Stocks Opened Lower after Apple Warned of Coronavirus Impact

U.S. stocks opened lower on Tuesday, after a growing number of companies warned about the impact of the deadly coronavirus to quarterly results. The Dow Jones Industrial Average lately fell 96.27 points, or 0.33%, to 29,301.81. The S&P 500 lost 6.42 points or 0.19%, to 3,373.74. The Nasdaq Composite declined 20.63 points, or 0.21%, to 9,710.55.

Oil futures traded sharply lower Tuesday as concerns about the coronavirus and its impact on demand resurfaced. West Texas Intermediate crude for March delivery lost $1.11, or 2.1%, to $50.94 a barrel, while April Brent crude fell $1.33, or 2.3%, to $56.34 a barrel.

The iPhone-maker on Monday said it would not be able to meet its previously issued revenue guidance of between $63 billion to $67 billion for the quarter ending in March. Apple cited a slower than anticipated ramp-up of its supply chain in China after extended factory closures, as well as weakened product demand among Chinese consumers due to the coronavirus.