|Day's Range||2,520.02 - 2,615.91|
|52 Week Range||2,191.86 - 3,393.52|
Stocks futures kicked off the overnight session lower on Sunday as market participants continued tracking the spread of the coronavirus outbreak and the daily life disruptions it has invoked around the world.
Equities markets slipped on Monday as the uncertain duration of global lockdowns and renewed pressure on oil prices dented investor confidence. The benchmark Europe Stoxx 600 index dipped by 1.7 per cent after the opening bell while the German Dax fell 1.4 per cent. London’s FTSE 100 dropped 1.9 per cent, and the French CAC 40 fell by 2.3 per cent. The declines in Europe came after stocks across Asia felll as oil prices dropped to their lowest level in nearly two decades on mounting fears that coronavirus would cause a collapse in global demand.
(Bloomberg) -- European and Asian stocks declined on Monday while U.S. equity futures fluctuated as investors weighed a weekend full of negative coronavirus news against the stimulus measures that triggered a bounce in risk assets last week. The dollar gained and oil fell.The Stoxx Europe 600 Index slid led by energy shares as crude slumped again, dropping briefly below $20 a barrel in New York. For the first Monday in four weeks futures on the S&P 500 Index have yet to go limit-down, though headlines in the past few days have not been supportive. President Donald Trump has abruptly abandoned his ambition to return life to normal in the U.S. by Easter and said his “social distancing” guidelines would remain until at least April 30. Asian shares pared earlier declines but most benchmarks fell. Australian equities were the notable exception, surging by a record thanks to new stimulus measures. The dollar was on course to snap a four-session losing streak while the yen edged down and the pound and euro dropped. Treasuries fluctuated.Investors are beginning the week digesting the news that the world’s biggest economy will stay crippled for longer after Trump heeded advice from the government’s top doctors that re-opening the U.S. in two weeks risks greater death as the coronavirus outbreak accelerates. He said in a Rose Garden news conference that he hoped the country would reach “the bottom of the hill” by about June 1.“Markets are still in uncharted territory,” said Medha Samant, director of investment at Fidelity International. “When you look at the stages of this pandemic, you’ve gone into escalation,” she said. “The epicenter has shifted to the U.S.”In the latest stimulus moves, China’s central bank lowered short-term funding rates and injected cash into its financial system, Australia announced a job-support program and limited public gatherings to just two people, while Singapore unveiled an unprecedenting easing in policy.“The assumption that we can turn a switch in a month or two and everything is going to be okay is a faulty opinion,” David Kotok, chief investment officer at Cumberland Advisors Inc., told Bloomberg TV. “We are waiting to see the closer timetable of treatment, testing, and vaccine -- that’s very important to us.”Meanwhile, emerging currencies including South Africa’s rand and Mexico’s peso tumbled amid concerns about debt downgrades.Quarter-end strains could add to investor nervousness on Monday and Tuesday as financial firms rein in collateral lending to shore up balance sheets, while Japanese banks face their fiscal year-end. The MSCI gauge of global equities is down about 23% since the start of the year, on course for its worst quarter since the end of 2008.These are the main moves in markets:StocksFutures on the S&P 500 Index advanced 0.2% as of 8:13 a.m. London time.The Stoxx Europe 600 Index decreased 0.6%.The MSCI Asia Pacific Index dipped 0.8%.CurrenciesThe euro decreased 0.6% to $1.1078.The British pound dipped 0.7% to $1.2371.The Japanese yen fell 0.1% to 108.05 per dollar.BondsThe yield on 10-year Treasuries climbed less than one basis point to 0.68%.Germany’s 10-year yield decreased three basis points to -0.51%.Britain’s 10-year yield declined five basis points to 0.321%.CommoditiesGold fell 0.6% to $1,618.89 an ounce.West Texas Intermediate crude decreased 4.6% to $20.52 a barrel.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- U.S. stock futures wiped out earlier losses to turn positive, as traders reacted to China’s rate cut on seven-day reverse repurchase agreements on Monday. As part of the stimulus, the People’s Bank of China injected 50 billion yuan ($7.1 billion) into the banking system.Contacts on the S&P 500 expiring in June rose 1.1% at 3:11 p.m. in Tokyo on Monday, erasing a drop that exceeded 3%. China’s central bank cut the interest rate it charges on loans to banks by 20 basis points, the biggest amount since 2015 as authorities ramp up their response to cushion an economic slowdown.U.S. Futures have “started picking up following China’s extensive cut of 20bps to 7 day repo rate, providing some support for the market,” said Jingyi Pan, market strategist at IG Asia Pte.In addition to the PBOC action, some also attributed the rally to a variety of other measures. “First, Trump puts health before economy but does not completely lock down NY,” said Jeroen Blokland a money manager at Robeco in Rotterdam. “Australia also emphasized that governments will do what ever it takes to limit the impact of the virus. Finally with VIX still extremely high, big swings are more common now.”Dramatic swings have been the rule in global markets for five weeks as investors tried to price in an outbreak that has shut down economies, put millions out of work and made it all but certain corporate earnings will drop. The S&P 500 is trading at just under 17 times combined profits in the last year, down from 22 times last month.“We have to get used to the fact that we will have some high volatility and we will have multiple retests of lows before we find one.,” said Ed Campbell, portfolio manager and managing director at QMA. “We’re pricing in a recession. That doesn’t mean there isn’t more downside from here. Bottoming is a process.”Whether valuations account for the prospect of a global recession is the question traders must answer. Stocks last traded at similar multiples four years into the bull market that ended earlier this month. They bottomed out at about 12 in the years after the financial crisis, a level that would require another 22% drop to reach based on existing 2020 earnings estimates.Analyst forecasts on individual stocks compiled by Bloomberg indicate S&P 500 companies will earn $161.20 a share this year, about 0.3% above the $160.60 posted for 2019. The 2020 projection is down from $174.40 just before markets rolled over in the middle of February.Gains in futures would be halted at 2,657.50 and declines at 2,403.50 by Chicago Mercantile Exchange volatility limits.Quarter-end strains could add to the nervousness on Monday and Tuesday as financial firms rein in collateral lending to shore up balance sheets. The MSCI gauge of global equities is down about 23% since the start of the year, on course for its worst quarter since the end of 2008.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
A stock market rally attempt is underway in the midst of the coronavirus crisis. This is what investors should do now.
SYDNEY/HONG KONG (Reuters) - Asian shares slid on Monday as fears mounted that the global coronavirus shutdown could last for months although markets regained some lost ground late in the session with Australia posting a standout jump. U.S. and European futures also turned upwards in the Asian afternoon, with E-Mini futures for the S&P 500 up 1.1%, again after earlier losses, EUROSTOXXX 50 futures rallying 2% and FTSE futures 1.5%. Australia's benchmark ASX200 saw a late surge, closing up 7% after Prime Minister Scott Morrison unveiled a $130 billion ($79.86 billion) package to help save jobs.
At this time, we stand by our forecast for a minimum 50% to 61.8% correction of the entire rally from 2009 to 2020. That’s the value area that will start bringing in the real buyers and not just the reactionary buyers.
Stock-index futures fall Sunday, pointing to a lower start for Wall Street on Monday, as the number of coronavirus cases and deaths continues to rise and investors brace for data in the week ahead expected to underline the economic toll of the pandemic.
U.S. stock futures opened for trading Sunday evening, pointing to a lower open on Monday morning. Shortly after the futures market's 6 p.m. ET open, the S&P 500 was down about 1.8% and the Dow Jones Industrial Average was down 2.2%.Volatility ContinuesThe S&P 500 closed Friday's session at 2,541.47 and the Dow closed down more than 4% at 21,636.78, marking a reversal from a three-day winning streak where major indices gained more than 20% from last Monday's close.That three-day rally included the Dow's best single-day percentage gain since 1933, followed by the Labor Department reporting a record 3.28 million weekly unemployment benefit claims.Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.Trumps Extends Coronavirus Social Distancing GuidelinesDuring his daily press briefing Sunday evening, President Donald Trump extended coronavirus (COVID-19) social distancing guidelines to April 30 and sees the highest rate of coronavirus-related deaths occurring in two weeks.Just last week, Trump said he "would love to have the country opened up, and rarin' to go by Easter," which is April 12.Dr. Anthony Fauci, who many consider the top member of the White House's coronavirus task force, earlier Sunday gave CNN's Jake Tapper an update on the latest models. He said the U.S. could eventually see 100,000 deaths from the novel coronavirus and he expects the U.S. to have over "millions of cases.""Whenever the models come in, they give a worst-case scenario and a best-case scenario," Fauci said. "Generally, the reality is somewhere in the middle. I've never seen a model of the diseases that I've dealt with where the worst case actually came out. They always overshoot."Followning Trump's announcement, Fauci called the White House's move to extend the deadline to April 30 "a wise and prudent decision."Related Links:The 2008 Playbook Suggests We Haven't Seen The Market Bottom YetLeon Cooperman, Others Weigh In On Whether The Stock Market Has Hit BottomSee more from Benzinga * Bill Ackman Bet On Market Plummet, Turned M Into .6B * 'Dusting Off The Financial Crisis Playbook:' Dow Futures Point To Drop After Fed Announces Emergency Rate Cut * Federal Reserve Cuts Interest Rates To Zero For First Time Since Financial Crisis(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
U.S. stock-index futures remained lower after kicking off trade with sharp losses Sunday night as the number of COVID-19 cases continued to rise over the weekend and investors braced for data in the coming week that's expected to underline the economic toll of the pandemic. Futures on the Dow Jones Industrial Average were off 245 points, or 1.1%, while S&P 500 futures were down 1.1% and Nasdaq-100 futures shed 1%. The U.S. now has the largest number of cases worldwide at 124,763, according to data compiled by Johns Hopkins Whiting School of Engineering's Centers for Systems Science and Engineering. The U.S. death toll stands at 2,191. President Donald Trump, speaking Sunday evening at press briefing, said the death rate was likely to hit in two weeks and that the U.S. would be "well on its way to recovery" by early June.
If ever there were doubts about how the superaffluent are faring amid a pandemic for the ages, media mogul David Geffen wants to make it abundantly clear that, for his part, he’s doing just fine — and he wishes us all the best.
Foot traffic at retailers and online transactions offer a view of what’s happening across the economy—at malls, big-box retailers, supermarkets, and fast food.
A flurry of recent profit warnings suggest that corporate earnings will be slammed in the first half of the year as the COVID-19 pandemic forces companies to close offices and stores, furlough workers and idle plants, but the forecasts get murkier after that.
U.S. Covid-19 cases topped 124,000 early Sunday morning. It’s the highest total for any country by more than 30,000 cases. Federal, state, and local government officials are rapidly trying to increase testing and hospital capacity.
The $2 trillion stimulus package includes a $10 billion loan for the U.S. Postal Service. It’s a smart move because logistics—including the daily mail—are the life blood of any economy.
In perhaps the worst-timed vacation ever, I took seven commercial flights between March 16 and Wednesday. Things changed rapidly at airports and with my chosen airlines over the 10 days. It was a once-in-a-decade splurge, a trip to Hawaii after selling a house.
The following is a story that walks you through my experience, the shift in my mindset and how I came to the conclusion that the three charts I share in this article are critical to your understanding of to make money in today’s market!
A Wellington Management fund sold more than $100 million of shares of the maker of exercise bicycles. Peloton shares are below the IPO price, but the fund still made money.
The question investors must now ask themselves is whether or not the market has already hit the bottom of this bear market, or whether investors should prepare themselves for worse to come.
The bank’s analysts identified companies with strong fundamentals that are attractive because of ‘indiscriminate selling.’