Stock market live updates: Futures point to 5% drop at the open, oil tanks 20%, 10-year hits record low - CNBC

Traders work on the floor of the New York Stock Exchange (NYSE) on March 03, 2020 in New York City.

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7:53 am: Bank stocks crushed by one-two punch of dropping yields and crashing oil

Bank stocks plunged in early trading with Bank of America dropping 11% and JPMorgan Chase falling 9%. The banks now have two problems. First, plunging yields are ruining their lending margins. And now oil prices are crashing, which could cause many energy companies to default on their obligations to banks. - Melloy

7:44 am: Cramer: Collapse of oil prices and bond yields is worse than 'the chaos of 2007-2009'

CNBC's Jim Cramer said early Monday that the collapse in oil prices and bond yields put the stock market in "uncharted waters" as Dow futures were pointing to a 1,300-point nosedive at Wall Street's open. As crude futures were plunging Sunday night after OPEC's production cut deal failed and the 10-year Treasury yield was making shocking new lows in a global flight to the perceived safety of bonds, Cramer tweeted that these moves are "signalling an imminent recession." - Belvedere

7:23 am: Gold hits seven-year high

Amid a massive sell-off in stock futures, oil prices tanking and bond yields plunging to record lows, gold prices hit a more than seven-year high on Monday. In a volatile session, spot gold touched its highest since December 2012 at $1,702.56, as concerns over the coronavirus outbreak and its economic impact drove investors to safe-haven assets. Profit-taking later unwound much of the metal's rise, knocking the precious metal back to stand 0.2% higher at $1,676.68 per ounce. - Fitzgerald

7:12 am: Over $26 billion wiped off cryptocurrency market in 24 hours

Cryptocurrency markets plunged following a plummet in oil prices and a massive sell-off in stock futures. The market capitalization or entire value of cryptocurrencies was down $26.43 billion from a day earlier, according to data from Coinmarketcap.com, and the sell-off worsened as the day went on. Bitcoin, the biggest cryptocurrency by value, fell more than 10% in 24 hours around the same time. - Stevens

7 am: Bank of America says stocks have not been this attractive since the 1950s

"Stocks have not been this attractive vs. bonds since the 1950s" Bank of America's Savita Subramanian said in an early morning note to clients. "The prior three peaks were followed by the S&P 500 outperforming the 10-yr Treasury by a remarkable 31ppt on average over the subsequent 12 months. And since 1951 when the ratio was this high, stocks have returned 19x more than the Treasury," she said. - Bloom

6:43 am: Market is now expecting the Fed to cut short-term rates to zero this month

Less than a week after it implemented an emergency rate cut, markets now expect the Federal Reserve to soon take its benchmark rate back to zero, where it was during the financial crisis. The fed funds futures market is assigning a 73.5% probability to a 100 basis point cut in March, according to the CME's FedWatch tracker. There was a 0% probability of that happening as of Friday, but the weekend's market events changed that. The Federal Open Market Committee meets March 17-18, but the central bank could act before then. – Cox

5:45 am: Major averages set to crater 5% at the open, Dow on track for 1,300-point drop

Monday is shaping up to be a bloodbath on Wall Street. U.S. stock futures are indicating a 5% drop for the major averages at the open, with the Dow set to decline more than 1,300 points.

The sharp move lower comes as investors brace for the economic fallout from the spreading coronavirus, while a shocking all-out oil price war added to the anxiety.

The sharp declines in the futures market signaled more turbulence ahead after a roller-coaster week that saw the S&P 500 swing up or down more than 2.5% for four days straight. - Stevens

— CNBC's Maggie Fitzgerald, Matt Belvedere and John Melloy contributed reporting.

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https://www.cnbc.com/2020/03/09/stock-market-today-live.html

2020-03-09 11:46:53Z
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