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Selloff Grows, Microsoft Warns Wall Street & Buy this Cheap Tech Stock - Free Lunch

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On today’s episode of Free Lunch here at Zacks, Associate Stock Strategist Ben Rains takes a look at the market’s huge slide as the coronavirus-based selloff rolls on Thursday. We then discuss Microsoft’s (MSFT - Free Report) updated guidance, and end with why Dropbox (DBX - Free Report) is a Zacks Rank #1 (Strong Buy) stock at the moment. 

Global markets continue to tumble on the back of coronavirus fears. The Dow, the S&P 500, and the Nasdaq had already seen their 2020 gains washed away earlier this week, and Thursday’s downturn saw the Dow head closer to correction territory.

Meanwhile, the yield on the 10-year U.S. Treasury note fell to an all-time low Thursday, as investors jump into safe haven assets. The continued market downturn comes as investors and Wall Street worry about the spread of the virus outside of China, which has the CDC calling for businesses, schools, and people to prepare for the coronavirus to spread in the U.S.

The impact on the Chinese economy has been significant so far, and a new survey by the American Chamber of Commerce in China shows that U.S. companies are worried about their sales as business stalls in the world’s second-largest economy.

On Wednesday, Microsoft joined Apple (AAPL - Free Report) , Mastercard (MA - Free Report) , and others, when it updated some of its guidance based on a downturn in China.

The episode then closes with a look into why cloud storage firm Dropbox might be worth buying as it trades at under $20 per share.

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