TXT - Why Infrastructure and Industrial Goods Stocks Are Tanking Today
Investors remain on edge amid the growing COVID-19 outbreak, which the World Health Organization officially labeled a global pandemic yesterday. All three major stock indexes opened down so sharply that it triggered circuit breakers that halted trading for 15 minutes. That pause didn't stop sellers, and stocks remained under pressure after trading resumed.
The indiscriminate sell-off isn't sparing any sector. Several industrial goods and infrastructure-related companies had tumbled more than 10% by midmorning, including Textron (NYSE: TXT), MasTec (NYSE: MTZ), Interface (NASDAQ: TILE), and Chart Industries (NASDAQ: GTLS).
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