Traders work ahead of the closing bell on the floor of the New York Stock Exchange (NYSE) in New York City. Drew Angerer | Getty Images Stock futures plunged Sunday night even after the Federal Reserve embarked on a massive monetary stimulus campaign to curb slower economic growth amid the coronavirus outbreak. While the central
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Traders work on the floor of the New York Stock Exchange, March 12, 2020. Brendan McDermid | Reuters Markets always rush to price in future economic conditions and often overshoot in the process. But can the recent near-30% crash in three weeks through Thursday have properly discounted an economic path now being set by an
US President Donald Trump gestures as CEO of Bank of America Brian Moynihan (L) speaks during a meeting with banking leaders to discuss how the financial services industry can meet the needs of customers affected by COVID-19 at the White House in Washington, DC on March 11, 2020. Brendan Smialowski | AFP | Getty Images
Morning traffic makes its way along a freeway in Los Angeles, California, September 19, 2019. Mike Blake | Reuters The coronavirus pandemic has stoked concerns of a global economic recession as it spreads across the world, igniting one of the sharpest oil price plummets in the last 30 years and causing the biggest stock plunge
The Citibank Corporate Office & Headquarters is viewed in midtown Manhattan. Kevin Winter | Getty Images An employee from Citigroup’s Manhattan office tested positive for the coronavirus, the Wall Street firm said Friday. The employee was diagnosed in Singapore on Friday while on personal travel. The Citi worker was last in the Manhattan office on Friday,
Chesnot | Getty Images Investors likely won’t get their fix for newly public companies for a long time thanks to the financial turmoil caused by the spreading coronavirus. Logistics issues aside for investment bankers unable to travel, market volatility like this scares off companies who want to raise capital. The initial public offering calendar is
An aircraft operated by British low cost airline Easyjet moves past other aircrafts as a rainbow is seen at Amsterdam Airport Schiphol on March 9, 2020 in Schiphol, Netherlands. Yuriko Nakao | Getty Images Shares of major U.S. airlines got a respite Friday on expectations that the government will provide targeted financial relief from the
People pass a sign for JPMorgan Chase at it’s headquarters in Manhattan, New York City. Spencer Platt | Getty Images JPMorgan Chase said that two employees at its headquarters in New York City had the coronavirus, the first confirmed instances at the biggest U.S. bank. The company said that two separate cases were found recently,
Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., March 2, 2020. Brendan McDermid | Reuters An economic slowdown is inevitable in the face of the fast-spreading coronavirus, but the U.S. will eventually avoid a technical recession, JPMorgan economists said. As the outbreak situation continued to worsen, JPMorgan
Market researcher James Bianco calls the Federal Reserve’s move to pump $1.5 trillion into the market the “nuclear option” to calm investors gripped by coronavirus fears. Only, it didn’t work Thursday. Instead, stocks saw their worst day since the 1987 Black Monday market crash. “Financial markets are not recovering. It’s incredible to think that a
Stock futures pointed to more pain ahead on Friday as they fell in overnight trading following major averages losing the most since the “Black Monday” market crash in 1987. As of 6:30 p.m. ET, futures on the Dow Jones Industrial Average lost more than 200 points in overnight trading Thursday. The overnight action followed the official end
A Goldman Sachs sign is seen on at the company’s post on the floor of the New York Stock Exchange. Brendan McDermid | Reuters Goldman Sachs said that a gym worker employed by a vendor at its New Jersey office is suspected to have caught the coronavirus. The bank said that the worker, an employee of
A man wearing a mask walks past the headquarters of the People’s Bank of China, the central bank, in Beijing, China, as the country is hit by an outbreak of the new coronavirus, February 3, 2020. Jason Lee | Reuters BEIJING — China‘s central bank is expected to cut key rates soon, following a directive from
If coronavirus infections decline and Congress passes a fiscal stimulus package, Invesco’s Kristina Hooper says, stocks will make a sustainable comeback. She made the call as the Dow was plunging into a bear market, which reflects a 20% or more drop from 52-week highs. “I don’t think we’ve hit a bottom yet,” the firm’s chief
Traders work at the New York Stock Exchange. Johannes Eisele | AFP | Getty Images U.S. stock futures fell sharply on Tuesday night, pointing to another volatile session on Wall Street following a massive rally. Around 7:40 p.m. ET, Dow Jones Industrial Average futures were down about 366 points, indicating a loss of more than
A cleaner walks past a Microsoft office building in Beijing. Greg Baker | AFP | Getty Images As growth slows in the world’s second-largest economy, U.S. companies are looking for more reasons why they should stay and invest more. Many members of the Beijing-based American Chamber of Commerce in China said they are earning less
Workers from Vivint Solar install solar panels on the roof of a home. Anne Cusack | Los Angeles Times | Getty Images Check out the companies making headlines after the bell. DXC Technology — The technology service company saw its stock climb 37% in extended trading after the company announced that it is selling its
Chinese President Xi Jinping, also general secretary of the Communist Party of China Central Committee and chairman of the Central Military Commission, chairs a symposium at the School of Medicine at Tsinghua University in Beijing, capital of China, March 2, 2020. Yan Yan | Xinhua News Agency | Getty Images Chinese President Xi Jinping flew
The U.S. Federal Reserve could have saved itself an unnecessary — and counterproductive — interest rate cut last week by explaining to Americans that their fully employed economy needed no further credit easing. As a reminder, note that the Fed’s charter mandates what amounts to a fully-employed economy and stable prices. That’s a very tough call.
Stock futures fell in overnight trading Monday, pointing to more trouble ahead after the S&P 500’s worst day since the financial crisis. Futures on the Dow Jones Industrial Average dropped 410 points, indicating a drop of about 375 points at Tuesday’s open. The S&P 500 futures also traded about 40 points lower. The market suffered a