Stock market live updates: Dow futures drop 400, coronavirus fears hit Wynn, Disney, Nike & Apple - CNBC

A traveller wearing a mask, sits at Vancouver International Airport (YVR) as Canada's Public Health Agency added a screening question for visitors and began displaying messages in several airports urging travellers to report flu-like symptoms in efforts to prevent any introduction of coronavirus, in Richmond, British Columbia, Canada January 24, 2020.

Jennifer Gauthier | Reuters

This is a live blog. Check back for updates.

8:34 am: Oppenheimer downgrades Estee Lauder as coronavirus threat looms

Oppenheimer downgraded shares of cosmetic company Estee Lauder to perform from outperform and lowered their price target to $210 per share from $230 per share, as the death toll and infection rate of the Chinese virus continued to rise. In recent years, the Chinese consumer has represented a key driver in Estee Lauder's business, offsetting weakness in the United States, said Oppenheimer. Credit Suisse estimates the makeup company has about 17% revenue exposure in China. "Although difficult to measure the precise impact and the length at which the coronavirus-related challenges could persist within the Chinese economy, we now expect EL's higher margin travel-retail segment to be adversely impacted at least in Q3 (Mar.) and potentially longer," Oppenheimer analyst Rupesh Parikh said in a note. After falling more than 10% last week, Estée Lauder ticked lower again on Monday. –Fitzgerald

8:27 am: Boeing shares under pressure as plane crash details to unfold

Shares of Boeing are down 1.6% in volatile trading as investors grapple with conflicting information about a passenger plane crash in Afghanistan on Monday. It was initially reported to be a plane from the state-owned Ariana Afghan Airlines. However, the airline's acting CEO Mirwais Mirzakwal has since denied that one of its planes had crashed. It's still unclear if it was a Boeing plane that went down. —Li

8:21 am: Bank of America downgrades Wynn Resorts on virus fears

Bank of America downgraded shares of hotel and casino chain Wynn Resorts to neutral from buy and lowered its price target to $150 per share from $160 per share as the Chinese coronavirus continues to spread, threatening travel and tourism-related stocks (see below). The deadly virus, which has killed more than 80 people and infected over 2,800 people, is getting stronger, forcing China to restricted travel for at least 35 million people across 15 cities. "Understandably, the Macau focused gaming names have traded off more than the broader market as they are 1) highly exposed to domestic Chinese travel, 2) the timing is concurrent with Chinese New Year," Bank of America equity analyst Shaun Kelley said in a note to clients Monday. After falling more than 11% last week, Wynn shares dropped once again on Monday. –Fitzgerald

8:11 am: Travel and consumer stocks take a hit amid increasing coronavirus worries

Travel and gaming stocks are leading the broader market lower as fears over the coronavirus escalate. Las Vegas Sands, Wynn Resorts and MGM Resorts, which have big China gaming operations, all dropped at least 4.5% in the premarket. Airline shares such as American, Delta and United each slid at least 3% on fears of a slowdown in global travel because of virus fears. Expedia was off by 4% and Marriott International by 3%. Estee Lauder and Nike, two consumer stocks with high China sales exposure, fell 4.1% and 2.5%, respectively. Disney and Apple both dipped more than 2%. —Imbert

8:10 am: Dow set to drop more than 400 points as coronavirus fears permeate

U.S. stock futures are following global markets lower on Monday amid rising fears of the spreading coronavirus and its potential impact on the global economy. Around 7:50 a.m. ET, Dow Jones Industrial Average futures indicated a drop of more than 400 points at the open. S&P 500 and Nasdaq 100 futures pointed to a loss of more than 1% each. Fears spread after the death toll in China from the virus rose to 81 over the weekend, with more than 2,800 cases confirmed. —Imbert

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Stock market live updates: Dow futures drop 400, coronavirus fears hit Wynn, Disney, Nike & Apple - CNBC
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