U.S. stock futures resume coronavirus rout as trading resumes

[turbinetree]

Source: Reuters

BUSINESS NEWS MARCH 1, 2020 / 6:28 PM / UPDATED 21 MINUTES AGO

(Reuters) - U.S. stock index futures tumbled when trading reopened on Sunday night with investors still unnerved by coronavirus and taking little solace from weekend comments by U.S. officials that aimed to soothe panic about a pandemic.

Senior officials in President Donald Trump’s administration on Sunday tried to reduce concern about a global recession, saying the U.S. public had over-reacted and that stocks would rebound due to the American economy’s underlying strength.

S&P 500 e-mini futures ESc1 were down 1.6%, indicating a another bad day for the benchmark index on Monday after it fell more than 11% last week, its worst since the 2008 financial crisis.

Reporting by Alden Bentley; Editing by Daniel Wallis

Read more: https://www.reuters.com/article/us-usa-stocks/u-s-stock-futures-resume-coronavirus-rout-as-trading-resumes-idUSKBN20O2F9

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hold on

[Wellstone ruled]

1. Dow Futures start trading in three minutes?

[turbinetree]

2. Hold on....................this should be interesting...............

[kurtcagle]

3. One US Death This Weekend

and the rather disturbing news (especially since I live here) that a variant strain of Covid-19 may actually have been around for several weeks in the Seattle area.

[turbinetree]

4. And your governor has declared a state of emergency..................

he has a lot of common sense..........................

[Shermann]

5. Last week sucked

However, I fear at the end of this week I may be waxing nostalgic about all the money I still had last week...

[turbinetree]

6. Yepper spot on....................a lot of us will be....................

[yaesu]

7. the financial disruption could be massive, just think about it, from workers refusing to work

to consumers cutting back on consuming, only buying what is necessary to stay alive, supply chains broken. Even though corona will probably not be a big factor to the under 60 population as far as lethality this year the physiological effect of parents, grandparents dying at alarming rates plus the uncertain future of what looks like corona turning into a seasonal illness having to put up with it forever like the flu. The 1918 flu started like this, petered out & came back in 1919 much, much worse.

[turbinetree]

8. Or hiring like my wife is going through right now...........................

this is not good .............................

[LaurenOlimina]

9. Per CNN

S&P -30.35 / -1.03%
Level 2,920.75
Fair Value 2,953.30
Difference -32.55
Data as of 7:11pm ET

Nasdaq -96.00 / -1.14%
Level 8,358.00
Fair Value 8,462.92
Difference -104.92
Data as of 7:11pm ET

Dow -242.00 / -0.95%
Level 25,122.00
Data as of 7:11pm ET


The Dow was down 1100 around 10 am Friday and clawed most of it back. I wonder what tomorrow holds.

[Warpy]

10. Dow futures up more than 350 last time I looked

but I knew full well that wasn't going to last.

ahem

We are not all going to die. There are some great charts at https://www.bbc.com/news/health-51674743

What will happen if this thing hits hard is a lot of absenteeism at work because it's severe enough that people are not going to be able to power through working with it no matter how devastating the loss of a week or two of pay is to them. That means supply and transportation will be disrupted. There are likely to be shortages of goods at grocery stores not attributable to panic buying, but those shortages will be short lived.

Panic buying is starting to rear its ugly head all over the place. A friend in NZ can't manage to find bags of rice. A friend traveling in northern Europe says you can't buy hand sanitizer for love or money. At my grocery for some truly bizarre reason, it appeared to be toilet paper and peanut butter.

We aren't going to die. We are going to be very inconvenienced from time to time. That is why the stock market is falling, business hates inconvenience all most as much as conservatives do. Just be aware of what's going on.

We aren't going to die.

[Shermann]

11. Beware the Dead Cat Bounce!

[cstanleytech]

12. "We aren't going to die." Actually we all are.............one day but probably due to this virus.

I suspect though that what is happening is that the virus simply has triggered the stock market correction we all knew was coming.

[Warpy]

13. Well, not yet.

I've been expecting this correction for months, it's way overdue, probably delayed by all the easy money from Big Dummy's catastrophic tax cuts.

In fact, those cuts were so calamitous, we might finally see the Pentagon put on a common sense diet.

One can hope.

[cstanleytech]

14. DOD needs a trim down to 20% of its current budget and redirect the money to infrastructure

which imo also includes affordable access to medical care for people as the people are the real infrastructure as without them none of it matters.

[Warpy]

16. I think 10% per year

until the budget is in line with the rest of the world. 10% won't be crippling, but it will get those generals to do something they haven't done in decades, think about what they're spending money on and make decisions about how to spend it most wisely.

Maybe they'll start selling the contents of those warehouses full of things like cotton surgical gowns from WWII and Korea. I'd love to get my hands on those, cut them apart and use the fabric for desert appropriate clothing.

[roamer65]

15. What panics people is the uncertainty of their own possible death.

They could care less about other people they don’t know.

Harsh reality, but true.

[Warpy]

30. This is going to be inconvenient for most people

the way all illness is. The fact that it could be one of those chronic, relapsing illnesses is alarming, people taking a very long time to clear the virus after they recover. It seems to be a poor candidate for a deadly plague, so far.

[ck4829]

24. "The market's OK, we're not going to die!"

[hellno45]

17. I've talked to several small business owner today who mainly deal online & they say their sells

dropped by about 75% in the last few days. I think its going to tank this economy.

[wishstar]

18. Rumors that Fed will announce rate cut early tomorrow have moved futures higher for now

Seems likely that Fed will not wait for the March 17th meeting to cut rates

[greenjar_01]

19. Nothing inspires confidence like an emergency rate cut

[MichMan]

20. So are people cutting way back or panic buying? Posts here indicate both are occuring ?

Grocers Prepare for Surge in Demand as Coronavirus Spreads


"Supermarkets are preparing for a surge in demand and shoppers are stocking up on staple foods and cleaning supplies as more cases of the new coronavirus appear in the U.S.

For weeks, as the outbreak advanced mainly in China, food retailers focused on maintaining supplies of products they procure from Asia such as tuna, mandarin oranges and garlic.

Their attention shifted this week as cases multiplied from South Korea to Iran and as the federal Centers for Disease Control and Prevention warned of a potential pandemic. Health officials in Washington state on Saturday reported the first death of someone who had tested positive for the coronavirus in the U.S., one of some 60 confirmed cases centered on the West Coast.

"Now grocers are working to prevent shortages and preparing for a spike in demand for disinfectants and long-lasting items such as pasta and canned food. Some are ramping up orders from suppliers."



[link:http://www.msn.com/en-us/news/us/grocers-prepare-for-surge-in-demand-as-coronavirus-spreads/ar-BB10zqi7?ocid=spartanntp|

[marybourg]

21. Asian markets up - substantially.

[onenote]

22. 11:30 pm: Dow futures up 177

[muriel_volestrangler]

23. Coronavirus: Shares rise as central banks pledge support

London's FTSE 100 index soared almost 3% in early trading, buoyed by promises of support from major central banks.

On Monday Japan's central bank said it would intervene to help protect markets from the impact of the coronavirus,

This mirrored a similar pledge from the US Federal Reserve on Friday to stop more big falls on global stock markets.
...
Yesterday the Bank of England said it continues to monitor developments and is assessing its potential impacts on the global and UK economies and financial systems. "The Bank is working closely with HM Treasury and the FCA - as well as our international partners - to ensure all necessary steps are taken to protect financial and monetary stability," a spokesman said.

https://www.bbc.co.uk/news/business-51700935

FTSE 100 up 2.25% at time of writing - having peaked at a rise of 2.8%. The Nikkei gained 0.95% in its Monday trading.

https://www.bbc.co.uk/news/business/market-data

[ck4829]

25. Oh my...

[duforsure]

27. How much of our money

Is trump secretly having others in the treasury pump into the markets propping them up so he can claim its doing ok?

[former9thward]

32. Zero

I read CTs on here all the time but that would be the mother of all CTs.

[duforsure]

28. Is trump now using his position

To manipulate the markets for political and financial gains for him and others? Is he secretly funneling our Treasury money into it to claim its so great , and prevent his political downfall? Or do the opposite to use for the opposite and claim it's caused by the Democrats?

[Bengus81]

29. Well...when IDIOT in Chief says it's a Dem HOAX and little else.....

There is no reason for confidence. He BLEW it several days ago and making it worse trying to walk back HOAX statements. Then his POS kid on TV saying Dems want MILLIONS to die just to beat Trump in the election. These asshats are just sick,sick people.

But hey....Trump always bitches about interest rates (doesn't care if they're 25% on credit cards) so he'll be looking for GASP a 1/2 point drop!!! Pffftttt...that will do NOTHING to change the Markets.

[Zorro]

31. Market is roaring back as of 3:54PM today

Up 1200+

[captain queeg]

33. So as usaual the govt will ensure the rich don't lose money,

And that effort will cost so much there’s not enough to combat the virus.