Trader Art Cashin On The Sell-Off And What Trump’s Coronavirus Diagnosis Means For Markets

Wall Street veteran Art Cashin on Friday weighed in on the market impact of President Donald Trump’s coronavirus diagnosis, telling CNBC that travel and leisure stocks were at the most immediate risk.

“The president coming down with the virus tells them that this thing may be a little bit more difficult to cap than they thought, so that renews concern about the leisure group,” Cashin said on “Squawk Alley.”

“It says, ’Wait a minute, if they can get to the guy with the most doctors and the most protection around him, what can those cruise lines do to actually reassure people?” Cashin said of Trump’s positive test.

Shares of the world’s biggest publicly traded cruise companies — Royal Caribbean, Carnival and Norwegian Cruise Line — were all under pressure Friday when Cashin spoke to CNBC around 11 a.m. ET. However, those stocks and the market overall were lifted about an hour later when House Speaker Nancy Pelosi, D-Calif., suggested aid for airlines was “imminent.”

– CNBC