^GSPC - S&P 500

SNP - SNP Real-time price. Currency in USD
2,488.65
-38.25 (-1.51%)
At close: 5:10PM EDT
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Previous close2,526.90
Open2,514.92
Volume3,593,003,494
Day's range2,459.96 - 2,538.18
52-week range2,191.86 - 3,393.52
Avg. volume5,313,783,015
  • Stock market news live updates: Stock futures jump as investors monitor coronavirus case counts
    Yahoo Finance

    Stock market news live updates: Stock futures jump as investors monitor coronavirus case counts

    Stock futures extended gains Monday morning as investors braced for another week of closely monitoring developments around the global coronavirus outbreak and policymakers’ responses to the pandemic.

  • Top Leveraged ETFs of Last Week
    Zacks

    Top Leveraged ETFs of Last Week

    These leveraged ETFs won last week despite a broader market bloodbath.

  • Focus on Relative Price Strength to Soften the Coronavirus Blows
    Zacks

    Focus on Relative Price Strength to Soften the Coronavirus Blows

    Want to try an out-of-the-box approach to earn handsome returns in the time of coronavirus? Tap these stocks with explosive relative price strength.

  • 5 Top S&P 500 Stocks That Rallied Last Week Defying Coronavirus
    Zacks

    5 Top S&P 500 Stocks That Rallied Last Week Defying Coronavirus

    Despite coronovirus upsurge, a handful of S&P 500 stocks rallied last week. Some of them carry a favorable Zacks Rank with strong potential for future growth.

  • Futures jump on hopes of slowdown in coronavirus cases
    Reuters

    Futures jump on hopes of slowdown in coronavirus cases

    The number of deaths in France and Italy also slowed, and Wall Street's fear gauge fell to its lowest in two weeks. "This still looks like a case of over optimism," said Marios Hadjikyriacos, investment analyst at online broker XM. Wall Street's main indexes fell more than 1.5% on Friday as the pandemic brought a 113-month expansion in U.S. employment to an end, a day after data showed weekly jobless claims surged to a record 6.65 million as a liquidity crunch sparked mass staff furloughs.

  • What to Watch: WHSmith seeks cash, rise in stocks and sterling, building work collapses
    Yahoo Finance UK

    What to Watch: WHSmith seeks cash, rise in stocks and sterling, building work collapses

    A daily overview of the top business, market, and economic stories to watch in the UK, Europe, and abroad.

  • Bold Market Calls Abound as Minerd Says S&P 500 Could Drop 40%
    Bloomberg

    Bold Market Calls Abound as Minerd Says S&P 500 Could Drop 40%

    (Bloomberg) -- The dispersion of Wall Street views on the outlook for stocks has been widening for a while, and Scott Minerd may have taken things up another notch.The chief investment officer at Guggenheim suggested over the weekend that the S&P 500 might fall to 1,500 as the coronavirus spreads and its impact is felt in the world’s largest economy. That’s a whopping 40% slide from current levels, and a call that looks eye-catching even for a noted bear.“We need to see the other shoe drop,” Minerd wrote in a report Sunday. “When the markets start to see some of the data on unemployment rising and economic growth and corporate earnings contracting, there will be another level of panic.”Weighing the global spread of the coronavirus against the extreme stimulus measures designed to offset its impact is increasingly driving a wedge between various market participants. JPMorgan Chase & Co. says the worst is probably already past, and that there is potential for the S&P 500 to rally back up to 2,850. Goldman Sachs Group Inc. has said the gauge could fall to 2,000 before recovering.Minerd is expecting an economic contraction of well over 10% this year. He also forecasts S&P 500 earnings per share of around $100, which with a traditional market multiple would put the gauge around 1,500, he said. It closed at 2,488.65 on Friday.While he likes the Federal Reserve’s response to the pandemic, crediting emergency policy moves with helping restore liquidity, Minerd is less impressed by Congress and the White House. The fiscal programs put in place may be “nowhere near sufficient,” he said, and in some cases perhaps even misguided.Still, Guggenheim is seeking opportunities amid the turmoil.“We are opportunistically trying to move from some of our more conservative investments to securities that, in our view, look attractive,” he wrote. “We are looking at investment-grade corporate bonds and municipal bonds, and select securities in structured credit and high-yield, where prices have dropped and spreads have widened significantly, look interesting.”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.

  • U.S. Stock Index Futures Rally on Easing Pandemic Toll
    Bloomberg

    U.S. Stock Index Futures Rally on Easing Pandemic Toll

    (Bloomberg) -- U.S. stock index futures advanced after President Donald Trump and Vice President Mike Pence said they see signs the coronavirus outbreak in the country is beginning to level off or stabilize.Contracts on the S&P 500 rose 3.9% at 8:47 a.m. in London, while futures climbed 4.2% on the Nasdaq 100 Index and added 4% on the Dow Jones Industrial Average. The daily toll in some of the world’s outbreak epicenters was lower Sunday. New York State fatalities fell for the first time. Italy had the fewest deaths in more than two weeks. France reported the lowest number in five days. Spain’s tally fell for a third day in a row.In Europe, the Stoxx 600 Index gained 2.9%, with all the industry groups in the green, led by travel & leisure, autos and industrial goods shares.Investors are assessing the outlook for a reporting season that while still a week away is being eyed urgently by Wall Street for clues on corporate value. Six weeks of coronavirus lockdowns, a plunge in oil and an evaporation of consumer demand globally have thrown analyst estimates into chaos and left traders bracing for extreme swings.Volatility has gripped financial markets for six weeks as the response to the virus shutters large regions of the global economy. Futures have reached limits that restrict losses or gains.“We are going to see more volatility and we’re going to see it until we have a clear vision on what’s going to happen with the coronavirus,” said Peter Mallouk, president of Creative Planning, which manages about $45 billion. “Everyone keeps trying to talk about this economic data as if we can look at it the way we look at it normally. Really, you can’t look at it that way.”Despite a rout that at once lopped a third of the value from major benchmarks, measures of sentiment still show investors clinging to a profit outcome that would be less severe than in the worst recessions. Using Friday’s close and applying its average valuation over the last 50 years of 16.8 times, the S&P 500 is pricing in 2020 profits of about $148 a share, roughly 9% below the level of the previous year, data compiled by Bloomberg show.Complicating the calculus is the extreme dispersion of estimates for individual stocks, nearly the widest ever. Wall Street has almost never disagreed this much about what companies will earn, with many forecasts going stale as researchers refused to hazard guesses. As of now, the consensus prediction calls for operating income to fall 8.3% in the first quarter, 16% in the second and 4.9% in the third, before rebounding in the fourth. For the full year, analysts see a 5.9% drop in earnings followed by a 16% rebound in 2021.Late Friday, Delta Air Lines projected that second-quarter revenue will fall 90% amid a daily cash burn rate of $60 million. Analysts had been predicting a 52% drop in sales.Data like that explain why measures of share turbulence remain elevated. The Cboe Volatility Index closed Friday at 46.8, a level that prior to last month would’ve been the highest in nine years. Options-derived measures of expected swings for individual stocks on earnings-announcement days are nearly double the usual level for the coming reporting season.On Friday, the S&P 500 fell for the third time in four days as investors digested an abysmal jobs report that captured data in the period largely before government-mandated shutdowns went into widespread effect. As with record claims for unemployment, the latest numbers bear little information on the current state of the economy, making it difficult for investors to value financial assets.On the other hand, stocks continue largely to hold a rally that propelled it 18% higher over three days after hitting the bear market’s lowest point on March 23. That came after the fastest 30% plunge on record as the pandemic forced the economy into a virtual standstill.Smaller stocks continue to bear the brunt of the pain. Down 3.1% Friday, the Russell 2000 Index ended the five days with a 7.1% decline, leaving it almost 40% below its high in January. That compares with a 2.1% weekly loss in the S&P 500, leaving it down almost 27% from its record. This week’s divergence is the widest since March 13 when it had the biggest gap in two decades.(Updates with futures move in second paragraph, European shares in third.)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.

  • Wall St. looks for light at end of tunnel, sees risk stocks will re-test lows
    Reuters

    Wall St. looks for light at end of tunnel, sees risk stocks will re-test lows

    Wall Street analysts and investors see a risk that stocks could retest recent lows in the coming days or weeks as they worry about the spread of the virus and its impact on the economy, although some spot glimmers of light at the end of the tunnel. Wall Street's main indexes fell more than 1.5% on Friday as the coronavirus abruptly ended a record U.S. job growth streak. Markets have shown some signs of stabilization as investors parse a broad range of signals for clues on the trajectory they may take in coming weeks.

  • Wall Steet Week Ahead: Investors look to coronavirus data to support stabilizing markets
    Reuters

    Wall Steet Week Ahead: Investors look to coronavirus data to support stabilizing markets

    Investors are parsing a broad range of signals, from infection counts to more traditional indicators, for clues on the trajectory markets may take in coming weeks as the pandemic caused by the novel coronavirus continues to spread. The VIX, which climbed to its highest levels since 2008 amid the market sell-off, has closely tracked the number of countries where the daily growth of coronavirus cases exceeds 10%, according to Jason Hunter, head of global fixed income and U.S. equity technical strategy at J.P. Morgan.

  • Buy Nasdaq (NDAQ) Stock for Safety Amid Coronavirus Market Volatility?
    Zacks

    Buy Nasdaq (NDAQ) Stock for Safety Amid Coronavirus Market Volatility?

    Nasdaq (NDAQ) shares have surged roughly 30% in the last two weeks and its earnings revisions have climbed amid the broader coronavirus economic downturn...

  • Coronavirus job losses 'way worse than anything we saw in the Great Depression:' Economist
    Yahoo Finance

    Coronavirus job losses 'way worse than anything we saw in the Great Depression:' Economist

    The U.S. economy actually lost jobs on Friday, after a decade of gains, and the employment situation will likely only get bleaker as the nation remains closed for business to stem the spread of the deadly new coronavirus.

  • Clovis Oncology (CLVS) Gains As Market Dips: What You Should Know
    Zacks

    Clovis Oncology (CLVS) Gains As Market Dips: What You Should Know

    Clovis Oncology (CLVS) closed the most recent trading day at $6.10, moving +0.49% from the previous trading session.

  • Sunoco LP (SUN) Stock Moves -0.61%: What You Should Know
    Zacks

    Sunoco LP (SUN) Stock Moves -0.61%: What You Should Know

    Sunoco LP (SUN) closed at $14.72 in the latest trading session, marking a -0.61% move from the prior day.

  • MasterCard (MA) Stock Moves -0.77%: What You Should Know
    Zacks

    MasterCard (MA) Stock Moves -0.77%: What You Should Know

    In the latest trading session, MasterCard (MA) closed at $237.04, marking a -0.77% move from the previous day.

  • NIO Inc. (NIO) Flat As Market Sinks: What You Should Know
    Zacks

    NIO Inc. (NIO) Flat As Market Sinks: What You Should Know

    NIO Inc. (NIO) closed at $2.39 in the latest trading session, marking no change from the prior day.

  • Delta Air Lines (DAL) Stock Moves -0.88%: What You Should Know
    Zacks

    Delta Air Lines (DAL) Stock Moves -0.88%: What You Should Know

    Delta Air Lines (DAL) closed at $22.48 in the latest trading session, marking a -0.88% move from the prior day.

  • Bad News Is Grinding Down Wall Street’s Few Remaining Bulls
    Bloomberg

    Bad News Is Grinding Down Wall Street’s Few Remaining Bulls

    (Bloomberg) -- There is no shocking this market anymore.Between the rapidly escalating coronavirus crisis and the unprecedented stimulus measures to counter its impact, investors have endured weeks of extreme turbulence. The evidence suggests they are becoming inured to both good news and bad.In a week of disastrous economic data and carnage across the corporate space, volatility retreated and the S&P 500 was calm, at least in comparison to the last three weeks. New bond sales surged, and were lapped up in a market otherwise preoccupied but just how big the coming wave of defaults will be.Drawing from coverage across Bloomberg News, this is how another five days of hope and fear unfolded on Wall Street and beyond.Hope and FearMonday 30 March: Extreme price swings across markets are beginning to ease. Policy and law makers globally have moved with unexpected pace to blunt the economic and financial impacts of the pandemic.The world’s major central banks, including the Federal Reserve and European Central Bank, have effectively pledged support without limits. Hot on the heels of data showing the Fed’s balance sheet topping $5 trillion for the first time, today the ECB reveals it boosted asset purchases by a record last week.These actions, in conjunction with moves by other central banks around the world, have eased the panic in markets that saw companies scrambling for dollars and drawing down credit lines while investors dumped riskier assets for safer options. Last week was the best for the S&P 500 since 2009, and wild moves continue to fade today. The S&P 500 Index will climb for the fourth session out of five, taking its advance to 17% from a week ago.“The lowest allocation I would recommend is neutral given how much equities have fallen and how much monetary and fiscal stimulus is being delivered,” says John Normand, head of cross-asset fundamental strategy at JPMorgan Chase & Co. “I would prefer to build an overweight gradually in the coming months on a view that even a gradual reopening of economies once the virus fades will deliver much higher return on equities than on bonds in the second half of this year.”Treasuries do slip as stocks gain, but in truth that reopening seems a long way off. Today the World Health Organization points to signs of stabilization in Europe after Italy reports the smallest number of new infections in almost two weeks, but the country is still extending its lockdown and seeing pockets of social unrest. Restrictions on public life are tightened in Spain, Austria, Greece and Cyprus. Russia moves toward a lockdown.Even President Donald Trump backtracks on his ambition of reopening the U.S. economy by Easter, instead extending social-distancing measures until the end of April. In a stark shift from two weeks of measured optimism, the president warns that 100,000 or more people may die.The economic toll of all this is mounting alongside the number of infections and deaths. The Dallas Fed’s general economic index plunges to minus 70, the lowest reading in data going back to 2004. Below zero indicates contracting activity; the figure was 1.2 in February.Perhaps that’s why, for all that the turmoil has eased, things are not quite right in markets.Take the dollar. In theory, America’s currency should be facing a reckoning. It is expensive on just about every measure. The U.S. is now the front line for the fight against the virus. The government will have to borrow to the hilt to fill its stimulus plans. The Fed is flooding the markets with greenbacks in a bid to keep them functioning and liquid. Yet today the dollar strengthens again.Why isn’t it falling? In time, it may. But the models that say it’s misguided to treat the dollar as a national currency, when no one else does. This is the international currency, dominating a global system in which a vast proportion of deals, investment and goods are ultimately denominated in the greenback. In a crisis, demand surges -- and the world is not convinced the crisis is over. The lingering desire for dollars means stresses remain in the short-term funding markets.Elsewhere, oil looks broken. The price of crude crashes to an 18-year low as global economy continues to shut down, destroying demand and leaving the world awash with what we once called black gold.The energy sector is over-represented among high-yield corporate borrowers, who issue bonds with high coupons because they are seen as having a greater risk of default.This part of the credit market, known as junk debt, has faced tremendous pressure in recent weeks because of such exposures and because investors have been flocking to safer options. Despite the easing market conditions, ratings agencies are lining up to downgrade creditworthiness of many high-yield borrowers.A worse rating means higher debt-servicing costs, which in turn drives up the risk of default even further. It’s a problem that extends to nations, too, and emerging-market currencies including South Africa’s rand and Mexico’s peso tumble on downgrade concerns.The EndTuesday 31 March: It’s the end of the month and end of the quarter and end of the bear-market bounce.That’s the term used for a short revival in the stock market during a longer, more pronounced downward trend. The S&P 500’s recent gains happened despite the worsening pandemic, leading many to conclude equities couldn’t possibly sustain the upward momentum.“Is it possible to have a bear market without a false start? I doubt it,” says Gregory Perdon, chief investment officer at Arbuthnot Latham Co. & Ltd. “In this environment, we remove benchmark risks, sell winners, buy losers, reduce illiquids and get powder dry.”Read more: A Brief History of S&P 500 Bear-Market Rallies and What FollowsWhile investors and strategists ponder the direction of markets, in the real world things are going only one way.Goldman Sachs Group Inc. downgrades its already terrible assessment for the U.S. economy, saying it will shrink an annualized 34% in the second quarter. The total number of American employees who are out a paycheck at major retail chains rises to around 600,000, according to Bloomberg calculations. New York’s Metropolitan Transportation Authority, which runs the nation’s largest public transportation system, says it needs help to make sure it can keep paying bondholders.This is all happening after Trump has signed a more than $2 trillion stimulus bill into law. Today the president will call on Congress to provide another $2 trillion, this time for infrastructure.This kind of fiscal support would be targeted domestically, of course, but the U.S. is no island. In our globalized, financialized world, trouble on one side of the planet can reach the other in an instant. That is why the Fed takes its next extraordinary step, announcing a temporary repurchase agreement facility to allow foreign central banks to swap any Treasury securities they hold for cash.Put simply, the Fed is planning to export more dollars in a bid to stabilize the global funding markets. The new facility won’t start until next week, but the announcement takes some of the juice out of the greenback rally, and it finishes slightly lower.This barrage of liquidity and support leaves weird patterns across markets, though. The Fed is even buying U.S. corporate bonds now, which has helped spark a huge dash to sell new debt. That reaches a pinnacle today as cruise line operator Carnival Corp. and Airbus AE, two companies that are among the hardest hit by the coronavirus pandemic, both market big deals.At the same time, there’s a warning flare in another part of the corporate funding mechanism. The bid-ask spreads of derivatives known as forward contracts, which allow companies to protect themselves from currency fluctuations, have blown out to the most expensive levels in years.As the quarter ends with a whimper, the list of winners says it all: Treasuries, the dollar, gold, bunds, yen and the Swiss franc are the only major assets to have delivered a positive return. The safest of the havens.Dismal Data, Corporate CarnageWednesday 1 April: Everyone knew the data would break bad, and that the corporate toll of this virus would be extreme. But it’s one thing knowing what’s coming, and quite another to see it arrive.The bad news today will be relentless. It starts overnight as the biggest banks in the U.K. announce they will cancel dividends and buybacks. They’ve been encouraged by the Bank of England, but the nuance won’t matter: By virtue of timing, they become emblematic of the turmoil sweeping boardrooms from Sydney to San Francisco.Buybacks -- when a company buys its own shares to reduce the amount outstanding and so boost earnings per share -- were a big feature of the 11-year bull market. But they are a luxury most companies can no longer afford, and are disappearing fast.Read more: A Quarter of Annual Buyback Volume Has Been Yanked, Goldman SaysDividend yields have technically jumped as stocks slumped in the first quarter, but as they shore up balance sheets in the age of the coronavirus companies are dashing to scrap such payouts. That’s bad news for pension funds, which count on such income to help meet their liabilities.Corporations are also issuing profit warnings left and right or ditching their outlooks altogether. Those which can are drawing on their credit lines. Ironically, the easing of conditions spurred by the emergency measures of the Fed and other central banks has triggered a different kind of dash for cash, and the new bond offerings keep rolling in.Two things have happened in the real economy that make all of this inevitable: Supply chains are collapsing and demand is in freefall. Which brings us to the data. It shows orders and employment at U.S. factories are contracted at the quickest pace in 11 years last month. Global manufacturing data was, somehow, even more grim.Read more: Virus Lockdowns Drag Global Manufacturing Into a SlumpThis is surely just the start though, just the beginning of the bad numbers. By the end of the day, confirmed cases of coronavirus will top 920,000 worldwide with 46,000 dead. France reports its deadliest day. Germany extends its lockdown by two weeks.U.S. officials tell Bloomberg News the country’s intelligence community has concluded China concealed the extent of its outbreak. The Pentagon is seeking to provide as many as 100,000 military-style body bags for potential civilian use.Unsurprisingly, there are still alarm bells in the world’s financial markets. Municipal-bond prices tumble anew. The S&P 500 drops the most in two weeks. Treasury yields fall as credit-default swaps -- contracts which insure a bondholder against losses -- rise, which could be signaling more pain.Speaking of credit, the turmoil across markets is unraveling a slew of leveraged trades, while concern is growing that rating downgrades could start to hit collateralized loan obligations.10 MillionThursday 2 April: Economists have been debating whether the recovery will be V-shaped, L-shaped, or bizarrely now a Nike swoosh. To the companies and people who make up the economy, it must seem like discussing how high they will bounce after falling from a plane. All that matters right now is the onrushing ground.Read more: Blue-Collar America Braces for Another Devastating RecessionUnemployment claims have doubled again in the world’s largest economy. That would be a remarkable phrase at any time, but when last week’s reading was the highest ever after a jump of 3 million, it’s hard to comprehend. Ten million lost jobs in two weeks. The market reaction is curiously muted.“As the market does not react very negatively to negative news, it has by definition bottomed out,” reckons Sebastien Galy, senior macro strategist at Nordea Investment Funds SA. “The question is the flow of surprise from here.”One person always capable of delivering a surprise is President Trump, who suggest in a tweet that he’s brokering a deal that would have Saudi Arabia and Russia dramatically cut oil production. It triggers the biggest surge in the crude price on record.Whether resolving the price war in oil will make a difference remains to be seen. The coronavirus is causing the biggest demand crash ever witnessed, and there is no end in sight. The pain is everywhere: Goldman Sachs strategists are talking about company earnings for members of the S&P 500 shrinking 57%, and it doesn’t seem out of the question.Meanwhile, markets get messier by the day. Stocks rise, despite the data and deluge of corporate news, with big energy companies leading the way thanks to that wild jump in oil. Yet elsewhere, like the $3.9 trillion muni-bond market, dysfunction is reappearing and there are calls for a Fed rescue.Perhaps the central bank will oblige. Perhaps it will have to. But its unprecedented actions come with consequences. Concerns are starting to grow that the central bank’s stretched position risks squeezing out private sector financing because of the cash it has absorbed.AttritionFriday 3 April: The market can’t be shocked, but at this rate it will be ground down. Bad data are expected, deaths are inevitable, corporate stress is predictable. But it all keeps coming, day after day. It is attrition that will cause investors to capitulate.Global virus cases have topped 1 million, and the World Health Organization is urging countries not to rush to end lockdowns. There doesn’t seem much danger of that. Singapore is shutting schools and workplaces. The U.K. has its deadliest day yet, as does France. New York and New Jersey governors order unused ventilators and other equipment to be commandeered as the crisis escalates.More signs of the severity of the economic hit. The monthly U.S. jobs report is abysmal, even though it comes from a period before government-mandated shutdowns went into widespread effect.The data is a reality check in some corners of the financial world. The corporate bond market slows down to end what was already a record week for global issuance, where sales surpassed have $200 billion. The dollar gains to end a strong week.The S&P 500 drops, but like all the moves this week it feels measured. It was perhaps helped by another jump in oil on news the OPEC+ coalition will hold a virtual meeting on Monday and that Russia is ready to cut output.Perhaps the best that can be said for this week in markets is that nothing broke, that we know of. It’s not much, but given the unremitting bad news surrounding the pandemic, the corporate pain and the dismal economic data, it’s enough for some.“The market is consolidating a little here,” says Chris Chapman, a portfolio manager at Manulife Investment. “Market functioning is returning somewhat more to normal, though liquidity is still not great. But people do seem to be out there looking for buying opportunities. We’re still somewhat cautious but have also begun looking to add on the margins to risk.”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.

  • Stocks drop as unemployment spikes
    TechCrunch

    Stocks drop as unemployment spikes

    Stocks fell in regular trading Friday, as all major American indices fell in the wake of a broadly negative jobs report. With more than 700,000 jobs lost in the March data, unemployment in the United States rose from 3.5% to 4.4%.

  • Stock market news live updates: Stocks drop after disappointing jobs report, oil rises
    Yahoo Finance

    Stock market news live updates: Stocks drop after disappointing jobs report, oil rises

    Stocks ended Friday’s session and the week lower after market participants digested mounting signals of economic devastation amid the still-escalating coronavirus pandemic.

  • Stocks Suffer Weekly Loss After Dismal Jobs Report: Markets Wrap
    Bloomberg

    Stocks Suffer Weekly Loss After Dismal Jobs Report: Markets Wrap

    (Bloomberg) -- U.S. stocks slumped for the week and the dollar gained after a plunge in hiring last month hinted at the extent of the pandemic’s toll on the world’s largest economy. Oil rallied on expected output curbs.The S&P 500 fell for the third time in four days as investors digested the abysmal jobs report that captured data in the period largely before government-mandated shutdowns went into widespread effect. As with record claims for unemployment, the latest numbers bear little information on the current state of the economy, making it difficult for investors to value financial assets.“No one has ever experienced anything like this,” Bruce Bittles, chief investment strategist at Baird, said by phone. “We’re getting the shock numbers out and the markets tend to front-run bad news. In other words, a lot of the bad news is already built into the market.”The S&P 500 fell 2.1% for the week, largely holding a rally that propelled it 18% higher in three days last week. That came after the fastest 30% plunge on record as the pandemic forced the economy into a virtual standstill. While volatility has eased somewhat, stocks are still regularly notching daily moves that until recently would have been considered huge.Oil surged following reports large producers are ready to cut output. Crude jumped another 13% Friday after a record jump on news the OPEC+ coalition will hold a virtual meeting on Monday and that Russia is ready to cut production. Trump held a meeting with U.S. energy company executives Friday. In Europe, data showing an unprecedented slump in the region’s economy last month pushed the Stoxx 600 Index lower, though it also trimmed its retreat. Asian equities saw modest losses in most markets to cap a third weekly decline in four. The yen weakened alongside the euro, pound and Swiss franc. Treasuries drifted.With lockdowns for many economies around the world expected to go on for longer, data are showing the severity of the impact. Nearly 10 million people in the U.S. have lost their jobs in the past two weeks, while the virus continues to pressure corporate balance sheets. American Airlines Group Inc. will slash international flying as far out as the end of August as the pandemic batters travel demand through the normally busy summer season.“We are not going to have the real recovery in the market until what we think is the peak in the amount of infections and deaths,” Stephen Dover, head of equities at Franklin Templeton, said on Bloomberg TV. “We are going to continue to have very wide volatility until we can get over this uncertainty.”These are the main moves in markets:StocksThe S&P 500 Index fell 1.5% as of 4 p.m. New York time.The Stoxx Europe 600 Index dipped 1%.The MSCI Asia Pacific Index decreased 0.8%.CurrenciesThe Bloomberg Dollar Spot Index advanced 0.6%.The euro dipped 0.4% to $1.081.The British pound fell 1.1% to $1.2266.The Japanese yen decreased 0.5% to 108.41 per dollar.BondsThe yield on 10-year Treasuries rose one basis point to 0.61%.Germany’s 10-year yield decreased one basis point to -0.44%.Britain’s 10-year yield dipped one basis point to 0.31%.CommoditiesGold advanced 0.6% to $1,648.10 an ounce.West Texas Intermediate crude climbed 13% to $28.80 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.

  • Wall Street Week Ahead: Investors look to coronavirus data to support stabilizing markets
    Reuters

    Wall Street Week Ahead: Investors look to coronavirus data to support stabilizing markets

    Investors are parsing a broad range of signals, from infection counts to more traditional indicators, for clues on the trajectory markets may take in coming weeks as the pandemic caused by the novel coronavirus continues to spread. The VIX, which climbed to its highest levels since 2008 amid the market sell-off, has closely tracked the number of countries where the daily growth of coronavirus cases exceeds 10%, according to Jason Hunter, head of global fixed income and U.S. equity technical strategy at J.P. Morgan.

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