Stocks open lower on Apple warning, virus outbreak fears

NEW YORK (AP) — Stocks are opening lower on Wall Street after Apple said it would fail to meet its revenue forecast for the current quarter due to the impact of the virus outbreak in China. Markets fell in Europe and Asia, with the exception of China, which was flat. The S&P 500 fell 0.3% to 3,371 and the Dow Jones Industrial Average dropped 104 points, or 0.4%, to 29,293. The Nasdaq slipped 0.4% to 9,696. Tech stocks saw the biggest early declines, led by Apple and chipmakers. Energy stocks fell along with the price of oil. Bond prices rose and yields declined.

THÏS IS A BREAKING NEWS UPDATE. AP's earlier story follows below:

Stock markets slipped Tuesday as the impact from the virus outbreak that began in China deepened, with Apple saying it would fail to meet its profit target this quarter and China moving to postpone or cancel major events, including the Beijing auto show.

Britain's FTSE 100 dropped 1% to 7,362, while the CAC 40 in Paris declined 0.5% to 6,055. Germany's DAX lost 0.8% to 13,675. The future contract for the S&P 500 lost 0.4% while the Dow future was down 0.6%. U.S. markets were closed Monday for President's Day.

As the outbreak persists, bringing new travel advisories and disrupting trade, travel and supply chains, it is casting a widening shadow over the regional economy.

South Korean President Moon Jae-in said Tuesday that the coronavirus crisis has put the country’s economy in an “emergency situation” and called for aggressive efforts to support companies dependent on trade with China and prompt up consumption.

Governments around the region have cut interest rates, extended tax breaks and taken other measures to cushion the blow to businesses from plunging tourism and disrupted supply chains.

“Best to buckle in as we could be...