Economy

Wall Street falls on fears of new coronavirus infection wave

Wall Street falls on fears of new coronavirus infection wave”

The Dow Jones Industrial Average lost 160 points, or 0.64% as of noon EST, but suffered greater losses earlier and in the extended session on Sunday futures trading.

Smaller stocks also took steeper losses than the rest of the market.

"People are looking ahead, and they're saying, 'OK, the pandemic has happened, and the damage has swept through our economy and our businesses, and now we're planning on the growth after the carnage, so we're valuing equities as if we're going to go back to a decent growth environment, '" said Mike Zigmont, head of trading and research at Harvest Volatility Management.

The S&P 500 closed barely higher, eking out a nominal gain on Monday as investors weighed new spikes in coronavirus infections with expectations that an economy crippled by mandated shutdowns will soon be re-opened for business.

Wuhan, where the epidemic began, reported its first new infections since the Chinese city ended its lockdown last month. Stocks that would benefit most from reopening were affected the most including travel-related stocks, airlines, retailers, cruise lines, and casinos.

Wall Street falls on fears of new coronavirus infection wave

Ten of the 11 major S&P sectors were lower, with a 2.4% decline in financials weighing the most. A weaker global economy wouldn't need as many basic building blocks.

Health care was pulled lower by Aphria Inc. and Aurora Cannabis Inc., which each lost about 4.3 per cent.

The data streaming in on the economy remain oppressively bad. After a report on Friday showed USA employers cut a record-setting 20.5 million jobs in April, Italy reported Monday its largest-ever drop in industrial production.

Regional Federal Reserve presidents James Bullard, Loretta Mester and Patrick Harker are due to speak at events on Tuesday.OPEC gives its monthly oil market report on Wednesday.U.S. weekly jobless claims data is due Thursday.China on Friday releases industrial production and retail sales data for April.

Shares of Under Armour Inc plunged 9.7% after the athletic wear company forecast a 50% to 60% drop in the second quarter as many of its stores remain shuttered.

Читайте также: How to watch ‘American Idol’ Disney/Mother’s Day episode on Sunday

Even outside the possibility of a resurgence of infections, many analysts see other reasons for skepticism. South Korean stocks fell 0.5%. "With no playbook, there's much less certainty and markets are more likely to vacillate".

Japan's Nikkei 225 rose 1%, while stocks in Shanghai were close to flat.

The Stoxx Europe 600 Index fell 0.4%. The FTSE 100 in London slipped 0.4%.

Germany's 10-year yield gained three basis points to -0.51%.

Crude fell despite Saudi Arabia announcing on Sunday that it will reduce output by 1 million barrels a day in addition to reductions in an OPEC pact that includes Russian Federation.

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2021 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Benchmark U.S. crude rose 1% to $24.98 per barrel.

Код для вставки в блог



Like this

loading...
loading...

Latest


12 Мая 2020
Diplo confirms he welcomed a baby with model Jevon King
He also posted a photo of his ex Kathryn Lockhart with their two sons, as well as an old snapshot of his own mother. Jevon King welcomed her son, Pace , in March, and two months later, Diplo , 41, has confirmed that he's the father.

12 Мая 2020
China suspends meat imports from four Australian abattoirs as ties sour trade
The customs found beef products from certain Australian firms violating the inspection requirements, Foreign Ministry reported. Federal Labor said the Australian government must show leadership on managing this important relationship at this hard time.

12 Мая 2020
Depart it to The Simpsons to Supply Glimpses of 2020
Those two weren't the only things eerily similar - the episode also included Springfield's mayor not taking the virus seriously. You never know what else they could predict, from the coronavirus to "murder hornets", the results might surprise you.

12 Мая 2020
Vande Bharat Mission: 288 Indians Stranded In USA, UAE Land In Hyderabad
Special arrangements for passengers arriving at the airport include food and beverage facilities within the arriving hall. The Doha-Thiruvananthapuram flight is now "being scheduled" for tomorrow, the embassy has informed through a tweet.

12 Мая 2020
Enzyme makes men more vulnerable to coronavirus; adding interferon may improve treatment
So they said the study does not provide a direct link between the course of the disease and ACE2 plasma concentrations. However, the study found that patients receiving these medications did not have higher levels of ACE2 in their blood.

12 Мая 2020
Kevin Hassett, White House economic adviser, expects 20% unemployment rate before recovery
The White House wants more details on the measure, as cash that was unsealed under prior relief bills is being distributed. Asked if the country could be facing a "real" rate of close to 25%, Mnuchin said: "We could be".

12 Мая 2020
US pulling Patriot missile batteries from Saudi Arabia
The assets were placed in the area in recent months to "counter Iran". "This was a normal rotation of forces". Iran has repeatedly rejected the accusations and has condemned the foreign military deployments.

12 Мая 2020
Guy Fieri Raises $20 Million For Out-Of-Work Restaurant Workers
While the "Mayor of Flavor Town" earned ridicule for a failed New York City restaurant, he is a genuine hero to those in need. The almost nationwide lockdown brought about by the COVID-19 contagion has hurt the restaurant industry has hard as any.

12 Мая 2020
UFC 249: Fighters could lose pay for criticising Covid-19 safety measures
They were following the health and safety protocol guidelines for those who tested positive for the virus. One fighter, Jacare Souza , was scheduled to take centre stage but tested positive for Covid-19.

12 Мая 2020
Surfer killed in shark attack off California coast
Another man, who used to work with the young surfer, said he was "stunned and sad" to hear news of the surfer's death. Silver said he had spotted six great white sharks within a 500 square foot area at Seacliff State Beach last Tuesday.