US STOCKS-Wall Street tumbles as virus outbreak raises growth fears

* Amazon soars after strong results
* Risk aversion rises as coronavirus spreads globally
* Exxon, Chevron slide after earnings
* Indexes down: Dow 1.45%, S&P 1.30%, Nasdaq 1.13%

(Changes comment, updates prices)
By Sruthi Shankar
Jan 31 (Reuters) - Wall Street's main averages tumbled more
than 1% on Friday, as mixed corporate earnings added to worries
over the impact of the coronavirus outbreak on global growth.
The S&P 500 is down more than 2.5% from its record high as
supply chain disruptions and travel curbs due to the fast-
spreading virus are expected to hit everything from
manufacturing to tourism.
The World Health Organization on Thursday declared the
coronavirus epidemic a global emergency as it has killed more
than 200 people in China, while infecting thousands globally.
Delta Air Lines Inc DAL.N and American Airlines Group Inc
AAL.O said they would suspend all flights to virus-hit China.

"There is more potential for markets to get affected by the
coronavirus than SARS in 2003," said Seema Shah, chief
strategist at Principal Global Investors.
"Asset prices are a lot more over-valued coming into 2020,
which means they are already very vulnerable to global
sentiment."
A gauge of U.S. Midwest manufacturing activity slid to a
four-year low in January, with new orders and production
tumbling and producers forecasting tepid activity in 2020.
A mixed bag of earnings did little to excite investors.
Amazon.com Inc AMZN.O was among a few bright spots,
surging 9% on better-than-expected results for the
holiday-quarter that pushed it back into the $1 trillion market
capitalization club. Gains in Amazon helped the consumer discretionary index
.SPLRCD rise 1.7%, while all other sub-sectors were in the
red, with energy stocks .SPNY tumbling 2.5%.
Oil majors Exxon Mobil Corp XOM.N and Chevron Corp CVX.N
dropped about 3% after disappointing results. Growth-oriented sectors such as materials, technology,
industrial and financials were down about 2% each.
At 11:36 a.m. ET, the Dow Jones Industrial Average .DJI
was down 417.36 points, or 1.45%, at 28,442.08.
The S&P 500 .SPX fell 42.71 points, or 1.30%, at 3,240.95
and the Nasdaq Composite .IXIC dropped 105.21 points, or
1.13%, at 9,193.72.
Visa Inc V.N fell 3.7% as it fell short of analysts'
estimates for first-quarter revenue and warned of incentives
hitting 2020 results. International Business Machines Corp IBM.N gained 4% after
it named a new chief executive officer. Declining issues outnumbered advancers for a 3.11-to-1
ratio on the NYSE and a 3.85-to-1 ratio on the Nasdaq.
The S&P index recorded 32 new 52-week highs and 11 new lows,
while the Nasdaq recorded 44 new highs and 86 new lows.