Written by Gary
Stocks, oil fall as COVID-19 fears continues to grip markets (SPY -0.3%). Fears of NY virus spread mount and BTFD buyers get hammered.
The Market in Perspective
| Here are the headlines moving the markets. | |
 | Waymo joins critics of California’s self-driving data reportsAlphabet Inc’s Waymo, widely considered the front-runner in self-driving vehicles, on Wednesday joined a growing chorus of dissenters panning a California requirement on reporting test data, as the state released 2019 results. |
| Stocks, oil fall as coronavirus fears grip marketsStocks and oil prices resumed their fall on Wednesday after a local authority said over 80 people were being monitored for the novel coronavirus in New York State’s Long Island, adding to concern over spread in Europe and the Middle East. |
| EU open to more spending in countries hit by coronavirus outbreakItaly and other euro zone countries hit by the coronavirus outbreak are expected to benefit from waivers under EU fiscal rules that will allow them to spend more to tackle the emergency, the bloc’s economics commissioner said on Wednesday. |
| Oil prices drop to lowest in more than a year as coronavirus spreadsOil prices fell to their lowest in more than a year on Wednesday after hundreds of new coronavirus cases reported in Europe and the Middle East stoked fears that energy demand would decline, and on concerns that the virus could spread across the United States. |
| Wall Street loses ground on fears of NY virus spreadU.S. stocks lost ground with the S&P falling to session lows in a volatile session on investor jitters on Wednesday over the prospect of coronavirus cases in New York after officials said they were monitoring 83 people who visited China. |
| Nokia explores strategic options: Bloomberg NewsFinnish telecom network equipment maker Nokia Oyj is exploring strategic options and is working with advisers to consider potential asset sales and mergers, Bloomberg News reported on Wednesday, citing people familiar with the matter. |
| U.S. Supreme Court allows retirement plan lawsuit against IntelThe U.S. Supreme Court on Wednesday refused to back stricter deadlines for workers to sue retirement plans over alleged mismanagement, ruling Intel Corp cannot avoid a suit accusing it of unlawfully making high-risk investments that cost retirement plan beneficiaries hundreds of millions of dollars. |
| Facebook to ban misleading ads about coronavirusFacebook Inc said on Wednesday it would ban advertisements for products offering any cures or prevention around the coronavirus outbreak, and those that create a sense of urgency around the situation. |
| Wells Fargo workers seek Washington’s help with internal gripesA contingent of aggrieved Wells Fargo & Co workers are taking complaints to Capitol Hill, saying they feel brushed aside by management. |
| Dip-Buyers Battered As Stocks, Bond Yields, & Oil Plunge IntradayDip-Buyers Battered As Stocks, Bond Yields, & Oil Plunge Intraday NY Gov Cuomo summed things up best today “no need for undue fear…” which we suggest is the same theme that President Trump will proclaim at 6pmET. TBH it all reminds us of ‘The Naked Gun’… And sure enough, the overnight exuberance in futures and opening BTFD efforts, failed dramatically as more US cases were reported in Nassau County and NY Gov Cuomo spoke…Dow futs rallied 800 points from overnight lows to the highs at around 1100ET before falling hard… |
| Global Times Editor Trolls US – Says “Many Doubt” Virus Cases At 57Global Times Editor Trolls US – Says “Many Doubt” Virus Cases At 57 Global Times editor Hu Xijin is trolling the US on Wednesday morning, tweeting that “the US is the country with potential large uncertainties,” referring to the possibility that the Covid-19 outbreak is much worse than reported in headlines. Xijin is feeling more confident in recent weeks after China’s desperate attempts to manipulate virus data via changing the definition of what a virus “infection” is has resulted in lower confirmed cases. Xijin tweets that “many doubt,” the US has only 57 cases of the virus.Â
He suggests the “biggest variable” for President Trump’s “economy” and “presidential election” is how the virus develops in the US. And maybe that’s why the … |
| 83 Being Monitored For Coronavirus In Long Island’s Nassau County, 8 Quarantined In Westchester: Live Updates83 Being Monitored For Coronavirus In Long Island’s Nassau County, 8 Quarantined In Westchester: Live Updates Summary: CDC reports 6 new cases among repatriated Americans 83 being monitored in Nassau County Norway has confirmed its first case 8 quarantined in Westchester HHS confirms 15th case Iran deaths hit 19 Brazil confirms first case in South America France confirms 2nd death Tokyo pushes back against Tokyo Games cancellation talk Greece confirms first case Germany unleashes fiscal stimulus after confirming new cases Dems one-up Trump with $8.5 billion package. Kuwait, Iraq, Lebanon, Bahrain confirm new cases Finland confirms 2nd case 1st 2 cases reported in Pakistan HHS Secretary tells Congress infectious disease fund has no extra uncommitted cash Congress begins talks on corona virus spending bill with vote expected early next month Germany health minister warns we’re at beginning of epidemic in Germany; 5 new cases Italy confirms 12th death, cases soar above 400 North Macedonia confirms first case South Korea cases soar above 1,200 as gov’t begins testing of 200k patients Brazil confirms infected patient came on plane from Paris Ericsson confirms one of its employees in Croatia tested positive * * * Update (1549ET): The tiny kingdom of Bahrain has reported a stunning spike in cases, going from just a handful to 33 in less than 24 hours, according to the country’s health ministry. * * * |
| “Everything Is Tactical” – Trader Fears Very Binary Scenario Here“Everything Is Tactical” – Trader Fears Very Binary Scenario Here Authored by Sven Henrich via NorthmanTrader.com, Several key discussion items: Is this correction the beginning of something larger to come? What’s the downside risk? What’s the long trade set-up now that markets have flushed hard? Is there one? How we will know something larger may still be upon us? |
| AGR-hit Vodafone Idea seeks 15 years from govt to clear duesAGR-hit Vodafone Idea seeks 15 years from govt to clear duesThe telco has to pay dues of about Rs 57,000 cr, as per DoT’s estimates, but has so far paid only Rs 3,500 cr. |
| Car sales seen to be pulling out of slow laneCar sales seen to be pulling out of slow laneThe rating agency, however, lowered its global sales forecast over coronavirus outbreak concerns. |
| Das’ financial sector ‘vision’ has problemsDas’ financial sector ‘vision’ has problemsWhen fintech cos begin to develop and replace some of the core competencies of the bank, it’s a problem. |
| March 2020 Economic Forecast Index Returns To Expansion – BarelyWritten by Steven Hansen Econintersect’s Economic Index forecast improved this month and is now barely in expansion. The current reading is predicting little economic growth. The ongoing weakness of manufacturing, transport, and imports continues to weigh on our economic forecast – and a further uncalculable headwind on the economy looms with the coronavirus which is disrupting the international supply chain.
|
| Guinness parent Diageo warns of £200 million profit hit as businesses count the cost of the coronavirus outbreakDrinks giant Diageo is the latest multinational to say the COVID-19 illness could hit profits |
| Here’s how ETF investors have ridden this week’s coronavirus roller coasterThere are some big themes to be gleaned from the exchange-traded funds investors have bought and sold over the recent market turbulence. |
| The Tell: A stock-market bounce will give way to ‘drop’ and retest of the low, says Wall Street analystDon’t get too excited about a near-term stock market bounce. Past experience shows a œpop will likely give way to a œdrop and a retest of the low, says Cannacord’s Tony Dwyer. |
Summary of Economic Releases this Week
Earnings Summary for Today
leading Stock Positions
Current Commodity Prices
Commodities are powered by Investing.com
Current Currency Crosses
The Forex Quotes are powered by Investing.com.
To contact me with questions, comments or constructive criticism is always encouraged and appreciated:
