Stock market retreats on renewed coronavirus fearsDow -710.16 at 25445.96, Nasdaq -222.20 at 9909.17, S&P -80.96 at 3050.20 [BRIEFING.COM] The major indices fell more than 2% on Wednesday amid renewed concerns about the coronavirus and its potential impact on reopening activity. The S&P 500 lost 2.6%, the Dow Jones Industrial Average lost 2.7%, the Nasdaq Composite lost 2.2%, and the Russell 2000 lost 3.5%. All 11 S&P 500 sectors closed lower, and all 30 Dow components closed lower. The energy (-5.5%), industrials (-3.5%), and financials (-3.5%) sectors were hit the hardest, while the utilities sector (-0.9%) was the lone sector that declined less than 1.0%. Several states, including Texas and California, continued to report daily records in new coronavirus cases and hospitalizations, which forced governments, companies, and citizens to react in preemptive manners that the market feared would slow down the pace of a recovery. Notably, the S&P 500 fell to session lows (-3.2%) shortly after New York Governor Cuomo announced that the tri-state area will be imposing a 14-day quarantine on travelers coming from coronavirus hotspots. The EU was also reported to be considering its own restrictions on U.S. travelers, banning them from entering when it relaxes its border restrictions on July 1. It could be argued that the extent of today's decline was exacerbated by the market's overextended set-up. The Nasdaq was up for eight straight days, rising 6.7% to record highs in the process, while the S&P 500 was up in six of the prior eight sessions despite similar reports of the rising rate of coronavirus in several states. While there were positive developments, such as rebounding economic data, during that stretch, there were few upbeat reports today. Other negative-sounding news from today included the U.S. considering $3.1 billion in new export tariffs on European goods, the EU planning to proceed with its digital tax, Apple ($AAPL 360.06, -6.47, -1.8%) planning to re-close seven stores in Houston, and Walt Disney ($DIS 112.07, -4.52, -3.9%) employees reportedly petitioning the company to delay its Florida reopening. U.S. Treasuries finished with modest gains amid the weakness in equities. The 2-yr yield declined one basis point to 0.18%, and the 10-yr yield declined two basis points to 0.69%. The U.S. Dollar Index rose 0.6% to 97.21. WTI crude fell 6.2%, or $2.50, to $37.88/BBL. Reviewing Wednesday's economic data: The FHFA Housing Price Index for April increased 0.2% following a 0.1% increase in March.The weekly MBA Mortgage Applications Index fell 8.7% following an 8.0% spike in the prior week. Looking ahead to Thursday, investors will receive the weekly Initial and Continuing Claims report, Durable Goods Orders for May, the third estimate for Q1 GDP, and the advance May reports for International Trade in Goods, Retail Inventories, and Wholesale Inventories. Nasdaq Composite +10.4% YTDS&P 500 -5.6% YTDDow Jones Industrial Average -10.8% YTDRussell 2000 -16.7% YTD Market Snapshot Dow25445.96-710.16(-2.72%)Nasdaq9909.17-222.20(-2.19%)SP 5003050.20-80.96(-2.59%)10-yr Note +2/320.695NYSEAdv 343 Dec 2558 Vol 1.1 blnNasdaqAdv 601 Dec 2753 Vol 5.5 bln Industry Watch Strong: UtilitiesWeak: Energy, Financials, Industrials Moving the Market -- Stock market declines more than 2% amid renewed coronavirus/recovery concerns -- Several states continued to report daily records in new coronavirus cases and hospitalizations-- New York tri-state area to enforce a 14-day quarantine on travelers coming from coronavirus hotspotsECONOMIC EVENTS: In U.S. data, the FHFA house price index rose 0.2% to 288.3 in April, which was a new record high. The International Monetary Fund has cut its global growth forecast and warned that the rebound in global financial markets "appears disconnected from shifts in underlying economic prospects". The fund now expects global GDP to shrink 4.9% this year, which is down from a 3.0% contraction forecast made in April. For next year, the IMF sees a rebound of 5.4%, which is also lower than the 5.8% projected two months ago. The latest data from the Johns Hopkins Whiting School of Engineering shows there are now about 9.3M confirmed cases of COVID-19 worldwide, including 2.35M in the U.S., and 478,289 deaths due to the disease. In other COVID-19 news, New York Governor Andrew Cuomo, along with Governor Phil Murphy of New Jersey and Governor Ned Lamont of Connecticut, announced a joint order that all individuals traveling from states with significant community spread of COVID-19 into any of the three states must quarantine for 14 days. Meanwhile, California reported 190,222 COVID-19 cases in the state, up 3.9% from the 183,073 reported yesterday. TOP NEWS: Shares of Dell Technologies ($DELL) rose 8.2% after The Wall Street Journal reported that Dell is considering potential options for its roughly 81% stake in VMware ($VMW). The options could include a spinoff, purchase of the remaining stake or leaving the stake unchanged, The Journal's Cara Lombardo reported, citing people familiar with discussions. VMware shares were 2.3% higher following the report. The Justice Department and a coalition of state attorneys general are taking the first steps toward launching an antitrust probe of Apple ($AAPL), Leah Nylen of Politico reported, citing three people involved in the discussions. The Justice Department and attorneys general have spoken to several companies unhappy with Apple's control of its App Store, particularly for apps that compete with Apple's own products, sources told Politico. Additionally, 9to5Mac reported that Apple will reclose seven of its stores in the Houston area as COVID-19 cases surge in many states. Shares of Disney ($DIS) fell 3.9% following a CNN report that more than 7,000 people are urging the company and government officials to reconsider opening Disney World next month as coronavirus cases surge in Florida. Meanwhile, Bayer ($BAYRY) announced it will pay $10.1B-$10.9B to resolve 75% of the current U.S. Roundup product liability litigation, dicamba drift litigation and PCB water litigation. The main feature is the U.S. Roundup resolution that will bring closure to approximately 75% of the current Roundup litigation involving approximately 125,000 filed and unfiled claims overall, the company noted. The agreements contain no admission of liability or wrongdoing, the company added. MAJOR MOVERS: Among the noteworthy gainers was Plug Power ($PLUG), which rose 17.7% after analysts at H.C. Wainwright, Roth Capital, and B. Riley FBR raised their price targets on the stock. Also higher was iBio ($IBIO), which gained 6.9% after it was selected by IBM Watson Health (IBM) to support its clinical COVID-19 vaccine program. Among the notable losers was La-Z-Boy ($LZB), which fell 2.3% after reporting quarterly results. Also lower were shares of Norwegian Cruise Line ($NCLH) and Royal Caribbean ($RCL), which were each downgraded to Equal Weight from Overweight by Barclays analyst Felicia Hendrix this morning.Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). 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