U.S. stocks opened higher after a wobbly overnight session, pointing to yet another volatile trading week on Wall Street as mounting coronavirus fears rippled across global markets.
Last week the rapid spread of coronavirus and lack of containment in countries outside of China rocked global markets, sending all three of the major indices fell into a correction in a matter of six days.
The Dow logged its worst week since early 2008, the S&P 500 Index plunged by more than 11% into correction territory, while government bond yields have fallen to record lows. That contributed to nearly $7 trillion in market value being obliterated, according to S&P/Dow Jones’ Howard Silverblatt.
As of Monday morning, there were more than 89,000 confirmed cases of coronavirus, formally known as COVID-19, and 3,000 confirmed deaths — and new cases in the U.S. have begun pile up.
Two health-care workers in the San Francisco Bay Area tested positive for the virus after being exposed to an infected patient. Meanwhile, Rhode Island reported its first case, and Washington State confirmed two more cases Sunday. There were currently 88 infected with the coronavirus in the U.S. as of Monday morning.
Impacts from the coronavirus have begun to appear in economic data, particularly in China, an epicenter of the coronavirus. Monday in China, the Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) registered at 40.3 for February, representing the lowest reading in the 16-year history of the survey. Prints below 50 indicate contraction in a sector.
In the U.S., Wall Street is now banking on the Federal Reserve to come to the rescue with a series of rate cuts — a theme that will likely be reinforced amid a week chock-full of market-moving economic data, some of which may begin to hint at the havoc the COVID-19 virus is wreaking on the global economy.
“Under other conditions, the economic data in the week ahead would set the tone, but in the current environment, they play second fiddle to market positioning and anxiety around the Covid-19,” said Marc Chandler, managing director at Bannockburn Global Forex. He also noted that “ investors may be particularly sensitive to downward revisions as it may reflect the deterioration of conditions as new data was reported.”
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9:31 a.m. ET: Stocks open higher, bouncing after last week’s rout
Stocks opened in positive territory Monday morning after a volatile overnight session, pushing higher after last week’s steep losses.
Here were the main moves in markets, as of 9:31 a.m. ET:
S&P 500 (^GSPC): +0.81% or +23.81 points to 2,978.03
Dow (^DJI): +0.95% or +305.24 points to 25,714.60
Nasdaq (^IXIC): +1.16% or +112.31 points to 8,677.65
Crude oil (CL=F): +2.75% or +$1.23 to $45.99 a barrel
Gold (GC=F): +1.69% or +$26.50 to $1,593.20 per ounce
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9:25 a.m. ET: Stock futures turn around and jump heading into market open
Stock futures reversed course Monday morning and jumped into positive territory.
Contracts on the Dow rose about 200 points to 25,555.00, with minutes to go before the opening bell. Earlier in the overnight session, futures had indicated as low as 24,851.00.
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8:36 a.m. ET: Jack Welch, former CEO and chairman of General Electric, has died at age 84
Jack Welch, former CEO and chairman of General Electric (GE), died at age 84, CNBC reported Monday, citing an announcement by his wife, Suzy Welch.
According to Yahoo Finance historical data, during Welch’s tenure, GE’s stock rose more than 4,000% from April 27, 1981, when it was trading as low as $1.31 a share to the $30s and $40s in September 2001.
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7:41 a.m. ET: Stocks point to an eighth straight session of declines as coronavirus cases continue to rise
U.S. stocks paced toward another day of losses after a volatile session between Sunday evening and Monday morning.
Here were the main moves in the pre-market session, as of 7:41 a.m. ET:
S&P 500 futures (ES=F): 2,928.00, down 23 points or 0.78%
Dow futures (YM=F): 25,238.00, down 126 points or 0.5%
Nasdaq futures (NQ=F): 8,415.25, down 38.75 points or 0.46%
Crude oil (CL=F): $45.40 per barrel, up $0.64 or 1.43%
Gold (GC=F): $1,602.70 per ounce, up $36.00 or 2.30%
10-year Treasury (^TNX): yielding 1.065%, down 6.1 basis points
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https://finance.yahoo.com/news/stock-market-news-live-updates-march-2-2020-003013975.html
2020-03-02 13:41:00Z
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