Sell-off deepens, trading halted, S&P 500 heads for bear market

Traders do the job on the ground of the New York Stock Trade (NYSE) on March 09, 2020 in New York City.

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7:40 am: Trump addresses the nation on Wednesday night time

President Donald Trump gave a speech on Wednesday night, saying a ban on vacationers to the United States from Europe, in an try to stem the spread of the coronavirus pandemic. The ban is in area for the following 30 times. Trump also introduced that he would ask Congress for legislative action to give payroll tax relief, as effectively as other measures for several groups impacted by the virus. In addition to laws, Trump said he would instruct the Small Organization Administration to “present capital and liquidity” to smaller businesses. – Fitzgerald

7:36 am: Tom Hanks and Rita Wilson test constructive for coronavirus

Academy Award-winning actor Tom Hanks and his spouse Rita Wilson have examined positive for the coronavirus, Hanks stated Wednesday. “Good day, individuals. Rita and I are down right here in Australia,” he wrote. “We felt a bit fatigued, like we had colds, and some human body aches. Rita experienced some chills that arrived and went. Slight fevers also. To enjoy points ideal, as is desired in the environment ideal now, we ended up examined for the Coronavirus, and were uncovered to be favourable.” Hanks and Wilson are in Australia for the pre-output of a Warner Bros. film. – Fitzgerald

7:35 am: Trump speech disappoints markets

Investors ended up remaining seeking additional robust fiscal stimulus steps after President Donald Trump’s speech Wednesday night time. Trump said the administration would present monetary relief for personnel who are unwell, caring for other individuals because of to the virus or are quarantined. But Tom Essaye, founder of The Sevens Report, mentioned none of the steps announced “are a silver bullet for coronavirus, and as these the marketplace is reacting with limited phrase disappointment.” Ernie Tedeschi of Evercore ISI mentioned Trump did not “provide up major new suggestions on stimulus and only claimed he’d propose a vague payroll tax getaway to Congress devoid of strongly standing up for any business size/magnitude.” —Imbert

7:32 am: NBA suspends time thanks to coronavirus

The Nationwide Basketball Affiliation on Wednesday evening suspended its time indefinitely following a Utah Jazz participant examined good for the new coronavirus. “The NBA is suspending recreation engage in adhering to the conclusion of [Wednesday night’s] plan of video games till further more detect,” the league stated in a assertion. “The NBA will use this hiatus to identify following techniques for shifting ahead in regard to the coronavirus pandemic.” The Nationwide Hockey League claimed that it is “continuing to seek the advice of with professional medical gurus and is analyzing the choices” for its ongoing period. – Fitzgerald

7:05 am: Inventory futures tank, Dow set to drop 1,100 details

U.S. stock futures are pointing to steep losses at the open, a single working day right after the Dow Jones Industrial Common fell into a bear market place. The 30-inventory index is established to drop 1,080 points when shares open up on Wall Avenue for a decline of 4.6%. The S&P 500 is established to open down 4.3%, although the Nasdaq is on keep track of to fall 4.5%. 

Based mostly on that decrease, the S&P 500 will be part of the Dow in bear sector territory.

The leg decreased arrives after President Donald Trump unsuccessful to assuage fears of a probable financial slowdown for the duration of a speech on Wednesday evening. As futures marketed off, the Dow, S&P 500 and Nasdaq-100 all strike the so-called restrict down threshold at a single level, off by more than 5%, just before paring those losses slightly.

On Wednesday, the Dow ended its historic 11-calendar year bull market run by closing in bear-sector territory. A bear market place marks a 20% decline from all-time highs. – Stevens

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