News & Insights

Most public companies based in the San Antonio area took a hit as fears about the growing coronavirus outbreak caused the stock market to plummet this week.

Tom Stringfellow, president and chief investment officer for San Antonio-based Frost Investment Advisors, wrote in a weekly message to stakeholders that investors are increasingly nervous about COVID-19 spilling into broader populations and bringing economic disruption along with it. He said investors are flocking to the safety of the fixed income and gold markets.

“In this environment, investors are punishing stocks, especially those that are directly or even theoretically tied to those economies, markets or supply channels most impacted by the virus. This activity has contributed to the sell-off in energy stocks, as crude prices have fallen in anticipation of a drop-off in oil demand.”

Excerpted from San Antonio Business Journal on February 25, 2020. To view full article, click here.