The S&P 500 and the Dow Jones Industrial Average on Monday suffered their biggest one-day percentage losses in two years after a surge in coronavirus cases outside China fanned worries about the global economic impact of a potential pandemic.
Stocks on Wall Street plunged on Monday as concerns dramatically intensified about the economic impact of the coronavirus amid a surge of cases outside China.
It was the Dow and S&P 500's biggest one-day percentage drop in two years.
The Dow plummeted more than 1000 points and the S&P fell more than 3 percent.
While the tech-heavy Nasdaq closed the day nearly 4% lower.
Investors fled equities and rushed into safe-havens - like gold - after a surge of coronavirus cases were reported in Italy and South Korea, putting two more major economies at risk from a virus that has already caused widespread business disruption in China.
Kramer Capital Research's Hilary Kramer says global economic growth is at risk.
(SOUNDBITE) (ENGLISH) KRAMER CAPITAL RESEARCH'S HILARY KRAMER SAYING: "The coronavirus can really create a serious, significant negative GDP around the world.
This is really serious.
In that we depend globally that every single day factories are going, inventory is being shipped, that buying is taking place.
Any slowdown, any standstill like that just creates ripples throughout the entire system and the slowdown is so pervasive that I am expecting - China could have negative GDP." Another possible issue that the market appeared to be grappling with Monday: a potential Bernie Sanders nomination.
After his strong showing in Nevada, healthcare stocks took a hit, with UnitedHealth Group's stock tumbling nearly 8%.
But it was tech and chip stocks that led the sell-off on Wall Street.
Chipmakers, which rely heavily on China, were down.
The S&P 500 posted a nominal gain on Friday as further clarity regarding the timeline for the development of a coronavirus vaccine and much better-than-expected retail sales data brought buyers back to the market. Fred Katayama reports.
Stock market analysts always worry around the time of a Presidential election. The markets can react unpredictably when a certain candidate gets elected. According to Stifel the S&P 500 will sell off initially if the Senate or Presidency remains Republican after the election. Business Insider reports that a note from Stifel says the S&P may fall following this election outcome. With the Republicans in charge hopes of a large fiscal stimulus will fade.
The S&P 500 ended lower on Thursday after a rise in weekly jobless claims compounded worries about a stalling economic recovery and fading hopes for more fiscal aid before the election. Fred Katayama reports.
On Tuesday, JPMorgan's Grace Peters told CNBC's "Squawk Box Europe" the S&P 500 could hit 3,750 by September 2021. Business Insider reports that would represent a 12% premium over Tuesday's closing price of 3,335.47. On the outlook for US stocks, she said, "We can see around a 10% upside over a 12-month view." Peters said investors should look at areas that have seen "structural growth" like construction, healthcare, and digital-transformation.
Business Insider reports that US stocks are on course to close lower for a third consecutive week. The S&P 500 has lost nearly 9% since early September's record high. That decline was mainly driven by losses in the technology sector. But Goldman Sachs, Wells Fargo and Deutsche Bank are upbeat the US stock market sell-off is mostly over. Goldman Sachs kept its end-of year S&P 500 target to 3,600 by year end.
Getty Images US stocks extended losses into Monday's close as a lack of stimulus progress cut into hopes for a pre-election deal. House Speaker Nancy Pelosi expedited talks on Sunday, setting a 48-hour deadline for the White House and Democrats to ink a deal. She later told Democrats that significant obstacles in reaching a compromise remain. Even if an agreement is reached, the bill is set to die in the Senate as Republicans push a $500 billion measure.
Wall Street's main indexes hit their lowest in nearly seven weeks Monday as concerns about fresh coronavirus-driven lockdowns and the inability of Congress to agree on more fiscal stimulus raised fears about another hit to the domestic economy. Fred Katayama reports.
Wall Street lost ground on Tuesday, with halted COVID-19 vaccine trials and an elusive U.S. stimulus agreement weighing on sentiment as third quarter earnings season got underway. Fred Katayama reports.
U.S. stocks fell sharply Tuesday to close lower after President Donald Trump said he was calling off negotiations with Democratic lawmakers on coronavirus relief legislation until after the election. Fred Katayama reports.
Future tax policy, fiscal spending and budget deficit reduction plans are some of the key things Wall Street will be listening for in the first 2020 U.S. presidential debate, chief investment officer Hugh Johnson told Reuters business correspondent Conway G. Gittens.
South Korean officials refused on Thursday to suspend a seasonal influenza inoculation effort, despite growing calls for a halt, including an appeal from a key group of doctors, after the deaths of at least 25 of those vaccinated. Emer McCarthy reports.
Several people have died after getting flu shots in South Korea in the past week, authorities said, raising concerns over the vaccine's safety just as the seasonal inoculation program is expanded to head off potential COVID-19 complications. Joe Davies reports.
Around two-thirds of respondents in France (64%), Germany (67%) and Italy (68%) agreed not sufficient action was being taken in Europe. UK respondents agreed but in lower numbers (57%).View on euronews
Credit: euronews (in English) Duration: 02:19Published
U.S. stocks rallied on Tuesday with the Nasdaq snapping a five-day losing streak as investors bet there would be a soon-to-emerge agreement on an economic stimulus package. Netflix posted disappointing quarterly results. Conway G. Gittens has more.
Wall Street's main indexes ended higher Wednesday to snap a three-session losing streak as investors jumped back in to take advantage of the pullback in technology-related stocks, a day after the Nasdaq confirmed correction territory. Fred Katayama reports.
On Wednesday, Tesla shares rallied as much as 10%. The rally added about $32 billion in market value to the company. Other tech stocks like Apple, Amazon were also in the green after the Nasdaq tumbled a record 10% in three trading days. On Tuesday, Elon Musk's Tesla saw its stock price plunge 21%, erasing $82 billion from its market capitalization. Business Insider reports that Tesla completed a $5 billion share sale and a five-for-one stock split last week.
U.S. stocks closed lower for a third straight session Tuesday as tech stocks extended their sell-off to send the Nasdaq into correction territory, while Tesla suffered its biggest daily percentage drop after the stock was passed over for inclusion in the S&P 500. Fred Katayama reports.
As the Nasdaq fell 5% intraday Thursday, Crossmark Global Investments' Victoria Fernandez, who last month advocated trimming positions on big cap tech stocks, says the market may have further to drop. She tells Reuters' Fred Katayama investors should later buy consumer staples, utility, and energy stocks.
Cars are becoming smarter, aren’t they? Connectivity on-board allows you to perform several tasks remotely. Thanks to Apple CarPlay and Android Auto, we have so many new things on our in-car display. The idea is to assist drivers and people on board with more information, insight, and of course entertainment. The latest to join the bandwagon is Honda City 5th generation.
Credit: HT Digital Content Duration: 03:14Published
Tech giant Apple has recently launched the channel Apple Music TV which is exclusively for music videos. According to The Verge, Apple Music TV is a free, curated, 24-hour live stream of popular music videos where American users can watch videos in the browse tabs of the Apple Music app and on the Apple TV app. The new channel can be seen as a direct shot at YouTube's dominance of the music video space.
Jackson Square Capital's Andrew Graham identifies the stocks of Apple suppliers that could benefit the most from sales of the newly released 5G iPhone. He also tells Reuters' Fred Katayama which ones to avoid.