Wall Street slides on coronavirus fears, Intel limits losses

The chipmaker's shares jumped 8.9per cent to hit a 19-year high after it forecast better-than-expected 2020 earnings, joining many of its peers to signal a recovery in chip demand.U.S. health officials confirmed that a second case of Wuhan coronavirus in the United States had been detected in Chicago, adding to nerves after the outbreak in China killed 26 people and infected more than 800 in the past week, raising concerns about its fallout on the global economy.

"It has taken the wind out of the market, because for now other than we have stocks coming under some selling pressure," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. Analysts expect earnings at S&P 500 companies to drop 0.5per cent in the fourth quarter, but forecast a 5.5per cent rise for the first quarter of 2020, according to Refinitiv IBES data.

However, financial stocks were hit by declines in shares of big banks including JPMorgan Chase & Co and Bank of America Corp , which fell more than 1.5per cent, tracking a drop in U.S. Treasury yields.

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