S&P 500 opens lower on coronavirus fears, retreats to 3,100 area

• Major equity indexes opened in the negative territory on Wednesday.
• Increasing number of confirmed coronavirus cases in US weighs on sentiment.
• CBOE Volatility Index (VIX) gains nearly 4% in early trade.

Wall Street's main indexes opened the day in the negative territory on Wednesday amid heightened worries over the growing number of confirmed coronavirus infections. The latest data revealed that there were 7,149 new COVID-19 cases in California following Tuesday's upsurge of 5,019. 

Flight-to-safety drags US stocks 

Reflecting the risk aversion, the CBOE Volatility Index (VIX), Wall Street's fear gauge, is up nearly 4% on the day at 32.55 points.

As of writing, the S&P 500 Index was down 0.7% on the day at 3,112 points, while the Dow Jones Industrial Average and the Nasdaq Composite were losing 0.8% and 0.1%, respectively.

Among the 11-major S&P 500 sectors, the Energy Index is down 2.1% as the top-decliner. On the other hand, the Technology Index is virtually unchanged at 1,840 points.