Stocks Opened Lower, Airline Stocks Tumbled

U.S. stocks opened lower on Monday, with the airline stocks tumbling, as mounting concerns that companies would see lasting damage in the aftermath of the coronavirus pandemic spooked market participants. The Dow Jones Industrial Average lately dropped 295.72 points, or 1.25%, to 23,427.97. The S&P 500 shed 24.79 points, or 1.25%, to 23,427.97. The Nasdaq Composite declined 22.56 points, or 0.26%, to 8,582.39.

U.S. oil prices headed lower early Monday, with persistent worries about a flare up in tensions between China and the U.S. over the former’s handling of the coronavirus outbreak. West Texas Intermediate crude for June delivery was $1.41, or 7.3%, lower at $18.37 a barrel. July Brent crude was 61 cents, or 2.3%, lower at $25.84 a barrel.

Airline stocks tumbled after billionaire investor Warren Buffett on Saturday said Berkshire Hathaway Inc. had dumped all of its stakes in the carriers.