Dow below 20,000, Boeing drops 20%
Traders work during the opening bell on the New York Stock Exchange (NYSE) on March 16, 2020 on Wall Street in New York.
Johannes Eisele | AFP | Getty Images
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10:58 a.m .: Stocks Receive Help From Fed Announcement
Following the announcement by the Federal Reserve of its intention to help small businesses obtain short-term financing, stocks experienced a brief increase. The Dow Jones rose more than 150 points in volatile trading. The Nasdaq and the S&P 500 both advanced by around 2%. – Fitzgerald
10:50 am: Fed to provide short-term financing in the commercial paper market
The Federal Reserve said on Tuesday that it was providing assistance to businesses that were struggling to get the short-term financing they needed to operate. The bank announced a special credit facility to purchase corporate paper from issuers who have struggled to find buyers in the open market. Corporate paper involves unsecured short term loans. The one-day facility will include three-month paper for eligible businesses. The cost will be the three month overnight index swap rate plus 200 points. Coxswain
10:33 a.m .: Biotech companies beat the market
While the overall market was struggling to rebound from Monday's large losses, a handful of biotech companies posted double-digit returns. German company BioNTech jumped nearly 61% on Tuesday after announcing that it is partnering with Pfizer to develop a vaccine against coronaviruses. Moderna jumped more than 12%, while Regeneron soared more than 10% after the company said it intended to start human clinical trials of a drug against coronavirus in early summer. Li, Francolla
10:32 am: Analysts highlight defensive actions like Walmart and P&G in Tuesday's biggest calls
- Oppenheimer improved Walmart to outperform versus perform
- Deutsche Bank has upgraded Procter & Gamble to buy pending.
- Needham launched Zoom as a purchase.
- Evercore ISI has improved Pepsi to outperform the line.
- Bernstein improved JD.com to outperform market performance.
- MKM upgraded Boston beer to buy from neutral.
- MKM upgraded Electronic Arts to buy on neutral.
- Cowen upgraded Square to outperform market performance.
- Bank of America downgraded Royal Caribbean to underperform neutral.
- Wedbush added Facebook, Amazon and Peloton to the list of best ideas.
Read the full analyst calls of the day here. –Flowering
10:30 a.m .: Boeing stock down 20% as aircraft manufacturer's slide worsens
US industrialists, the crown jewel, Boeing, fell another 20% on Tuesday, adding to a dramatic drop for the aircraft maker in recent months. The sale comes a day after Boeing said it was in talks with the Trump administration about potential help and other members of its supply chain at the time. that the new coronavirus is hitting the travel industry. The company was already facing the consequences of two fatal accidents to its 737 Max, immobilized worldwide since 2019. The price of Boeing shares has fallen by 72% in the last six months. Franck
10:25 am: The Fed announces a new $ 500 billion operation for the repo finance markets overnight
The Federal Reserve continues to support short-term bank financing as it will put in place another $ 500 billion repo transaction on Tuesday afternoon. In the last operation, the Fed will conduct another operation that ends. ; add to a similar offer on Monday. The New York central bank's trading office aims to quell the disruptions in the day-to-day funding markets when banks go to seek operating capital. Coxswain
10:23 a.m .: Amazon stock climbs more than 3%
On Tuesday, Amazon shares rose 3.8%. E-commerce giant said it plans to hire 100,000 more warehouse and delivery workers amid a surge in online orders due to the coronavirus epidemic . The company is also increasing the wages of warehouse and delivery workers by $ 2 an hour in the United States until the end of April. Amazon said on Saturday that some brands in the "household essentials" category were out of stock and warned that some of its "delivery promises were longer than usual". Palmer, Li
10:20 a.m .: The builder's feeling diminishes, as the coronavirus begins to take into account
A monthly measure of homebuilders' sentiment only partially reflects the growing economic effects of the coronavirus. Sentiment fell 2 points to 72 in March, according to the National Association of Home Builders / Wells Fargo housing market index. Sentiment levels have remained in a narrow range between the low and the mid-1970s for the past six months. Anything over 50 is considered positive.Olick
10:07 a.m. Tesla share falls below $ 420
Tesla's shares fell below the infamous $ 420 level at the start of the session on Tuesday, just three months after crossing that bar for the first time. The price became notorious for Tesla stocks, as CEO Elon Musk tweeted in August 2018 that he had "guaranteed funding" to keep the company private at this level. Musk later agreed to an agreement with the SEC on the statement after the regulator sought to put Musk in the leading position in any publicly traded company. – Sheetz
10:06 AM: Trump administration wants $ 850 billion stimulus package, reports say
Secretary of the Treasury, Steven Mnuchin, travels to Capitol Hill today to discuss a third response package against coronaviruses with Senate Republicans as policymakers try to ward off economic calamities. The Trump administration wants an $ 850 billion economic stimulus package, reported Politico and The Washington Post. The White House proposal would include about $ 50 billion in aid to an airline industry hit by the global pandemic, according to the Post. Congress has already approved $ 8.3 billion in emergency funding to help stop the spread of coronavirus disease. A separate plan to extend paid vacation benefits, increase unemployment insurance and make testing more affordable is underway in the Capitol this week.Pramuk
10:01 am: stocks in the red, Dow below 20,000
The stocks gave up all of their earnings within 30 minutes of opening the bell. The Dow Jones Industrial Average fell below 20,000 for the first time since February 2017. The average of the 30 stocks is down about 200 points. The S&P 500 and the Nasdaq also turned negative. – Fitzgerald
9:58 a.m .: VIX reaches a new record
The Wall Street Fear Index, the Cboe Volatility Index, known as the VIX, hit another all-time high of 83.94 Tuesday morning amid wild trade. On Monday, during the massive sale, the VIX jumped nearly 25 points, or nearly 43%, to close at a record level of 82.69, surpassing the record level of 80.74 during the financial crisis. The VIX, which tracks the implied 30-day volatility of the S&P 500, more than doubled in March alone. The index examines option prices on the S&P 500 to track the level of fear on Wall Street. – Li
9:50 a.m .: Regeneron peaks at 52 weeks in hope of coronavirus drug
Biotech company Regeneron's shares hit a new 52-week high of $ 503.20 per share on Tuesday after the company said it intended to have doses of a potential drug for COVID-19, in order to start human clinical trials in early summer. Regeneron's shares have traded for the last time by around 9%.Fitzgerald
9:47 a.m .: Share of McDonald's collapse after the dining room closes
McDonald's is asking its American franchisees to close their dining rooms as the company responds to the coronavirus epidemic. The fast food giant is also planning to close dining rooms at its branches in the United States, and customers will be able to order food and beverages to take away or for delivery or via drive-thru. McDonald's owns around 5% of its approximately 14,000 restaurants in the United States, and McDonald's shares have dropped nearly 6% in morning trade. Li
9:43 a.m .: stocks cut earnings soon after opening
Stocks quickly lost their gains on Tuesday, with the Dow briefly plunging into negative territory. The average dropped 100 points less than 15 minutes after the opening bell, but the last one traded more than 100 points. The S&P 500 and the Nasdaq stayed in the green but also reduced their gains. – Fitzgerald
9:30 a.m .: Green stocks open, Dow Dow up 400 points
The stocks attempted to rebound after the worst day since 1987, with the top three averages opening in positive territory on Tuesday. The Dow Jones Industrial Average rose 410 points, or 2%. The S&P 500 rose 2.2% and the Nasdaq jumped 2.2%. – Fitzgerald
9:15 a.m .: retail sales fell in February
Retail sales in the United States fell 0.5% in February, missing analysts' expectations of an increase of 0.2%, according to Reuters estimates. Data for January has, however, been revised upwards. For the month, sales increased 0.6%. Previous reports had shown an acceleration of 0.3%. – Stevens
9:03 am: these are the ultimate values of "social distancing", according to Piper Sandler
Piper Sandler has identified a basket of "social distancing" stocks that he believes should outperform while people stay indoors and work from home in an effort to stop the spread of COVID-19. "We are all in unknown territory as the health crisis uproots the way we all deal with our days, our work flow and our social interactions," the firm said in a recent note to clients. as well as retailers with a strong e-commerce footprint. The list includes names like Kellogg and Zoom Video. CNBC Pro subscribers can find out more here. Stevens
8:38 a.m .: Morgan Stanley expects global recession this year
The company's chief economist, Chetan Ahya, told investors that a "global recession in 2020 is now our base scenario". Morgan Stanley said the coronavirus pandemic is fundamentally disrupting the global economy, predicting the world's weakest economic growth "since the global financial crisis". – Sheetz
8:30 a.m .: Treasury yields rebound visibly
Treasury bill yields rose a little Tuesday morning as investors asked for more details on the Trump administration's fiscal stimulus to combat the fallout from the coronavirus. The performance of the 10-year Treasury benchmark only rated five basis points at 0.77% after falling 23 basis points in the previous session. The yield on 30-year Treasury bills rose slightly to 1.36%. Bond yields move inversely with prices. "There will be a step in the process where lows are finally established and efforts will be made to bring the market back to a semblance of normalcy," said Ian Lyngen, US rate manager at BMO. "It is not yet known whether investors have entered this phase as the repercussions of monetary policy continue to make their way through the system." Li
7:37 a.m .: tech titans wipe out over $ 1 trillion in market sales
The so-called "MAGA" or Microsoft, Apple, Amazon, and Google-parent Alphabet stocks have erased $ 1.3 trillion in value since their February highs closing in the midst of wider market sales. Microsoft was the hardest hit, losing around $ 405.2 billion. Apple wiped out about $ 371.8 billion, while Alphabet lost $ 311.1 billion. Amazon paid $ 239.4 billion. With recent losses, only Apple and Microsoft are now valued at more than $ 1 trillion. – Stevens
7:31 a.m .: Nordstrom announces the closure of American stores and suspends its forecasts for 2020
Nordstrom announced the closure of 364 of its stores to curb the spread of the coronavirus. Due to lingering uncertainty surrounding the long-term impact of the virus, the retailer has also suspended its earnings outlook for 2020. Nordstrom said it has experienced "a general deceleration in customer demand over the years. past two weeks, especially in the markets most affected by the virus. " The stock has lost more than half of its value this year, after losing 58%. The shares were unchanged during Tuesday's pre-market trading. – Stevens, Thomas
7:14 a.m .: Cramer says wild fluctuations of the future are “ a total joke '' & amp; # 39;
Equity futures rose sharply towards Tuesday's opening on Wall Street, casting doubt on the reliability of trading before the market as an indicator of the current situation. because they have reached a gain of 5% and cannot go higher. However, shortly before 6:30 a.m., the markets turned around and were negative at one point. They then shot higher again soon after and recently reported a significant gain. Observing the massive oscillations, Jim Cramer of CNBC said that futures lost their reliability and were "a total joke". "Don't even watch them. You can't have a bull market at 3:30 am and finish it before 7 am," said the host of "Mad Money."Coxswain
7:05 a.m .: Regeneron accelerates the chronology of coronavirus drugs
Pharmaceutical company Regeneron said on Tuesday that it is accelerating the timeline of its coronavirus drug, with the possibility of testing early in the summer. Antibody-based therapy has the potential to be preventive against the virus and to treat active cases. On Tuesday, the biotechnology company's share increased by more than 13% in trade before commercialization. Fitzgerald
7:00 am: stocks should rebound
Equity futures indicated a rebound on Tuesday after the third worst day in the history of the Dow Jones Industrial average. The Dow Jones Industrial Average Futures Contract indicated an implied opening of more than 600 points. The S&P 500 and the Nasdaq are also expected to increase.
The rebound comes after the Dow Jones and the S&P 500 had their worst day since the "Black Monday" crash of 1987 despite the Federal Reserve rate cuts and its easing measures. The Dow Jones lost nearly 13%, its third worst percentage decline in a day in history. The S&P 500 lost 12%. The Nasdaq Composite had its biggest dip in a day, plummeting 12.3%. Fitzgerald
with reports by Jeff Cox and Michael Sheetz from CNBC.
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