Dow futures down 400, pending Congress, “limit” again

A trader works on the floor of the New York Stock Exchange in New York, the United States, on March 18, 2020.

Michael Nagle | Xinhua News Agency | Getty Images

8:10: Fed announces unlimited purchases of assets

The Federal Reserve said Monday that it will launch a barrage of programs aimed at helping markets function more efficiently in the wake of the coronavirus crisis. Initiatives include a commitment to continue its asset purchase program “in the amounts necessary to support the smooth functioning of the market and the effective transmission of monetary policy under broader financial conditions and to the economy”. Others include a $ 300 billion loan program for Main Street operations and the term loan guarantee instrument implemented during the financial crisis. The Fed also said it will purchase commercial mortgage-backed securities as part of an expansion of its asset purchases, known on the market as quantitative easing. Stock futures reduced losses after Fed announcement. – helmsman

8:00 am: Coronavirus stimulus bill fails in Senate key procedural vote

A funding package to combat the economic impact of coronavirus did not get enough votes in a key Senate procedural vote on Sunday evening after Democratic leaders warned that the bill did too much to save the companies and not enough to save the companies. help workers. The final vote count was 47-47, well below the 60 votes needed to advance the bill. Republicans hold a majority of 53-47 in the chamber, although several GOP senators were not present to vote due to the isolation of the coronavirus.

House president Nancy Pelosi said Democrats will present their bill. President Trump expressed optimism that lawmakers will eventually reach an agreement.

Aperture Investors founder and CEO Peter Kraus said on CNBC’s “Squawk Box” Monday that he recalled that the Senate had not approved the first TARP bill during the financial crisis and that the market collapsed. “There will be 2 to 3 million jobless Americans. I think there are both Republicans and Democrats in that crowd. We have to approve an account,” said Kraus. – Fitzgerald

7:59: the volatility index increases with the start of the week

Cboe’s volatility index rose approximately 6 points on Monday morning to exceed 70. The index, which measures the implied volatility in trading S&P 500 options, hit record highs last week but closed at 66 on Friday, 04. – Pound

7:57: 3M shares rise after the company said that mask production has doubled

Shares in the 3M industrial conglomerate rose in primary market negotiations after its CEO said the company doubled global N95 respirator production to around 100 million a month. CEO Mike Roman said on Sunday that the company expects 3M to almost double its capacity again within the next 12 months and is coordinating with the United States government to explore other manufacturing activities, including hand sanitizers and disinfectants. “As a global company, we also manufacture respirators in Europe, Asia and Latin America, and our products are distributed similarly to support the COVID-19 response in their respective regions,” said Roman. – Franck

7:54: Boeing arises after Goldman’s brave update

Boeing’s shares rose 2.5% in premier market negotiations on Monday after Goldman Sachs updated the US aircraft manufacturer to buy from neutrals, claiming that the airline has enough money to recover and that travel demand aircraft will return to normal once the coronavirus crisis ends.

“We think Boeing will remain an ongoing concern,” Goldman analyst Noah Poponak said in a statement on Sunday. “We think that air travel will be more popular than ever once COVID-19 is resolved. Therefore we think that BA’s shares should be purchased at the current price … Substantial price prevalence, while long-term secular growth is intact.”

So far, Boeing has plunged 70% in 2020, making it the worst S&P 500 with a market capitalization of $ 50 billion, Goldman noted. On Friday, Boeing said it would cancel the CEO’s salary, suspend its dividend and extend a pause on stock repurchases amid the pandemic. It is pursuing $ 60 billion in U.S. government aid to the aerospace industry, including loan guarantees. – There

7:45 am: Oil prolongs drops after the worst week since 1991

Oil prices fell on Monday, extending the recent losses that saw US West Texas intermediate crude post its worst week since 1991. On Monday, the WTI lost 1.86% to $ 22.21 a barrel, while the international Brent benchmark fell 6% to $ 25.36 a barrel. On a volatile trading day, the WTI initially dropped by 6%, then recovered those losses to turn positive before falling again.

Prices have gone down as the coronavirus epidemic has slowed down travel and business around the world, just as power plant manufacturers Saudi Arabia and Russia are preparing to increase production. WTI crude futures were cut in half this month. The rapid drop in crude oil prices is wreaking havoc on the financial markets, forcing investors to sell other assets such as treasury bonds or stocks indiscriminately to cover losses in their energy positions. – Stevens

7:10: stocks are about to fall, Dow futures are down 500

Markets were expected to decline openly on Monday as investors waited for an economic stimulus and a bailout from the United States government to combat coronavirus damage. A fiscal stimulus bill failed a Senate key procedural vote on Sunday, sending shares lower. Dow Jones Industrial Average futures lost over 500 points. S&P 500 futures have fallen by almost 3%. Nasdaq 100 futures declined 2.6%. Futures were well below the worst levels of the night session, where they reached “limited” levels, falling by 5%.

Last week, stocks underwent the biggest decline in a week since the 2008 financial crisis, with the S&P 500 falling by more than 13%. These losses placed the broad market average of more than 32% below the record set on February 19. –Fitzgerald

– with the report of Thomas Franck of CNBC, Jesse Pound and Jeff Cox.

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Australia and South Korea shares drop by more than 5%

Shares in Asia Pacific experienced significant declines in Monday morning trade as concerns about the economic impact of the global coronavirus epidemic continue to weigh heavily on investor sentiment.

South Korean stocks were among the biggest losers in the major regional markets, with Kospi down 5.59% in early trading.

In Australia, the S&P / ASX 200 lost 5.73% in morning trade due to falling sectors. The heavily weighted financial sub-index fell by more than 7%, with the shares of the so-called big four banks in the country falling sharply: Australia and New Zealand Banking Group fell by 7.49%, Commonwealth Bank of Australia fell by 6, 68%, Westpac fell 8.81% while National Australia Bank slid 8.75%.

The Nikkei 225 in Japan reversed the general trend at the regional level as it increased by 0.6%, while the Topix index also added 0.1%.

Overall, the MSCI Asia ex-Japan index fell 1.72%.

“The economic costs of the COVID-19 epidemic are starting to turn out,” wrote ANZ chief economist Richard Yetsenga in a statement. “We basically revised our G3 growth forecasts downwards, with the United States likely to experience its weakest performance since 1946.”

The global coronavirus epidemic continues to spread rapidly worldwide, with the number of infected now over 294,000 and over 12,900 victims, according to data from the World Health Organization.

United States, US stock futures plummeted Sunday night. Dow Jones Industrial Average futures fell by more than 800 points, equal to 4.5%, together with the S&P 500 and Nasdaq-100 futures. Futures briefly hit the “limit” previously, which means they can’t go lower.

This was when a coronavirus stimulus bill failed a key Senate procedural vote. The number of infected in the United States has increased dramatically in recent weeks, with New York state alone now representing more coronavirus cases than other countries facing challenges in handling their load cases such as France and South Korea. .

Oil prices saw sharp drops in the morning of Asian hours Monday, while international futures on the Brent fell 5.49% to $ 25.50 a barrel. US crude oil futures also fell 3.27% to $ 21.89 a barrel.

The US dollar index, which tracks the greenback against a basket of its peers, was the latest at 102.471 after breaking the 100 level last week.

The Japanese yen was trading at 110.39 per dollar after weakening from levels below 108 last week. The Australian dollar changed hands to $ 0.5769 after highs above $ 0.6 seen last week.

– Fred Imbert of CNBC contributed to this report.

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Stock futures are down 5% – hit limit down

Traders, some in medical masks, work on the floor of the New York Stock Exchange (NYSE) on March 20, 2020 in New York City. Floor trading will temporarily become fully electronic starting Monday to protect employees from the spread of coronavirus. The Dow fell more than 500 points on Friday as investors continue to show concern for COVID-19.

Spencer Platt | Getty Images

US equity futures plummeted again on Sunday night as Wall Street waits for Washington to agree on an economic stimulus and a bailout to combat the giant economic blow from the coronavirus epidemic.

Dow Jones Industrial Average futures fell by over 900 points, or 5%, to reach their limit down level. The S&P 500 and Nasdaq-100 futures also fell by around 5%. The downward limits of futures contracts are implemented to ensure orderly market behavior once trading reaches a certain threshold. Exchanges below this level are not allowed.

US crude oil futures fell by more than 6%, adding up to the huge losses last week and heightening concerns over financial market pain on Monday.

A fiscal stimulus bill failed a Senate key procedural vote on Sunday as Democrats warned that the measure had not done enough to help workers and too much to save businesses. Earlier, spokeswoman Nancy Pelosi had reported that she disagreed with the Republican version of the stimulus plan, saying: “From my point of view, we are separated.”

However, Senate minority leader Chuck Schumer, D-NY, said the disagreements over the bill could be overcome in the next 24 hours.

National Economic Council director Larry Kudlow said on Saturday that a package of economic stimuli will amount to over $ 2 trillion, noting that it will account for about 10% of US economic output. Last week, President Donald Trump signed a $ 100 billion bill that expanded paid leave in the United States.

Treasury Secretary Steven Mnuchin said Sunday that funding programs to boost the economy could be worth $ 4 trillion, noting that these efforts will include coordination with the Federal Reserve to provide businesses with the necessary liquidity.

“When it started, this was a bit unique for the airline industry since we had closed most air travel,” said Mnuchin. “This liquidity structure is a broad-based liquidity structure that works with the Fed.”

David Kostin, chief equity strategist of the United States at Goldman Sachs, said that the difference between a rapid or prolonged recovery in the stock market will be reduced to three factors: how quickly the virus is contained, whether companies will have “access to sufficient capital and liquidity to last from 90 to 180 days “and if the fiscal stimulus can stabilize growth forecasts.

“If short-term arrests lead to corporate insolvencies, closings and permanent layoffs, damage to corporate earnings growth could persist even after the containment of the virus,” Kostin said in a statement.

Wall Street has clamored for fiscal financial help as the number of coronavirus cases continues to rise. The number of confirmed global cases exceeded 300,000 over the weekend, as deaths now amount to over 13,000, according to data from Johns Hopkins University.

In the United States, over 30,000 cases have now been confirmed. New York Governor Andrew Cuomo said Sunday’s state cases rose to 15,168 over the weekend. This is more than in France or South Korea.

The outbreak led the New York Stock Exchange to close its trading platform and temporarily switch to fully electronic trading starting on Monday. The NYSE expects that negotiations will proceed normally.

Trump announced Sunday that he had activated the National Guard in California, New York and Washington state – the three states with the highest number of choroavirus deaths – to reduce the virus outbreak.

“Things will get worse before they improve and markets will continue to reflect this reality,” said Marc Chaikin, CEO of Chaikin Analytics, in a statement. “This means that a shutdown process will take longer and will likely do more damage to the actions.”

Stocks experienced the biggest decline in a week since the 2008 financial crisis, with the S&P 500 index down more than 13%. These losses placed the broad market average of more than 32% below the record set on February 19.

Last week ended with all 11 S&P 500 sectors closing more than 20% below their 52 week highs. The S&P 500 was also at the pace of its worst monthly performance since 1940.

Expectations for the American economy have also rapidly deteriorated. Goldman Sachs economists wrote Friday that they expect a 24% contraction for the second quarter after a 6% drop in the first quarter. Ellen Zentner, an economist at Morgan Stanley, said in a statement that it predicts a historic 30% contraction in the second quarter.

“Just think that the economy went into a single and sudden recession in March,” wrote Prajakta Bhide, strategist at MRB Partners. “If there is no concrete evidence of significant progress towards controlling the epidemic in the next eight weeks, there will be no basis for people and businesses to feel safe to start normalizing economic activity.”

Investors were also shaken by a sharp drop in crude oil prices. West Texas mid-term futures fell 29.3% last week, their largest weekly drop since January 1991. US crude also fell more than 66% below its most recent 52-week high.

Strong crude oil losses are forcing investors to sell other assets such as stocks or bonds to cover losses in their energy positions.

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Stock futures indicate another day of declines on Wall Street

A man wearing a mask walks at the New York Stock Exchange (NYSE) on March 17, 2020 on Wall Street in New York City.

Johannes Eisele | AFP | Getty Images

Forward contracts linked to major US stock indices fell early Thursday morning, signaling another day of declines for Wall Street.

As of 2:07 ET, Dow Jones Industrial Average futures were 410 points lower, implying an initial drop of 306.92 points. The S&P 500 and Nasdaq futures also indicated lower openings for the two indices, although trading in futures contracts may change rapidly overnight.

The moves followed another violent day on Wall Street on Wednesday, when investors returned to pessimism after Tuesday’s 6% rebound.

The Dow lost 1,338.46 points, or 6.3%, on Wednesday and closed its first close below 20,000 since February 2017. The Dow dropped more than 2,300 points to the session lows. The S&P 500 index fell 5.2% to 2,398.10 and closed nearly 30% below a record set last month as both indices further declined in the bear markets.

A dizzying spike in Treasury yields has also made investors anxious. The 10-year Treasury rate rose 22 basis points to 1.18% on Wednesday, after an increase of over 30 basis points on Tuesday as it picks up from record lows.

Early Wednesday evening, futures rose higher after the ECB announced a new pandemic emergency purchase program that will use € 750 billion ($ 819 billion) to buy stocks to support the European economy. The central bank said that the purchases will be conducted through the end of 2020 and will include a variety of assets including public debt.

“The ECB will ensure that all sectors of the economy can benefit from supportive financing conditions that allow them to absorb this shock,” the central bank said in a statement. “This also applies to households, businesses, banks and governments. The Governing Council will do everything necessary within its mandate.”

The ECB’s action follows similar initiatives by the Fed, its US counterpart. The Fed announced earlier this month that it plans to pump an additional $ 1 trillion into the U.S. economy through asset purchases and reduce the federal funds rate to zero.

The spread of the coronavirus also led to the New York Stock Exchange announcing Wednesday that it will temporarily close its historic trading platform and switch completely to electronic commerce. The exchange said two people tested positive for the disease on screenings conducted this week.

All-electronic trading will begin outdoors on March 23, the exchange said.

Expressing investors’ fears about the virus, longtime hedge fund Bill Ackman joined CNBC on Wednesday to warn that the new coronavirus will cause destruction in the financial markets and the US economy without unprecedented action from part of the federal government.

Ackman and dozens of other economists and investors fear that the virus and efforts to prevent its spread could undermine U.S. production, exports and ultimately GDP growth.

The Pershing Square executive called on President Donald Trump to begin a “Spring Break” in the United States for a month and to suspend all interest, royalty and tax payments for the duration.

“We have to close it now … This is the only answer,” said the billionaire investor. “America will end as we know it. I’m sorry to say it, unless we take this option.”

Shares moved down towards the end of Wednesday’s session, however, after the Senate had enough votes to pass a bill that expands the paid allowances and unemployment benefits in response to the virus as part of that which should be a huge government response to avoid a recession.

Senate majority leader Mitch McConnell said Wednesday that he will vote for the plan despite what he has called “real shortcomings”. With the urgent need for action “I don’t think we should let perfection be the enemy of something that can help even a subset of workers,” he said.

The White House weighs a tax package of over $ 1 trillion that includes direct payments to Americans and financial relief for small businesses and the airline industry.

Wall Street has been on an unprecedented roller coaster ride amid the coronavirus riot, with the S&P 500 swinging 4% or more in both directions for eight consecutive sessions.

– Eustance Huang and Christine Wang of CNBC contributed to this report.

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South Korean equities drop after arrest, Philippines equities

Asia Pacific equities lost their previous upward momentum in Thursday afternoon trade as concerns about the economic impact of the coronavirus pandemic continued to weigh on investor sentiment.

The main markets in the region fell deeply into negative territory, with the South Korean Kospi recording losses as it fell 6.86% while the Kosdaq index fell 7.5%. The Korean exchange said the first switches were activated after the Kospi fell 8%, with trade halted for 20 minutes, according to Reuters.

Hong Kong’s Hang Seng index fell 4.25% in the afternoon.

In the Philippines, where trading was stopped earlier this week, the PSE composite index plunged 12.42%, picking up on Thursday.

Elsewhere in Southeast Asia, the Jakarta composite index fell 5.35% lower. Indonesia’s stock exchange previously announced a temporary halt to trading after the Jakarta composite index fell 5%.

In Australia, the S&P / ASX 200 fell 3.53% after jumping before 2%. Employment data released Thursday by the Australian Bureau of Statistics shows that the seasonally adjusted unemployment rate for February is 5.1%.

Mainland China equities declined when the Shanghai composite declined by more than 2% while the Shenzhen composite declined 1,461%.

The Nikkei 225 in Japan slipped 1.42%, while the Topix index added 0.95%.

Overall, the ex Japan MSCI Asia Index fell 5.37%.

“What is really putting pressure on equity markets at the moment is actually liquidity from credit markets,” said Sean Taylor, Asia-Pacific’s Chief Investment Officer at DWS, CNBC’s “Street Signs”.

Taylor said investors should be “very cautious” and keep “very liquid” in the meantime.

Developments on the global coronavirus epidemic continued to be observed on Thursday.

The Reserve Bank of Australia (RBA) announced on Thursday a “full package”, which includes a reduction in the target cash rate to 0.25%, to support the country’s economy as it grapples with the impact of the virus.

“At some point, the virus will be contained and the Australian economy will recover,” said RBA governor Philip Lowe in a statement. “In the meantime, a priority for the Reserve Bank is to support jobs, incomes and businesses, so that when the health crisis subsides, the country is in the best position to recover strongly.”

Meanwhile, the United States Federal Reserve called on its emergency authority Wednesday to create support for primary money market mutual funds. The new Mutual Money Market Fund will provide loans to financial institutions to purchase assets from primary money market funds.

Shares in the region previously had a boost after the European Central Bank announced a new pandemic emergency purchase program on Wednesday that will use € 750 billion (approximately $ 821 billion) to buy stocks to help support the European economy. .

“The ECB will ensure that all sectors of the economy can benefit from supportive financing conditions that allow them to absorb this shock,” the central bank said in a statement. “This also applies to households, businesses, banks and governments. The Governing Council will do everything necessary within its mandate.”

So far, at least 207,860 have been infected while at least 8,657 people have been carried away by the disease globally, according to the latest data from the World Health Organization.

Overnight on Wall Street, the Dow Jones Industrial Average lost 1,338.46 points to close at 19,898.92. This was the first closing of the index below 20,000 since February 2017. The S&P 500 index fell 5.2% to 2,398.10 and ended its trading day almost 30% below of a record set last month. The Nasdaq Composite fell 4.7% to close at 6,989.84.

Rebound in oil prices

Oil prices attempted to recover from Wednesday’s losses. In the afternoon of Thursday’s Asian trading hours, futures on the Brent crude benchmark rose by 2.69% to $ 25.55 a barrel. U.S. West Texas intermediate crude added 8.49% to $ 22.10 a barrel.

The moves came after oil prices plunged on the third worst day on Wednesday. US crude fell 24.4% to $ 20.37 a barrel, the lowest level since February 2002. Brent oil fell 14.1% to $ 24.67, the lowest level since 2003.

The US dollar index, which tracks the greenback against a basket of its peers, lasted at 101.356 after rising from levels below 100 yesterday.

The Japanese yen was trading at 109.14 per dollar after seeing levels below 106 earlier in the week. The Australian dollar changed hands to $ 0.5579 after falling from above $ 0.6 levels earlier in the week.

Thomas— Thomas Franck and Steve Liesman of CNBC contributed to this report.

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Dow drops to 1,300, trade has stopped again, Ackman says it has closed the country

Stocks hit a new coronavirus crisis on Wednesday as investors were concerned that the government’s response to the pandemic would not be enough. A market-level key circuit breaker was triggered for the second time in just three days as volatility continued to upset Wall Street. Here’s what happened:

5:31 pm: NYSE to temporarily close the floor, switch to e-commerce after positive coronavirus tests

The New York Stock Exchange said Wednesday that it will temporarily close its historic trading platform and completely switch to e-commerce after two people have tested positive for the coronavirus infection on the screenings it had set up this week.

All-electronic trading will begin outdoors on March 23, the exchange said. The shutdown was in part following two-person positive coronavirus tests, NYSE president Stacey Cunningham told CNBC. Participants were stopped at medical screenings at the Big Board. – There

16:30: sale of numbers

  • Dow closed 6.3% after hitting a low of 18.917.46 the lowest level since November 21, 2016
  • This month: the Dow dropped 21.69% from the worst month since October 1987, when the Dow lost 23.22%
  • This year: Dow dropped 30.27% to its worst year since 2008, when the Dow lost 33.84%
  • Dow is 32.7% lower than its historical intraday high of 29,568.57 on February 12th
  • S&P closed 5.17% reaching a low of 2.280.52 the lowest level since February 2, 2017
  • This month: the S&P fell 18.81%, in line with its worst month since October 1987, when the S&P lost 21.76%
  • This year: S&P fell 25.76%, in line with its worst year since 2008, when the S&P lost 38.49%
  • S&P is 29.32% lower than the historical intraday high of 3,393.52 since February 19
  • Sectors: 11 sectors out of 11 were negative on Wednesday driven by energy, down by 14.24% – Francolla

4:15 pm: sentiment indicators don’t count now, says Josh Brown

Fear of coronavirus makes traditional measures of investor attitudes less relevant, said Josh Brown, CEO of Ritholtz Wealth Management, after Wednesday’s sell-off. “I no longer believe that feelings matter. I think of all those Investors Intelligence surveys: you can throw them out,” Brown said in “Closing Bell”, adding that investors were more focused on health problems and other aspects of the pandemic. “Many of the moves we’re seeing are based on people taking money from the market they think they have to live for,” said Brown. He added that news of successful coronavirus treatments could help the market recover. – Pound

16:09: six Dow titles close in the green

During Wednesday’s violent dip on the market, six Dow Jones Industrial Average stocks ended the day in positive territory. Walgreens Boots Alliance closed 6.5%, Cisco Systems grew 5.2%, Walmart rose 2.8%, and 3M rose 1.9%. Pfizer and Verizon both ended the day in less than 1%. – Fitzgerald

16:01: Dow closes 1,300 points

The stock market collapsed again as investors increasingly worried about the economic consequences of the coronavirus. The Dow ended the session more than 1,300 points lower, after plummeting down to 2,319 points at the session minimum. The S&P 500 fell 5.1% and the Nasdaq Composite fell 4.7%. The massive sell-off triggered a halt in afternoon trading, the second time in three days. – There

3:15 pm: Final trading time: stocks are looking for big losses again

With less than an hour to go, the main averages were headed for another sharp drop in concerns about the economic destruction of the coronavirus. The Dow fell by over 1,600 points, or 7.7%. The S&P 500 and the Nasdaq declined by more than 6% each. The main averages fell by more than 8% at the start of the day. –Imbert

15:09: Stifel CEO asks for immediate stimulus, says “the market needs certainty”

Congress leaders and the Trump administration must immediately enter into a fiscal stimulus deal and not fight over the details, said Ronald Kruszewski, Stifel president and CEO of “Power Lunch”. “We need the fiscal stimulus. I don’t care what the hell the plan is at some point. Make one announced. Whether it’s $ 1,000, $ 2,000, bailouts, whatever. The market needs certainty and action,” he said. called Kruszewski. “This is a message for Washington. Why we haven’t made a tax deal because there is some political partisanship is ridiculous. This has to be announced today,” he added. –Pound

14:42: Bill Miller calls this market one of the best shopping opportunities of his life

Investor Bill Miller said during Wednesday’s violent market dip that the current climate is one of the best buying opportunities of his life. “I think this is an exceptional shopping opportunity,” Miller said on CNBC’s “The Exchange” on Wednesday. While Miller was talking, trading was stopped because the S&P 500 dropped more than 7%, triggering the “1” level switch. – Fitzgerald

13:51: historic fall of Dow

13:49: decliners bring the anticipators from 30 to 1

More than 30 shares traded lower on the New York Stock Exchange on Wednesday for each share in progress as the sell-off from the coronavirus crisis hit a new low. In total, over 2,900 shares declined at the NYSE while 95 traded higher. –Imbert

13:34: shares drop to the minimum of the session with Dow down more than 2,000 points

Stock market losses increased in the afternoon, with the Dow losing 2,128 points for a 10% loss. The S&P 500 fell 9%, while the Nasdaq fell 8.3%. – Stevens

13:14: the shares resume trading

After a 15 minute shutdown, the shares are swapped again. The Dow is down 1,753 points, or 8.3%, while the S&P 500 and Nasdaq are down 7.3% and 6.7% respectively. – Stevens

13:04: Bill Ackman asks Trump to increase closures to save the economy: “Close now”

Longtime hedge fund manager Bill Ackman urged President Donald Trump to shut down the country for 30 days to contain the coronavirus, calling it the only option to save the economy. “What scares the American people and corporate America now is the gradual launch,” said Ackman on CNBC’s “Interval Report” Wednesday. “We have to close it now … This is the only answer.” “If he manages to save the country from the coronavirus, he will be re-elected,” said Ackman. – There

12:56 pm: trading stopped when S&P 500 lost 7%

The shares are halted for trading after the S&P 500 has dropped 7%, kicking off the level one “circuit”. – Stevens

12:30: natural gas prices drop to their lowest level in more than 24 years

Natural gas has fallen 7% today and has now traded at its lowest level since 20 September 1995. – Francolla, Stevens

11:50 am: markets at noon: equities collapse once again while volatility reigns supreme

Around noon, the major averages began to drop sharply once again as Wall Street continued its volatile streak during the coronavirus crisis. The industrial average of Dow Jones fell by over 1,300 points, or 6.3%. The S&P 500 and Nasdaq declined by 6% and 5% respectively. These losses offset a clear rebound from the previous session, which was triggered by hopes for a massive fiscal stimulus. –Imbert

11:43 am: Aerospace and defense supplies are at the worst month rate ever

The iShares US Aerospace & Defense ETF fell 41% in March, in line with its worst month ever since returning to its inception in 2006. The index is driven partly in part by Spirit Aerosystems, Boeing, TransDigm, all in line with their worst months ever.

  • Spirit Aerosystems dropped nearly 68% this month, in line with its worst month ever returning to its IPO in 2006
  • Boeing is down more than 62% this month, in line with its worst month ever until 1972
  • TransDigm dropped nearly 57% this month, in line with its worst month ever returning to its IPO in 2006 – Francolla, Fitzgerald

11:35 am: amid market volatility, analysts say they buy these stocks: Zynga, Kroger, Hershey, Ralph Lauren and more

  • Morgan Stanley has downgraded Coca-Cola and Monster Beverage to match the weight of the overweight.
  • Bank of America updated Tesla to neutral from underperformed.
  • Bank of America has downgraded Levi Strauss to neutral from the purchase.
  • Bank of America updated Ralph Lauren to buy from neutral.
  • Credit Suisse has updated Hershey to achieve a higher than neutral performance.
  • Telsey has updated Kroger to outperform the market.
  • Bernstein updated Campbell Soup, General Mills, Conagra Brands and Kellogg to perform on the market from underperforming.
  • Oppenheimer started Zynga as outperformed.
  • Oppenheimer started Sony as outperformed.
  • Credit Suisse has named Constellation Brands the best choice.
  • JPMorgan updated D.R. Overweight Horton from Lennar and PulteGroup neutral and downgraded to neutral from overweight.
  • Credit Suisse has strengthened Walmart to outperform neutral.
  • BTIG has updated Dunkin ‘Brands to buy neutral.
  • Goldman Sachs added O’Reilly Automotive to the conviction purchase list.
  • Barclays has downgraded American Airlines to match the weight of being overweight.
  • Longbow has updated Domino’s to purchase it as a neutral.
  • Nomura Instinet launched Stitch Fix and The RealReal as a purchase.
  • UBS has strengthened Caterpillar to neutral with respect to the sale.

Read more about the analyst calls of the day here. – flowering

11:32: oil plunges from 16% to a minimum of over 18 years, in line with the worst month ever

Oil tumbled 16% to a low of more than 18 years on Wednesday as the coronavirus pandemic continues to ease crude oil demand and growing concerns about a global recession lead to fears of long-term demand destruction. United States West Texas intermediate crude fell 16.1%, or $ 4.35, to $ 22.60 per barrel. The international benchmark Brent slumped 9.4%, or $ 2.71, to trade at $ 26.02, its lowest level since 2003. Oil has been hit by both the supply and the demand side. A slowdown in travel and business activities around the world is weighing on demand, just as power plant manufacturers Saudi Arabia and Russia are preparing to increase production. – Stevens

11:15: Dow tanks 1,400 points

The sell-off deepened in late morning trading, with the Dow plunging over 1,400 points. The S&P fell 6%, threatening to trigger an automatic switch forced to trade. If the S&P 500 drops by 7%, trading will stop for 15 minutes.– There

10:40: ETF on emerging markets on track for the worst month since 2008

10:35 am: Walmart jumps 5%, gets an update from Credit Suisse

As the broader market subsides, Walmart’s shares have risen by more than 5% as Credit Suisse updated the stock to a higher performance on Wednesday. “We see this unfortunate period accelerating structural changes in consumer purchases, perhaps over 5 years, when they are introduced to new retailers and new purchasing methods,” said the company. Credit Suisse raised its earnings estimates for the full year 2021, saying that the multi-channel retailer will benefit from a jump in online shopping and delivery, among other things. – Stevens

10:24 am: Market returns a little, Dow now drops 950 points

Shares rebounded slightly from their steep initial losses. The Dow traded around 950 points lower after plummeting to 1,365 points at its lowest. The S&P 500 fell 4% after closing 5.6% outdoors. The Wall Street fear indicator, the Cboe Volatility Index, known as VIX, fell 6% to around 71, after hitting a record high of 82.69 on Monday. – L

9:48: Bernanke, Yellen urge the Fed to buy corporate bonds

Former Federal Reserve presidents Ben Bernanke and Janet Yellen are urging the central bank to purchase corporate bonds. Although the authority to do goes beyond the central bank’s authority, it can get authorization from Congress. Bernanke and Yellen say this would “help restart” the “investment grade” part of the market that “is subject to severe coercion”. – Cox

9:46: investor Ackman says that Trump should close the United States, that markets “will go up”

Investor Bill Ackman advised President Donald Trump on Wednesday to close the United States for a month in an attempt to contain the new coronavirus and said that financial markets would mobilize in response to such decisive action. Ackman, who founded Pershing Square Capital Management, invited the president to close the nation’s borders and offer Americans a month’s rent, interest and tax holidays. “The moment you send everyone home for the spring break and close the borders, the infection rate will drop, the stock market will rise and the clouds will rise,” wrote the hedge fund manager. – Franck

9:40: Deutsche sees US GDP drop by 13%

The US economy will contract 13% in the second quarter due to the coronavirus pandemic, Deutsche Bank said in a new forecast. Such a marked drop would be “significantly beyond the range of modern historical experiences,” said the company, and would be the largest “to date back at least to World War II.” – Sheetz

9:39: the circuit breakers may be activated again

Wild swings continued to drag Wall Street on Wednesday, with the S&P 500 dropping more than 5% outdoors. This week the market is likely to trigger so-called breakers for the second time. According to the New York Stock Exchange, a market crash could occur at “three cutoff thresholds” on the S&P 500 due to sharp drops and volatility. The exchange classifies it to three levels based on the close of the previous session in the S&P 500.
The rules, which apply only to normal trading hours, are as follows:
Level 1: if the S&P 500 drops by 7%, the negotiation will stop for 15 minutes.
Level 2: if the S&P 500 drops 13%, the trading will stop again for 15 minutes if the drop occurs by 3:25 pm or before ET.
Level 3: if the S&P 500 falls by 20%, trades would stop for the rest of the day. A level 3 violation can be triggered at any time. – There

9:31: Dow’s reservoirs are 1,300 outdoor spots

The Dow Jones Industrial Average collapsed 1,300 points outdoors, while the S&P 500 fell more than 5%, threatening to trigger a market breaker for the second time in just three days. If the S&P 500 drops by 7%, trading will stop for 15 minutes. – There

9:13: Boeing keeps up with the worst month ever

Boeing’s shares amassed another 20% in premier market trading on Wednesday, bringing its losses this month to a whopping 64%. The dive brought the aircraft manufacturer to the runway for its worst month in history. In addition to the aftermath of two fatal accidents on its 737 Max plane, Boeing has suffered a major blow from the outbreak of the coronavirus that disrupts global supply chains and the travel industry. The second worst month for the company was in September 2001, when the stock lost almost 35%. – Li, Francolla

8:51: the pound falls to its lowest level since 2016 against the dollar

The pound dipped below $ 1.19 on Wednesday to reach its lowest point since October 2016, as liquidity concerns have pushed the dollar up and hammered currencies around the world. The pound was down 1.5% on the session to reach $ 1.1873, its lowest level since a sudden overnight slump in October 2016 and below the levels seen following the Brexit referendum. –blacksmith

7:53: oil prices continue to fall, hitting lower levels since 2003

The price of oil continues to fall as the coronavirus pandemic leads to large economies that restrict movement within major cities and expectations of a recession are growing. West Texas International futures were down 5.8%, trading at $ 25.38 a barrel and hitting the lowest level since 2003. Futures for the Brent international benchmark have fallen by about 3.5% and are trading less than $ 28 a barrel. – Pound

7:51: Treasury yields load higher after the White House launched a $ 1 trillion stimulus plan

U.S. long-term debt yields continued to rise on Wednesday after Treasury secretary Steven Mnuchin said the White House would like to see a $ 1 trillion stimulus package to help isolate the economy from a recession . The prospect of such a massive stimulus plan and a deluge of further US debt put pressure on Treasury prices and made the 10-year yield above 30 basis points on Tuesday. The 10-year rate, often used by banks as a benchmark for loans, went from around 0.65% on Monday to 1.11% at the last reading. – Franck

7:38: Regeneron raises hopes for the coronavirus drug

Shares in biotechnology company Regeneron rose nearly 2% in market negotiations before Wednesday, the day after the company said it wanted doses of a potential COVID-19 drug ready to begin clinical trials on man in early summer. The antibody is believed to be a treatment for the virus as well as a preventative drug. Regeneron’s shares rose more than 11% on Tuesday. – Fitzgerald

7:35: Coronavirus cases jump, worrying about Wall Street

A spike in coronavirus cases continues to worry investors, who are hoping for a government stimulus to compensate for the economic impacts of the virus. Coronavirus cases worldwide exceed 200,000 for the first time, according to data compiled by John Hopkins University. Italy has reported more than 2,500 virus deaths since Tuesday evening, according to the country’s ministry of health. The death toll from Iran’s coronavirus has risen to 1,135 with 147 new deaths in the past 24 hours, a Ministry of Health official reported on state television on Wednesday. The total number of infected people across the country reached 17,361. In addition, European leaders agreed on Tuesday to close the EU’s external borders for 30 days in a new effort to slow the spread of the coronavirus pandemic. Singapore, Hong Kong and Taiwan also reported an increase in cases. France, which has seen a sharp spike in cases in the past few weeks, said it could start seeing a slowdown in coronavirus infections in around 8-12 days after the government’s decision to block the country, said the health minister. Olivier Veran. –Fitzgerald

7:28: Gundlach says it is “ridiculous” to think that the United States is not entering a recession

Jeffrey Gundlach, CEO of DoubleLine Capital, believes that the United States will enter a recession with a 90% probability this year. The Bond King said his odds were 80% last week, but that while the coronavirus epidemic continues to halt travel and block businesses worldwide, he now stands at 90%. . However, Gundlach added that he had been progressively less negative on the market outlook given the scale of the federal government’s response. “I think you should stay liquid, I think you should wait for opportunities,” he said. “We all know that the stock market is very down. We know that the junk bond market is very down. … Will the market go back? Of course it will.” –Stevens

7:25: Dow futures indicate a drop of 1,000 points

US equity futures plummeted Wednesday, reaching their so-called downside limit, indicating a drop of around 5% for the main averages. Dow Jones Industrial Average futures fell 821 points, indicating a loss of 1.031 points on opening. The S&P 500 and Nasdaq 100 futures were also at the lower limit. Investors turned their eyes to ETFs which track key averages for a better indication of the open aspect. The SPDR S&P 500 ETF trust fund (SPY) fell 6.4% in the primary market. The SPDR Dow Jones Industrial Average ETF Trust (DIA) was trading 6.7% lower, while Invesco QQQ Trust lost 6.3%. These losses stem from a sharp reversal of the Treasury that generates nervous traders as they weighed a potential $ 1 trillion stimulus package.

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Dow drops 1,200, S&P 500 down 5%, virus cases jump

This is a live blog. Check back for updates.

10:40: ETF on emerging markets on track for the worst month since 2008

10:35 am: Walmart jumps 5%, gets an update from Credit Suisse

As the broader market subsides, Walmart’s shares have risen by more than 5% as Credit Suisse updated the stock to a higher performance on Wednesday. “We see this unfortunate period accelerating structural changes in consumer purchases, perhaps over 5 years, when they are introduced to new retailers and new purchasing methods,” said the company. Credit Suisse raised its earnings estimates for the full year 2021, saying that the multi-channel retailer will benefit from a jump in online shopping and delivery, among other things. – Stevens

10:24 am: Market returns a little, Dow now drops 950 points

Shares rebounded slightly from their steep initial losses. The Dow traded around 950 points lower after plummeting to 1,365 points at its lowest. The S&P 500 fell 4% after closing 5.6% outdoors. The Wall Street fear indicator, the Cboe Volatility Index, known as VIX, fell 6% to around 71, after hitting a record high of 82.69 on Monday. – L

9:48: Bernanke, Yellen urge the Fed to buy corporate bonds

Former Federal Reserve presidents Ben Bernanke and Janet Yellen are urging the central bank to purchase corporate bonds. Although the authority to do goes beyond the central bank’s authority, it can get authorization from Congress. Bernanke and Yellen say this would “help restart” the “investment grade” part of the market that “is subject to severe coercion”. – Cox

9:46: investor Ackman says that Trump should close the United States, that markets “will go up”

Investor Bill Ackman advised President Donald Trump on Wednesday to close the United States for a month in an attempt to contain the new coronavirus and said that financial markets would mobilize in response to such decisive action. Ackman, who founded Pershing Square Capital Management, invited the president to close the nation’s borders and offer Americans a month’s rent, interest and tax holidays. “The moment you send everyone home for the spring break and close the borders, the infection rate will drop, the stock market will rise and the clouds will rise,” wrote the hedge fund manager. – Franck

9:40: Deutsche sees US GDP drop by 13%

The US economy will contract 13% in the second quarter due to the coronavirus pandemic, Deutsche Bank said in a new forecast. Such a marked drop would be “significantly beyond the range of modern historical experiences,” said the company, and would be the largest “to date back at least to World War II.” – Sheetz

9:39: the circuit breakers may be activated again

Wild swings continued to drag Wall Street on Wednesday, with the S&P 500 dropping more than 5% outdoors. This week the market is likely to trigger so-called breakers for the second time. According to the New York Stock Exchange, a market crash could occur at “three cutoff thresholds” on the S&P 500 due to sharp drops and volatility. The exchange classifies it to three levels based on the close of the previous session in the S&P 500.
The rules, which apply only to normal trading hours, are as follows:
Level 1: if the S&P 500 drops by 7%, the negotiation will stop for 15 minutes.
Level 2: if the S&P 500 drops 13%, the trading will stop again for 15 minutes if the drop occurs by 3:25 pm or before ET.
Level 3: if the S&P 500 falls by 20%, trades would stop for the rest of the day. A level 3 violation can be triggered at any time. – There

9:31: Dow’s reservoirs are 1,300 outdoor spots

The Dow Jones Industrial Average collapsed 1,300 points outdoors, while the S&P 500 fell more than 5%, threatening to trigger a market breaker for the second time in just three days. If the S&P 500 drops by 7%, trading will stop for 15 minutes. – There

9:13: Boeing keeps up with the worst month ever

Boeing’s shares amassed another 20% in premier market trading on Wednesday, bringing its losses this month to a whopping 64%. The dive brought the aircraft manufacturer to the runway for its worst month in history. In addition to the aftermath of two fatal accidents on its 737 Max plane, Boeing has suffered a major blow from the outbreak of the coronavirus that disrupts global supply chains and the travel industry. The second worst month for the company was in September 2001, when the stock lost almost 35%. – Li, Francolla

8:51: the pound falls to its lowest level since 2016 against the dollar

The pound dipped below $ 1.19 on Wednesday to reach its lowest point since October 2016, as liquidity concerns have pushed the dollar up and hammered currencies around the world. The pound was down 1.5% on the session to reach $ 1.1873, its lowest level since a sudden overnight slump in October 2016 and below the levels seen following the Brexit referendum. –blacksmith

7:53: oil prices continue to fall, hitting lower levels since 2003

The price of oil continues to fall as the coronavirus pandemic leads to large economies that restrict movement within major cities and expectations of a recession are growing. West Texas International futures were down 5.8%, trading at $ 25.38 a barrel and hitting the lowest level since 2003. Futures for the Brent international benchmark have fallen by about 3.5% and are trading less than $ 28 a barrel. – Pound

7:51: Treasury yields load higher after the White House launched a $ 1 trillion stimulus plan

U.S. long-term debt yields continued to rise on Wednesday after Treasury Secretary Steven Mnuchin said the White House would like to see a $ 1 trillion stimulus package to help isolate the economy from a recession . The prospect of such a massive stimulus plan and a deluge of further US debt put pressure on Treasury prices and made the 10-year yield above 30 basis points on Tuesday. The 10-year rate, often used by banks as a benchmark for loans, went from around 0.65% on Monday to 1.11% at the last reading. – Franck

7:38: Regeneron raises hopes for the coronavirus drug

Shares in biotechnology company Regeneron rose nearly 2% in market negotiations before Wednesday, the day after the company said it wanted doses of a potential COVID-19 drug ready to begin clinical trials on man in early summer. The antibody is believed to be a treatment for the virus as well as a preventative drug. Regeneron’s shares rose more than 11% on Tuesday. – Fitzgerald

7:35: Coronavirus cases jump, worrying about Wall Street

A spike in coronavirus cases continues to worry investors, who are hoping for a government stimulus to compensate for the economic impacts of the virus. Coronavirus cases worldwide exceed 200,000 for the first time, according to data compiled by John Hopkins University. Italy has reported more than 2,500 virus deaths since Tuesday evening, according to the country’s ministry of health. The death toll from Iran’s coronavirus has risen to 1,135 with 147 new deaths in the past 24 hours, a Ministry of Health official reported on state television on Wednesday. The total number of infected people across the country reached 17,361. In addition, European leaders agreed on Tuesday to close the EU’s external borders for 30 days in a new effort to slow the spread of the coronavirus pandemic. Singapore, Hong Kong and Taiwan also reported an increase in cases. France, which has seen a sharp spike in cases in the past few weeks, said it could start seeing a slowdown in coronavirus infections in around 8-12 days after the government’s decision to block the country, said the health minister. Olivier Veran. –Fitzgerald

7:28: Gundlach says it is “ridiculous” to think that the United States is not entering a recession

Jeffrey Gundlach, CEO of DoubleLine Capital, believes that the United States will enter a recession with a 90% probability this year. The Bond King said his odds were 80% last week, but that while the coronavirus epidemic continues to halt travel and block businesses worldwide, he now stands at 90%. . However, Gundlach added that he had been progressively less negative on the market outlook given the scale of the federal government’s response. “I think you should stay liquid, I think you should wait for opportunities,” he said. “We all know that the stock market is very down. We know that the junk bond market is very down. … Will the market go back? Of course it will.” –Stevens

7:25: Dow futures indicate a drop of 1,000 points

US equity futures plummeted Wednesday, reaching their so-called downside limit, indicating a drop of around 5% for the main averages. Dow Jones Industrial Average futures fell 821 points, indicating a loss of 1.031 points on opening. The S&P 500 and Nasdaq 100 futures were also at the lower limit. Investors turned their eyes to ETFs which track key averages for a better indication of the open aspect. The SPDR S&P 500 ETF trust fund (SPY) fell 6.4% in the primary market. The SPDR Dow Jones Industrial Average ETF Trust (DIA) was trading 6.7% lower, while Invesco QQQ Trust lost 6.3%. These losses stem from a sharp reversal of the Treasury that generates nervous traders as they weighed a potential $ 1 trillion stimulus package.

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Futures fall after the market rebound in hopes of a $ 1 trillion stimulus

Stock futures fell Tuesday overnight as markets remained very volatile with the government’s response to the coronavirus fallout.

As of 9:53 pm ET, futures on the Dow Jones Industrial Average have fallen by 530 points, indicating a loss of over 700 points at Wednesday’s opening. The S&P 500 and Nasdaq-100 futures also fell.

The market rebounded from their deepest course since 1987, when investors hoped that the Trump administration’s massive fiscal stimulus plans will save the economy, which is at risk of falling into a recession due to the impact of the coronavirus. .

The White House weighs over $ 1 trillion in a tax package that includes direct payments to Americans and financial breaks for small businesses and the airline industry. Treasury Secretary Steven Mnuchin also said that companies will be able to defer tax payments of up to $ 10 million while individuals could defer up to $ 1 million in payments to the Internal Revenue Service.

Mnuchin told Republican senators that unemployment could reach 20% if Congress fails to promote the trillion-dollar stimulus package he has proposed, CNBC reported Tuesday evening, citing a source familiar with the matter.

The Dow rose to over 1,000 points on Tuesday to end another unstable session, recovering less than half of Monday’s steep losses. The S&P 500 gained 6%.

Wall Street has been on an unprecedented roller coaster ride amid the coronavirus riot, with the S&P 500 fluctuating 4% or more in both directions for seven consecutive sessions. This surpasses the previous six-day record of November 1929, according to LPL Financial.

On Tuesday, investors also encouraged the Federal Reserve’s intensified efforts to help companies who have difficulty obtaining short-term financing. The bank has announced a special credit line for purchasing corporate card from some issuers. This follows the Fed’s $ 700 billion emergency quantitative easing schedule and a further 100 basis point cut in Sunday’s interest rates.

“The signs indicate that the pandemic will be under control and that the economy will have enough support to resist the storm,” said Brad McMillan, Chief Investment Officer at Commonwealth Financial. “Make no mistake, there will be damage. But from the market point of view, the question will be whether the damage is greater than what the markets now expect or not.”

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Stock futures fell slightly after the market rebound in hopes of a $ 1 trillion stimulus

Stock futures fell in overnight trading on Tuesday as markets remained very volatile with the government’s response to the coronavirus fallout.

Dow Jones’ industrial average futures were down around 400 points, indicating a 600 point loss at Wednesday’s opening. S&P 500 futures also fell by around 45 points.

The market rebounded from their deepest course since 1987, when investors hoped that the Trump administration’s massive fiscal stimulus plans will save the economy, which is at risk of falling into a recession due to the impact of the coronavirus. .

The White House weighs over $ 1 trillion in a tax package that includes direct payments to Americans and financial breaks for small businesses and the airline industry. Treasury Secretary Steven Mnuchin also said that companies will be able to defer tax payments of up to $ 10 million while individuals could defer up to $ 1 million in payments to the Internal Revenue Service.

Mnuchin told Republican senators that unemployment could reach 20% if Congress fails to promote the trillion-dollar stimulus package he has proposed, CNBC reported Tuesday evening, citing a source familiar with the matter.

The Dow rose to over 1,000 points on Tuesday to end another unstable session, recovering less than half of Monday’s steep losses. The S&P 500 gained 6%.

Wall Street has been on an unprecedented roller coaster ride amid the coronavirus riot, with the S&P 500 fluctuating 4% or more in both directions for seven consecutive sessions. This surpasses the previous six-day record of November 1929, according to LPL Financial.

On Tuesday, investors also encouraged the Federal Reserve’s intensified efforts to help companies who have difficulty obtaining short-term financing. The bank has announced a special credit line for purchasing corporate card from some issuers. This follows the Fed’s $ 700 billion emergency quantitative easing schedule and a further 100 basis point cut in Sunday’s interest rates.

“The signs indicate that the pandemic will be under control and that the economy will have enough support to resist the storm,” said Brad McMillan, Chief Investment Officer at Commonwealth Financial. “Make no mistake, there will be damage. But from the market point of view, the question will be whether the damage is greater than what the markets now expect or not.”

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Dow below 20,000, Boeing drops 20%

Traders work during the opening bell on the New York Stock Exchange (NYSE) on March 16, 2020 on Wall Street in New York City.

Johannes Eisele | AFP | Getty Images

This is a live blog. Check for updates

10:58 am: stocks get help from Fed announcement

After the Federal Reserve announced that it will move to help small businesses get short-term funding, stocks have been on a buoyant boost. The Dow has risen by over 150 points in volatile trading. Nasdaq and S&P 500 both increased by around 2%. – Fitzgerald

10:50 am: Fed to provide short-term financing in the commercial paper market

The Federal Reserve said Tuesday that it is providing help to companies that are having difficulty obtaining the short-term financing they need to operate. The bank announced a special credit line for purchasing corporate card from issuers who had difficulty finding buyers in the open market. The company card provides for unsecured short-term loans. The one-day facility will involve a three-month document for eligible companies. The cost will be the swap rate on the three-month overnight index plus 200 points. – Cox

10:33: biotechnology companies that beat the market

While the market in general struggled to rebound from Monday’s deep losses, a handful of biotech companies posted double-digit returns. Germany-based BioNTech rose nearly 61% on Tuesday after stating that it had partnered with Pfizer to develop a coronavirus vaccine. Modern surpassed 12%, while Regeneron rose more than 10% after the company said it wanted to start human clinical trials of a coronavirus drug in early summer. – Li, Francolla

10:32 am: Analysts highlight defensive stocks like Walmart and P&G in Tuesday’s major calls

  • Oppenheimer updated Walmart to outperform
  • Deutsche Bank updated Procter & Gamble to buy from the suspension.
  • Needham started Zoom as a purchase.
  • Evercore ISI updated Pepsi to outperform from online.
  • Bernstein updated JD.com to outperform the market.
  • MKM has updated Boston Beer to purchase it as a neutral.
  • MKM has updated Electronic Arts to purchase neutral.
  • Cowen has upgraded Square to outperform the market.
  • Bank of America has downgraded Royal Caribbean to underperform neutral.
  • Wedbush added Facebook, Amazon and Peloton to the list of best ideas.

Read the full analyst calls of the day here. –flowering

10:30 am: Boeing stocks drop 20% due to worsening aircraft manufacturer slide

The crown jewel of American industrialists Boeing dropped another 20% on Tuesday, adding an astonishing slide for the aircraft manufacturer in recent months. The sell-off comes the day after Boeing says it is in talks with the Trump administration on potential aid and others in its supply chain as the new coronavirus hits the travel industry. The airline was already facing the consequences of two fatal accidents on its 737 Max plane, which has been grounded worldwide since 2019. The price of equity Boeing has fallen 72% in the past six months. – Franck

10:25 am: Fed announces another $ 500 billion deal for overnight repurchase financing markets

The Federal Reserve continues to provide support for short-term bank financing as it will establish another $ 500 billion repurchase operation on Tuesday afternoon. In the latest deal, the Fed will take another step in addition to a similar offer on Monday. The central bank’s New York trading desk aimed to clamp down on disruptions in overnight lending markets where banks need to get operating capital. –helmsman

10:23: Amazon stock rises by more than 3%

Amazon shares rose 3.8% in Tuesday morning trading. The e-commerce giant has said it plans to hire another 100,000 warehouse workers and delivery workers amid an increase in online orders due to the coronavirus epidemic. The company is also increasing wages for warehouse workers and delivery personnel for $ 2 an hour in the United States until the end of April. On Saturday, Amazon said that some brands in the “household items” category were out of stock and warned that some of its “delivery promises are longer than usual”. – Palmer, Li

10:20 am: Homebuilder’s sentiment subsides as the coronavirus begins to take into consideration

A monthly measure of house builders’ sentiment only partially reflected the growing economic effects of coronavirus. Sentiment dropped 2 points to 72 in March, according to the National Association of Home Builders / Wells Fargo Housing housing market index. Sentiment levels have remained in a narrow range between the mid and mid-1970s over the past six months. Anything above 50 is considered positive. –Olick

10:07 am: Tesla’s stock drops below $ 420

Tesla’s shares fell below the infamous $ 420 level at the start of Tuesday’s trading, just three months after hitting that mark for the first time. The price has become notorious for Tesla’s shares, since CEO Elon Musk tweeted in August 2018 that he had obtained “guaranteed funding” to make the company private at that level. Musk later agreed on an agreement with the SEC on the statement after the regulator sought to prevent Musk from holding leadership positions in any publicly traded company. – Sheetz

10:06 am: Trump administration wants $ 850 billion stimulus plan, reports say

Treasury secretary Steven Mnuchin visits Capitol today to discuss a third coronavirus response package with Senate Republicans as politicians try to avoid economic calamity. The Trump administration wants a $ 850 billion economic stimulus plan, Politico and The Washington Post report. The White House proposal is expected to include around $ 50 billion in aid to an airline industry hit by the global pandemic, according to Swiss Post. Congress has already paid $ 8.3 billion in emergency funding to help stop the spread of coronavirus disease. This week, a separate program to expand paid leave allowances, increase unemployment insurance and make tests more affordable is going through the Capitol. –Pramuk

10:01: Shares in red, Dow below 20,000

The shares renounced all their earnings within 30 minutes of the opening bell. The industrial average of Dow Jones has fallen below 20,000 for the first time since February 2017. The average of 30 stocks has fallen by around 200 points. The S&P 500 and the Nasdaq also turned negative. – Fitzgerald

9:58: VIX reaches another historic high

Wall Street fear is Cboe’s volatility index, known as VIX, which hit another all-time high of 83.94 on Tuesday morning in the midst of wild trading. During the huge sell-off on Monday, the VIX blew nearly 25 points, or nearly 43%, to close at a record high of 82.69, surpassing the peak level of 80.74 during the financial crisis. The VIX, which tracks the S&P 500’s implied 30-day volatility, more than doubled in March alone. The index examines option prices on the S&P 500 to track the level of fear on Wall Street. – There

9:50: Regeneron reaches 52 weeks of hope in the coronavirus drug

Stocks of biotechnology company Regeneron hit a new 52-week high of $ 503.20 per share on Tuesday after the company said it intended to prepare doses of a potential drug for COVID-19 ready to begin human clinical trials. early summer. Regeneron’s shares were last traded around 9%. –Fitzgerald

9:47: parts of the McDonald crisis after the closure of the dining room

McDonald’s is asking its US franchisees to close their dining rooms as the company responds to the outbreak of the coronavirus. The fast-food giant also plans to close the dining rooms at the company’s headquarters in the United States. Customers will be able to order take-away or delivery food and drinks or via the drive-thru. McDonald’s owns approximately 5% of its approximately 14,000 U.S. restaurants. McDonald’s shares fell nearly 6% in morning trading. –There

9:43: shares seem to earn shortly after opening

The stocks quickly lost their earnings on Tuesday, with the Dow briefly plunging into negative territory. The average dropped 100 points in less than 15 minutes after the opening bell, but last time it traded over 100 points. The S&P 500 and the Nasdaq have remained in the green but have also reduced earnings. – Fitzgerald

9:30 am: Actions open in the green, Dow up 400 points

Stocks have attempted a worst-day rebound since 1987, with all three major averages open in positive territory on Tuesday. The industrial average of Dow Jones rose 410 points, or 2%. The S&P 500 rose 2.2% and the Nasdaq jumped 2.2%. – Fitzgerald

9:15: retail sales declined in February

Retail sales in the United States declined 0.5% in February, lacking analyst expectations of a 0.2% increase, according to Reuters estimates. The January data, however, have been revised upwards. For the month, sales increased by 0.6%. Previous reports had shown an acceleration of 0.3%. – Stevens

9:03: These are the rough headlines “social distance,” says Piper Sandler

Piper Sandler has identified a basket of “social distancing” actions that he believes are destined to outperform as people stay indoors and work from home in an attempt to stop the spread of COVID-19. “We are all in an unexplored territory like this global movement the health crisis is eradicating the way we go every day, our workflow and our social interactions, “said the company in a recent note to customers, claiming to favor companies that offer restaurant services. , entertainment and work at home, as well as retailers with a strong e-commerce presence. The list includes names like Kellogg and Zoom Video. CNBC Pro subscribers can read more here. – Stevens

8:38: Morgan Stanley expects a global recession this year

Company chief economist Chetan Ahya told investors that “a global recession in 2020 is now our base case.” Morgan Stanley said that the coronavirus pandemic is fundamentally upsetting the world economy, predicting the lowest global economic growth “from the global financial crisis”. – Sheetz

8:30 am: The Treasury generates a rebound only on sight

Treasury yields rose somewhat on Tuesday morning as investors sought more details on the fiscal stimulus from the Trump administration to combat the fallout of the coronavirus. The yield on the 10-year Treasury note increased by just five basis points to 0.77% after falling 23 basis points in the previous session. The yield on the 30-year Treasury bond rose slightly to 1.36%. Bond yields move inversely relative to prices. “There will come a stage in the process where the lows will eventually be set and efforts will be made to bring the market back to a semblance of normality,” said Ian Lyngen, BMO’s US tariffs manager. “It is unclear whether investors have entered this stage, while the reverberations of monetary policy continue to make their way through the system.” – There

7:37: Tech titans cancel more than $ 1 trillion in the market sell-off

So-called “MAGA” stocks – or Microsoft, Apple, Amazon and Google-parent Alphabet – wiped $ 1.3 trillion in value from their February high during the market’s largest sell-off. Microsoft was the hardest hit, losing around $ 405.2 billion. Apple canceled about $ 371.8 billion, while Alphabet lost $ 311.1 billion. Amazon has lost $ 239.4 billion. With recent losses, only Apple and Microsoft are now valued at over $ 1 trillion. – Stevens

7:31: Nordstrom says it will close U.S. stores, suspending 2020 guidelines

Nordstrom has said it will close 364 of its stores in an attempt to curb the spread of the coronavirus. Due to continuing uncertainty over the long-term impact of the virus, the retailer also suspended the earnings outlook for 2020. Nordstrom said it had experienced “a generalized slowdown in customer demand in the past two weeks, particularly in the markets. most affected by the virus. ” The stock has lost more than half its value this year after losing 58%. Shares remained stable during Tuesday’s premier market trades. – Stevens, Thomas

7:14: Cramer claims that wild future swings are “a total joke”

Stock futures were on an unbridled run towards Tuesday’s opening on Wall Street, questioning the reliability of pre-market trading as an indicator of the situation. Overnight futures have been “limited” at some point in a situation where trading has stopped because they have achieved a 5% gain and cannot go higher. However, shortly before 6:30 the markets reversed and were negative at some point. They then shot higher again shortly thereafter and recently indicated a big gain. Looking at the huge swings, CNBC’s Jim Cramer said futures are losing their reliability and are “a complete joke”. “Don’t even look at them. You can’t have a bull market at 3:30 in the morning and end it by 7 in the morning,” said the host “Mad Money”. –helmsman

7:05: Regeneron speeds up the history of coronavirus drugs

Pharmaceutical company Regeneron said Tuesday that it is speeding up its coronavirus drug, with the potential to run tests in early summer. Antibody therapy has the potential to be preventive from the virus and treat active cases. The share of the biotechnology company grew by more than 13% in trading on the premier market on Tuesday. – Fitzgerald

7:00: stocks set to rebound

Stock futures rebounded Tuesday after the third worst day in Dow Jones’ industrial media history. Dow Jones Industrial Average futures indicated an implicit opening of over 600 points. The S&P 500 and the Nasdaq were also on the rise.

The rebound comes after the Dow and S&P 500 experienced their worst day after the 1987 “Black Monday” slump despite Federal Reserve rate cuts and easing actions. The Dow has lost nearly 13%, the third-worst one-day drop in history. The S&P 500 lost 12%. The Nasdaq Composite had the biggest one-day dip ever, plunging 12.3%. – Fitzgerald

– with reports from Jeff Cox and Michael Sheetz of CNBC.

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