The S&P 500 dropped 2.69 percent, its worst day in months, while the Nasdaq Composite plunged 4.00 percent, driven by sharp losses in technology stocks. The Dow Jones Industrial Average fell 890 points, or 2.08 percent, and the Russell 2000, which tracks small-cap stocks, declined 2.38 percent, signaling weakness across the market.

The bond market reflected growing investor caution, with yields on U.S. Treasuries falling as traders moved into safer assets. The 10-year Treasury yield slid 9.19 basis points to 4.226 percent, while the 2-year yield fell 9.8 basis points to 3.904 percent, indicating expectations for slower economic growth. A basis point is a one-hundredth of a percentage point. Bond yields fall when bond prices rise.

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Source: https://www.breitbart.com/economy/2025/03/10/dow-falls-1100-points-tech-stocks-plunge-amid-economic-fears/?fbclid=IwY2xjawI9OLdleHRuA2FlbQIxMQABHZbFSgId_m8S5yPKAFOrlm5iT3aqSnReKl5I1K6yTUNFtAvhWM8HSuR-bw_aem_O6QDShWSxUCut-qY2zlxEA

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The Consumer Price Index, which tracks the prices of everything from cars to clothing, jumped 0.8% in April, the Labor Department said Wednesday. Over the past 12 months, prices have increased 4.2% — the fastest rise since September 2008.

Used car prices led the surge, with a record 10% increase. But the gains were broad-based. Core inflation, which excludes volatile food and energy, jumped 3% over the past year.

“Almost all the gain was driven by outsized increases in sectors that are seeing demand surge as restrictions ease,” Michael Pearce, chief U.S. economist at Capital Economics, said in a research note. “The rise in airfares and hotel prices is so far simply reversing the sharp declines in prices seen earlier in the pandemic. But car rental prices have surged well above pre-pandemic levels, reflecting limited supply.”

With more consumers dining out and traveling this summer, pent-up demand could drive up prices in other leisure categories, Pearce noted.

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Several goods-producing sectors saw price increases, led by used vehicles, whose “staggering” 21% annual increase is largely due to the fallout from semiconductor shortages, noted Barclays. As supply-chain issues slow the production of new cars, impatient auto shoppers are turning to used vehicles, driving up their costs. Prices also rose 0.3% for clothing, 0.5% for new cars and 0.6% for medical care.

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U.S. equity markets soared Monday after drugmaker Moderna announced progress toward a COVID-19 vaccine and as lockdowns continued to ease nationwide.

The Dow Jones Industrial Average gained as many as 1,023 points before paring its advance in the final hour of trading.

The S&P 500 registered its best day since early April, rising 3.15 percent, while the Nasdaq Composite climbed 2.44 percent.

Investors also reacted favorably to Federal Reserve Chairman Jerome Powell, who said the central bank will continue to support the U.S. economy for as long as necessary.

Powell also warned that while the U.S. economy will return to growth in 2020, it may not reach pre-crisis levels until late next year and that a full recovery may hinge on the discovery of a COVID-19 vaccine.

TEXAS FEARS LOSING OIL-RICH LANDS IN CHINESE TAKEOVER OF WEAKENED ENERGY COMPANIES

“For the economy to fully recover, people will have to be fully confident. And that may have to await the arrival of a vaccine,” Powell said on CBS’ “60 Minutes.”

He added the central bank is “not out of ammunition by a long shot” and that “there’s a lot more” that can be done to support the economy.

At least 14 U.S. states eased lockdown restrictions on Monday, including Florida, which allowed gyms and fitness centers to reopen at 50 percent capacity and restaurants and retailers to increase their volume to 50 percent. Massachusetts will begin opening businesses with a phased plan on May 18.

Looking at stocks, drugmaker Moderna received positive results from a Phase 1 clinical trial for its experimental COVID-19 vaccine.

Automakers Ford, General Motors and Fiat Chrysler reopened vehicle assembly plants on Monday at limited capacity. The industry employs about 1 million workers and makes up 6 percent of U.S. economic activity.

Apple will reopen 25 U.S. stores this week, 12 in Canada and 10 in Italy. Anyone entering the locations will be subject to temperature checks and be required to wear face coverings.

GrubHub has rejected Uber’s latest all-stock takeover offer of 1.9 Uber shares for each GrubHub share, saying the offer undervalued the company. Talks remain ongoing.

J.C. Penney filed for Chapter 11 bankruptcy protection following Friday’s closing bell. The retailer earlier on Friday announced it had made a $17 million interest payment as it weighed strategic alternatives.

West Texas Intermediate crude oil spiked 8.12 percent to $31.82 per barrel and gold slipped 1.23 percent to $1,732 an ounce.

U.S. Treasurys slipped, causing the yield on the 10-year note to climb to 0.741 percent.

European markets were higher across the board with Germany’s DAX up 5.67 percent, France’s CAC higher by 5.16 percent and Britain’s FTSE adding 4.29 percent.

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In Asia, Hong Kong’s Hang Seng gained 0.58 percent and China’s Shanghai Composite edged up 0.24 percent. Meanwhile, the Nikkei added 0.48 percent after government data showed the Japanese economy entered a recession in the first quarter.

Source: https://www.foxbusiness.com/markets/us-stocks-may-18-2020

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Things are looking bleak. The media rattles off an alarming increase in the numbers of the people who have contracted and died from the Coronavirus. The press offers macabre minute-by-minute updates of the ever-increasing casualties.

The United States stock market dropped thousands of points and was down over 10%. CNBC breathlessly covers the dramatical drops in value and upticks as if the stock market is a sporting event and not your retirement funds and college plans for your children.

There are pictures of shopping stores that have been picked clean, stoking fear. Online you see large lines forming at Costco to purchase supplies in case of a disaster.

It’s easy to succumb to the fear of the crowd when everywhere you turn there is negative news. The hard part is to keep your head when everyone else around you starts going into panic mode.

Here are some bright spots on the horizon. You will have to manage your expectations about what will happen next. It’s highly likely that the next few weeks and months will be rocky. The Coronavirus is something scientists and the medical community has not encountered before. They don’t yet know its cause nor do they currently possess an antidote or vaccine. It’s unreasonable to believe that life will play out like the movies, our medical heroes and heroines immediately find a cure and save the day. The reality is that this will take time.

During this in-between period, there will be uncertainty and fear with brief pockets of hope. We will find a cure for the coronavirus. America may have her faults, but we’ve consistently demonstrated our ability to overcome great obstacles. Putting aside petty political disagreements, our society and culture fosters helping others. Capitalism offers the financial incentives and rewards for coming up with solutions to serious problems. The combination of the two bodes well for us and the rest of the world. The best and brightest people in the medical community, biotech professionals and health care officials are all laboring on finding a solution to this outbreak. 

Before this ultimately happens, we will need to contend with the business consequences of the outbreak. China, Japan, South Korea, Italy, Iran, and other countries have been hit hard. Manufacturing, production, and business activities have either stopped or ground to a halt. This will impact countries like the U.S. as the supply chain will be interrupted. We also may have trouble shipping goods to other countries. As a consequence, there will be a global slowdown that may put downward pressure on the stock market. Corporations will layoff employees to cut costs.

Over time there will be remedies found to counteract the outbreak. People will still die but others will be saved. Once the tide turns, the overall mood will sharply pivot from fear to relief. International trade will pick-up. Companies will rehire people to deal with the improved market conditions.

Our eyes have been opened to some of the unpleasant activities that exist in China including their authoritarian orientation, human rights violations and flagrant disregard of health and sanitary conditions. This is in addition to our prior concerns over China’s alleged theft of intellectual property and demands that U.S. corporations must enter into onerous one-sided deals with Chinese owned companies to conduct business in their country.

The Coronavirus will signal the end of China’s dominance as the manufacturing epicenter of the world. How could a company keep employees in China with all we now know?  Any company executive who cares about their employees’ safety, human rights, and the environment will elect to pull out of China and relocate their business back to the U.S. or to other countries.

This will be great news for Americans. While it’s naive to believe that manufacturing will return to our 1950’s heyday, it’s reasonable that we will see some increases in this sector. We will also be less dependent upon and at the mercy of China for a majority of our goods, especially essential ones such as pharmaceuticals.

This may be wishful thinking, but disasters bring us together. Perhaps this situation may unite us with a common goal of defeating this outbreak, preparing for a smarter approach towards international trade and ensuring better systems to help with our medical care and health issues.

Sometimes it takes a disaster to make us stop taking things for granted and pushes us towards collaborating on improving things for ourselves and future generations.

Source: https://www.forbes.com/sites/jackkelly/2020/03/02/despite-the-fear-mongering-we-will-overcome-the-coronavirus/#ae8c57c220c6

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If you thought you were going somewhere to do something, forget it.  In the continuing strategy of never letting a crisis go to waste, it seems that there’s no point in waiting to see the extent of the crisis.  An economic crisis has been created, regardless.

Conferences are being canceled.  Concerts, festivals, sporting events, vacations, you name it.  What might happen to Las Vegas?  Will everything be canceled?  Will they close the casinos?  Will the entire economy of the United States be sacrificed on the altar of panic?  The stock market shed nearly a third of its value over the past two weeks, and that’s real, whether the health risks are or not.

The Trump haters should have figured this out long before now.  All they had to do in the first place was create a public health panic, true or otherwise.  Trump haters have longed for an economic recession, regardless of the pain and suffering it might cause.  Blaming Trump, perhaps not for having created the virus, but at least for not caring enough or not having taken the proper precautions, is reason enough to keep stoking fear.

What about the wild gyrations in the stock market?  Do you think money managers and stockbrokers make money while the market is rocking along normally?  In fact, they make their biggest paychecks when big transactions take place.  Having people in a state of panic, selling to get out before they get wiped out, or buying at a perceived low, has to be lining their pockets.  Big swings, of the sort we’ve seen over recent weeks, is boon to money managers and brokers.  Panic isn’t bad for everyone.

If it means that Trump takes the blame or bears responsibility for not having reacted properly, so much the better.  Just ask the homosexuals at the anchor desks.  The President has obviously mishandled every aspect of this crisis.  What a bum!

Having turned briefly to CNN just to see what they were doing, without staying long enough to turn the air blue, proud anchor Don Lemon had John Kasich on to lambaste Trump’s televised address on the coronavirus.  Kasich was on the network due to the fact that he’s been reliably anti-Trump, what’s known as a never-Trumper.  When Kasich allowed as how he thought Trump handled the televised statement “just fine,” sounding the right amount of seriousness, anchor Lemon boiled over.  He threw a hissy fit at Kasich about Trump, talking over him turning the interview into a shouting match, ultimately getting himself so worked up he all but cried.  How dare Kasich appear and not express outrage at Trump?

And what’s with these tests?  The most effective of recent criticism has been that the government was unprepared, with not enough tests.  But as we’ve seen, some of those who’ve tested positive don’t have any symptoms!  At least two under mandatory quarantine have appeared on national television, feeling great physically, but having tested positive.  They appeared healthy and happy except that they can’t leave to go anywhere until they’ve tested negative two or three times consecutively.  It is interesting that people testing positive are showing no symptoms.  Hmmm.

You’ve heard of the “containment zone,” some New York suburb where no one can leave their home for two or three weeks.  What will you bet somebody in the “zone” tests positive and the quarantine gets extended again and again?  Schools have extended Spring Break an extra week and cancellations of every imaginable gathering are roiling across the nation like a tidal wave.  Every professional sporting activity has been canceled.  The NBA, MLB, the NHL, College Basketball tournaments, and that’s just the beginning.

One of the most infuriating things to come out is the suggestion that some business concerns are refusing to accept cash. It might transmit the coronavirus, mind you, so kindly use your debit card or the Internet to make transactions.  One of the dreams of the left is to ban cash.  If all transactions have to be electronic, then there’s nothing one can do without oversight by government authorities.  And isn’t that the socialists’ dream?  Government monitoring and control over buying and selling?

Maybe the coronavirus is all it’s cracked up to be but forgive my cynicism.  We’ve watched the mainstream media lie their faces off for three and a half years.  Are we to suddenly believe them, now that they’re trying to frighten everyone to self-quarantine?  Maybe this is the magic bullet that will finally take Trump down, and they’re positively giddy delivering the latest dire report.  Two weeks ago I made the mistake of saying I didn’t want to hear one more word about the coronavirus.  But it seems as though we’ll hear of nothing else for the foreseeable future.  Hopefully, it joins Russia, Russia, Russia, the Ukrainian phone call and the fake impeachment as another attempt to depose the President.

If you want to stay home and wash your hands every five minutes, knock yourself out.  Who doesn’t want to play hooky from work or school, and have an excuse nobody dares question?  It’s perfect!  We can all remain glued to the latest positive test result, just in case.  Maybe Trump didn’t create the virus, but it’s the establishment’s only bet to turn the country against the President.  They all seem to be in on it, the corporations, the sporting franchises, the media.  Some people are engaged in panic buying, whether food, toilet paper or gasoline.  Isn’t this fun?

It turns out that abortion will be funded, government power expanded and authority transferred from the executive branch to the legislative branch as part of coronavirus legislation.  If Trump doesn’t sign on, they’ll explain it as proof he doesn’t care about poor sick people.  We’ll see in the long run but there is the distinct possibility we’re being played.

We’re not going to cancel church this week, but you can always keep the Sabbath at home if you wish.

Mark

Source: http://www.intercontinentalcog.org/fridayupdates.php

The post Weekly Update by Mark Armstrong – 13 March 2020 first appeared on Garner Ted Armstrong Evangelistic Association.

• The US stock market plunged as much as 7% immediately after regular trading began on Monday, prompting the first halt since the depths of the financial crisis in December 2008.
• The losses came amid a raging global oil-price war and continued fallout from the coronavirus outbreak.
• All three major US indexes tanked as investors mulled the oil-markets chaos between Saudi Arabia and Russia.
• The rising death toll from the virus in the US prompted new fears of an economic slowdown. The virus has killed 21 people and infected more than 500 people throughout the US.
• Watch major indexes update here.

Stocks plummeted 7% at Monday’s market open, prompting the first marketwide trading halt since the depths of the financial crisis in December 2008. The losses came as an oil-price war and the escalating coronavirus outbreak hammered risk assets from all sides.

The three major US indexes declined as equities investors digested the weekend’s oil-market news. The commodity tanked the most since 1991 on Monday morning after Saudi Arabia’s surprise price cuts kicked off a production war with Russia. The move followed Russia’s refusal on Friday to curb oil production to prop up the coronavirus-rattled market.

Concerns about the coronavirus outbreak continued to weigh on investors as cases increased in New York, California, and Florida, among other states, to more than 500 people. The US death toll stood at 21 people, and the recent surge in confirmed cases could stifle economic activity by weakening consumer spending behavior.

The coronavirus has so far killed more than 3,800 people and infected more than 110,000 people.

Here’s where major US indexes stood as of 9:50 a.m. ET:

• S&P 500: 2,755.16, down 7.3%
• Dow Jones industrial average: 23,836.69, down 7.8% (2,028.09 points)
• Nasdaq composite: 7,969.13, down 7.1%

Read more: ‘Much worse than 2008’: An expert who foresaw the dot-com crash warns the stock market’s recent turmoil has kicked off another full-blown financial crisis

The negative open extended the stock-market sell-off into its third week. Equities tanked for seven days in a row to close out February as fears about the coronavirus outbreak’s economic toll caught up with stocks’ lofty valuations. Risk assets recovered in March’s first trading session before intense price swings saw the market close Friday having erased nearly all month-to-date gains.

Central banks around the world have issued emergency stimulus to counteract an economic hit caused by the outbreak.

Source: https://markets.businessinsider.com/news/stocks/stock-market-news-today-indices-plunge-oil-market-chaos-coronavirus-2020-3-1028976697

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U.S. equity markets surged Monday as Wall Street rebounded from its worst week since the financial crisis and has President Trump and U.S. health officials made more progress in developing a plan to combat the coronavirus.

The Dow Jones Industrial Average rose over 1,294 points or 5 percent in what is the biggest point gain ever. Ditto for the S&P 500 and Nasdaq from a point gain of 136 and 384 points respectively.

The rally comes after a volatile overnight session saw Dow futures swing by more than 1,100 points and the U.S. 10-year yield sink to a record low 1.03 percent.

Last week, the Dow Jones Industrial Average tumbled more than 3,500 amid coronavirus fears. Both the Dow and S&P 500 are trying to avoid an eighth straight day of losses, something that hasn’t happened since the Friday before the 2016 election.

Looking at stocks, consumer goods names rallied amid signs consumers were hoarding goods just in case the outbreak causes lengthy home quarantines.

Meanwhile, Co-Diagnostics soared after announcing plans to provide coronavirus test kits to U.S. labs.

Apple shares gained after Oppenheimer said the company’s “products and services will prove more resilient than competitive products in uncertain times” and upgraded shares to “outperform.”

General Electric was little changed after J.P. Morgan Chase upgraded shares to “neutral” and raised its price target to $8 from $5. On Sunday, former GE CEO Jack Welch died at the age of 84.

Meanwhile, airlines were mostly lower after more signs the outbreak will take a toll on business. American Airlines and Delta Air Lines announced the cancellation of service to and from Milan through late April and United Airlines CEO Oscar Munoz said the airline would “likely” need to cut more flights from its schedule.

Casino operators Wynn Resorts and MGM International fell after Macao, the gaming capital of the world, reporting gross gaming revenue plunged by a record 87.8 percent year over year to 3.1 billion patacas ($386.5 million) in February.

Cruise operators Carnival Corp., Royal Caribbean, and Norwegian Cruise Line slid following the news Japanese operator Luminous Cruise filed for bankruptcy amid a slew of cancellations caused by the outbreak.

Commodities were sharply higher with West Texas Intermediate crude oil up 4.5 percent to $46.75 a barrel and gold climbing by 1.8 percent to $1,592.30 an ounce.

European markets were mixed with Britain’s FTSE up 1.1 percent France’s CAC higher by 0.4 percent. Germany’s DAX was down by 0.3 percent.

Overnight, a monthly purchasing managers’ index released Monday by Caixin magazine showed Chinese factory activity fell to 40.3 in February from 51.1 in January as the outbreak forced the temporary closure of facilities around much of the country. A separate report released Saturday by China’s National Bureau of Statistics showed a plunge to 35.7 from 50. Still, business confidence rose to a five-year high amid hopes Beijing would provide stimulus to cushion the economy.

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Markets rallied across Asia as China’s Shanghai Composite surged 3.2 percent, Japan’s Nikkei jumped 1 percent and Hong Kong’s Hang Seng added 0.6 percent.

Source: https://www.foxbusiness.com/markets/us-stocks-march-2-2020

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