Written by Gary
US three major stock indexes fell 1%, after officials said the COVID-19 was “a rapidly escalating epidemic (SPY -1.0%). The fast-spreading coronavirus continues to depress financial markets.
Here is the current market situation from CNN Money | |
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What Is Moving the Markets
| Here are the headlines moving the markets. | |
| Wall Street deepens losses with virus spread in focusWall Street added to losses on Tuesday with its three major stock indexes falling 1%, after officials said the coronavirus was “a rapidly escalating epidemic,” a day after virus worries sent the S&P 500 and the Dow Industrials to their biggest daily declines in two years. |
| U.S. consumer confidence holds at higher levels despite coronavirusU.S. consumer confidence edged up in February, suggesting a steady pace of consumer spending that could support the economy despite growing fears over the fast-spreading coronavirus, which have roiled financial markets. |
| Thomson Reuters names new CEO, earnings top estimatesThomson Reuters Corp said on Tuesday it had appointed former Nielsen Holdings Plc president Steve Hasker as its new chief executive officer, succeeding Jim Smith. |
| Disney to serve Impossible Foods burgers at parks, resortsWalt Disney Co’s theme parks, resorts and cruise line will serve Impossible Foods’ plant-based meat burgers, the companies said on Tuesday, a new win for the vegan patty maker that is broadening its reach across fast-food chains. |
| Eight men in frame to run Norway wealth fund, including deputy CEOEight candidates have applied to head Norway’s sovereign wealth fund, the country’s central bank said on Tuesday, as its board prepares to decide who should steer the global portfolio of assets worth $1.1 trillion through a time of transition. |
| Macy’s results beat forecasts on holiday sales liftDepartment store chain Macy’s Inc on Tuesday reported a small drop in sales and profit that topped analysts’ expectations with the help of an uptick in holiday sales. |
| U.S. labor board limits companies’ liability for franchisee labor-law violationsA U.S. labor board on Tuesday finalized a rule that will make it more difficult to hold companies liable for unlawful labor practices by franchisees and contractors, reversing a more worker-friendly Obama-era standard criticized by business groups. |
| JPMorgan raises clean energy spending goals, profit targets unchangedÂJPMorgan Chase & Co largely maintained its key profit goals for the medium term on Tuesday, signaling steady but slower growth, and raised its financial commitment for clean-energy initiatives after years of pressure from environmental activists. |
| Oil slips for 3rd day as virus fears outweigh supply cutsOil slipped towards $56 a barrel on Tuesday, falling for a third day, as concerns about the spread of the coronavirus and its impact on oil demand outweighed OPEC output cuts and Libyan supply losses. |
| “We Can’t Stop This”: Japan Rolls Out New ‘Harm Reduction’ Policy Aimed At Limiting Virus-Related Deaths“We Can’t Stop This”: Japan Rolls Out New ‘Harm Reduction’ Policy Aimed At Limiting Virus-Related Deaths Overwhelmed by a flurry of ‘unsolved’ cases (that is, cases with no obvious connection to the outbreak in China, or anywhere else), Japanese health authorities announced on Tuesday a new plan intended to focus the country’s precious medical resources on the most serious cases, while advising those with mild symptoms to treat themselves at home. The approach differs markedly from the heavy handed tactics employed by Beijing, which at its peak had 760 million – roughly half the country – under some form of lockdown restriction. According to the Washington Post, the “basic premise” of the Japanese plan is that the virus can’t be stopped. That’s right: The Japanese are essentially acknowledging that the thesis proposed by Harvard epidemiologist Marc Lipsitch – ie that 70% of the world’s population might someday contract the virus – has at least some legitimacy. |
| The $60 Billion Puke: Here Comes The Systematic Selling… And Watch The Russell 2000The $60 Billion Puke: Here Comes The Systematic Selling… And Watch The Russell 2000 When we commented on the dramatic reversal in market positioning as a result of yesterday’s market plunge, we said that in addition to the sudden lack of dealer gamma, much of which vaporized after Friday’s, OpEx, and which had provided a buffer to any substantial selloff pressure… |
| Will JFK’s Party Become Sanders’ Party?Will JFK’s Party Become Sanders’ Party? Authored by Patrick Buchanan via Buchanan.org, Sen. Bernie Sanders may be on the cusp of both capturing the Democratic nomination and transforming his party as dramatically as President Donald Trump captured and remade the Republican Party. |
| Re-Turnaround Tuesday: Stocks & Bond Yields Are Plunging AgainRe-Turnaround Tuesday: Stocks & Bond Yields Are Plunging Again US equity markets just took out yesterday’s lows and Treasury yields are also extending to fresh lows… Dow has puked back below 28k and is down almost 500 points from overnight highs… |
| Why didn’t RBI raise age limit for bank CEOs? Das explainsWhy didn’t RBI raise age limit for bank CEOs? Das explains œYou must retire when people ask ‘why’ and not ‘why not’, Das said, quoting cricketer Sunil Gavaskar. |
| Virus hits Amazon where it hurts the mostVirus hits Amazon where it hurts the mostAmazon is turning into a case study of how a giant retailer grapples with the fallout from the coronavirus. |
| Trump on Kashmir, CAA & India’s high tariffsTrump on Kashmir, CAA & India’s high tariffs”If anything I can do to mediate, I will do,” Trump said while talking about Kashmir. |
| Economic Report: Consumer confidence still high in early February, but that was before coronavirus fears snowballedConsumers were still very optimistic about the economy in early February, a new survey shows, but if a strain of coronavirus continues to spread rapidly around the world it’s likely to take a toll on how Americans view their own financial well-being. |
| Europe Markets: European stocks end sharply lower as virus fears continue to reverberateEuropean stocks drifted lower in volatile trading on Tuesday as markets failed to set a floor after the pounding they took over the spread of the coronavirus in Italy and South Korea |
| HP now willing to ‘explore’ merger with Xerox, top executives sayThere may be a thaw in HP Inc.’s takeover standoff with Xerox Holdings Corp. |
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