the threat of the coronavirus.

Representatives from Goldman Sachs, Bank of America, Wells Fargo, JPMorgan Chase and Citigroup are expected to attend. The full agenda has not been announced.

"We'll be talking to them about what they can do to help small businesses and companies that are impacted," Treasury Secretary Steven Mnuchin told reporters Monday.

On Tuesday, US stocks rallied for a strong finish after sliding into negative territory by midday and the Dow closed up 1,167 points.