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  • Coronavirus fears weigh on major equity indexes in the US.
  • Gap Inc (GPS) after company announces collaboration with Kanye West. 
  • Financial shares suffer heavy losses with HBAN as the top-decliner.

Wall Street’s main indexes started the day sharply lower and extended the slide amid heightened concerns over the surging number of confirmed coronavirus cases. As of writing, the S&P 500 was down 1.8% on the day, the Dow Jones Industrial Average and the Nasdaq Composite were losing 2.3% and 1.75%, respectively.

S&P 500 top movers

Earlier in the day, Gap Inc (GPS) announced that they have reached a 10-year agreement with Kanye West to create a clothing line titled ‘Yeezy.’ Boosted by this development, GPS climbed to its highest level since early March at $14.45 and was up more than 40% at one point earlier in the session. As of writing, GPS was up nearly 20% on the day at $12,15 as the top-performer.

On the other hand, financial stocks are staying under heavy selling pressure on Friday as the 10-year US Treasury bond yield is dropping by more than 6%. At the moment, the S&P 500 Financials Index (SPSY) is down 3.88% as the biggest decliner among the major sectors.

Huntington Bancshares (HBAN), Goldman Sachs Group Inc (GS) and Capital One Financial Corp (COF) shares are slumping by 10.4%, 8.4% and 8%, respectively.