Traders work on the floor at the New York Stock Exchange.

Brendan McDermid | Reuters

Dow Jones Industrial Average falls 128.11 points

The Dow fell 128.11 points, or 0.4%, to 29,423.31. The S&P 500 dipped 0.1% to close at 3,373.94. The Nasdaq Composite slid 0.1% to 9,711.97. Stocks fell as investors grappled with a jump in reported coronavirus cases in China.

Reported coronavirus cases jump

China said it confirmed 15,152 new cases and 254 additional deaths. That brings the country’s total death toll to 1,367 as the number of people infected jumped to nearly 60,000, according to the Chinese government. Stocks initially sold off on the news, but later recovered most of those losses. Some equity investors are betting the worst is over as it relates to the coronavirus. However, they may be in for a surprise if the situation worsens, further hurting the global economy.

Facebook rises, Microsoft falls

Facebook shares gained 1.1% and was one of the top-performing stocks on Thursday. Microsoft, meanwhile, fell 0.5% after a judge temporarily blocked the company’s deal with the Pentagon after Amazon filed a lawsuit.

What happens next?