The Dow opened down 1800 points today, or -7%. It's another grim Monday in financial markets as the outbreak of deadly coronavirus around the world spreads fear, disruption, and economic damage.
• On Wall Street, stock trading halted for 15 minutes following a plunge at the open. This is the first time in history this circuit breaker has been triggered.
Breaking – Stock trading halted for 15 minutes following a plunge at the open. This is the first time in history this circuit breaker has been triggered
— TheStreet (@TheStreet) March 9, 2020
The number of people around the world who are infected with coronavirus is now over 110,000, and over 3,800 have died, according to a Reuters tally of government announcements.
• Separately, prices for crude oil droppped by as much as a third after Saudi Arabia kicked off a fuel price war with Russia.
• North Korea firing three projectiles off its eastern coast on Monday didn't make the markets' mood better.
• Investors already freaked out by COVID-19 sought safety in bonds and yen.
So, things are fine. Just fine. Excerpt from Reuters:
Heavy selling was set to continue on Wall Street with U.S. futures EScv1 hitting their down limit. Investors drove 30-year U.S. bond yields beneath 1% on bets the Federal Reserve would be forced to cut interest rates by at least 75 basis points at its March 18 meeting, after having already delivered an emergency easing last week. "Wild is an understatement," said Chris Brankin, Chief Executive at stockbroker TD Ameritrade Singapore.
The number of people infected with the coronavirus topped 110,000 across the world as the outbreak reached more countries and caused more economic carnage. Most of Italy's stocks failed to open after the government ordered a lockdown of large parts of the north of the country, including the financial capital Milan.
There were also worries that U.S. oil producers that had issued a lot of debt would be made uneconomic by the price drop.
• In Italy, Prime Minister Giuseppe Conte today vowed to implement "massive shock therapy" to counter the impact of coronavirus, after the government shut off much of the country's industrial and business region in the north to slow the spread.
• Here's a list of the airlines around the world curtailing or stopping flights altogether because of coronavirus.
— CNBC Now (@CNBCnow) March 9, 2020
Gary Cohn says he believes that the US government is going to need to step in and support certain industries as a result of economic damage from the virus.
— Eamon Javers (@EamonJavers) March 9, 2020
DO NOT BUY ON THE DIP https://t.co/V3EFu5vz4A
— hern (@alexhern) March 9, 2020
crashing financial markets have halted trading https://t.co/TYWBzNlWNO
— John Harwood (@JohnJHarwood) March 9, 2020
BREAKING: U.S. market trading halted for 15 minutes after S&P 500 trades more than 7% lower at the open
— Ali Velshi (@AliVelshi) March 9, 2020
— CNBC (@CNBC) March 9, 2020
Trading halted on Wall Street for 15 min as first circuit breaker is triggered following 7% drop. Next circuit breaker goes into effect at a 13% drop, followed by 20%.
— Bianna Golodryga (@biannagolodryga) March 9, 2020
Sad to see that the entire financial sector has joined up with the Deep State in order to hurt Mr. Trump
— Patrick Monahan (@pattymo) March 9, 2020
Tweets that didn't age well. https://t.co/h4m4lDvNxz
— Paul Farhi (@farhip) March 9, 2020
Bear market levels
– Dow 23,641.14
– S&P 2708.92
– NASDAQ 7853.74
— Sally Shin (@sallyshin) March 9, 2020
S&P opened 7% down at 9:34 a.m. eastern.
Severe rout in U.S. stocks triggered circuit breakers put in place after the 1987 Black Monday crash.
Trading halted for 15 minutes.
— Jennifer Jacobs (@JenniferJJacobs) March 9, 2020