@AlliesFin
*Very Good Morning!!!*
*Coronavirus Death Toll*
3,168 people have died so far from the coronavirus COVID-19 outbreak as of March 03, 2020, 22:40 GMT.
There are currently 92,872 confirmed cases in 80 countries and territories vis a vis previous day there were 90308 confirmed cases in 76 countries and 3087 deaths.
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*Dow ends nearly 3% lower and 10-year bond falls below 1% as Fed delivers emergency interest-rate cut: Target reported fiscal fourth-quarter profit and same-store sales that topped expectations but revenue fell short of estimates*
U.S. stocks finished sharply lower Tuesday, after a volatile trading session, and Treasury yields fell to historic lows, with Wall Street deeming a surprise inter-meeting interest-rate cut from the Federal Reserve insufficient to restore confidence in a market that has been rocked by worries about the spread of coronavirus world-wide.
All three major U.S. stock market indexes dropped more than 3% after the Fed’s first emergency rate cut since the 2008 financial crisis. The rate reduction underscored the Fed’s concern about the coronavirus that has spread around the world after emerging late last year in China. It came two weeks ahead of a scheduled policy meeting, where traders had fully priced in a 50 basis point cut.
*Stocks had initially jumped more than 1%, but then dropped as traders worried whether pumping more money into financial markets would address the central problem - a drop in business activity as workers and consumers stay home.*
The S&P 500 fell for the eighth time in nine days following the Federal Reserve’s 50 basis-point cut of its benchmark rate. Fed chair Jerome Powell said during a press conference that the U.S. economy remains strong but the virus outbreak will weigh on activity “for some time.”
*The two-year Treasury yield sunk to 0.70%, while the 10-year plunged below 1% for the first time ever. Banks led losses on equity benchmarks. Oil pared its rebound Tuesday, approaching $46 a barrel, while gold rose. The yen was higher versus the dollar.*
*President Donald Trump, arriving at the White House as U.S. markets closed, told reporters he had not seen the market’s drop on Tuesday and was focused on the federal coronavirus response.*
*“I think they should do more. I think they hinted that they’re not going to do much more, and that’s unfortunate. He gave a very bad signal, in my opinion, Most importantly, come into line with other countries/competitors. We are not playing on a level field. It is finally time for the Federal Reserve to LEAD. he expected More easing and More cutting” he said of Powell.*
Traders believe the Fed is not done. Futures tied to the Fed’s policy rate were pricing in another rate cut by June. Fed policymakers will provide their own rate path expectations, along with forecasts for economic growth, at the end of their March 17-18 meeting.
*On Tuesday, the International Monetary Fund and World Bank canceled their April meetings in Washington, joining the list of organizations pulling the plug on planned events.*
The decline for markets came as the Fed announced a half-a-percentage-point rate cut a half-hour into the session, say
By: via @AlliesFin Serve T.ME/ALLiESFiN
