Moar Test Kits?
Were all going on the ride of our lives.
I have been through many a recession in my day, this one is going to make them all look like a walk in the park.
What to do?
The Monday Market Minute
Global stocks plunge, oil prices collapse and bond yields hit historic lows in a wild Monday trading session that has shaken investors around the world.
Coronavirus cases rise past 110,000, while U.S. health officials warn its domestic spread is all but assured, raising the prospect of near-term recession for the global economy.
Benchmark 10-year Treasury yields tumble the most since 2009, taking the notes to 0.41%, while 30-year bonds fall to 0.908% as Fed rate bets accelerate.
Gold briefly rising past $1,700 per ounce, while the yen hits a 2016 low of 102.05 as investors flee risk markets around the world and shed the U.S. dollar.
Global oil prices collapse, falling the most since the 1991 Gulf War, as Saudi Arabia looks to ram up production following last week's failure to maintain production cut agreements with Russia.
U.S. futures trading suspended "limit down" after falling more than 5% in early trading amid the global equity market sell-off.
U.S. equity futures suggest another 1,000-plus point decline for the Dow Monday, with sharp opening bell declines for the S&P 500, even as investors bet on a 75 basis point rate cut from the Fed next week..
U.S. equity futures plunged lower Monday, following some of the biggest single-day moves in world markets since the global financial crisis, as coronavirus concerns pulled bond yields sharply lower and oil prices cratered after the collapse of OPEC's agreement on production cuts late last week.
With global coronavirus infections rising past 110,000, and the death toll approaching 4,000, global investors can no longer ignore the pandemic's impact on the world economy, particularly now that U.S. health officials are warning its domestic spread is all but assured.
Compounding the global market sell-off, which Bank of America estimates has destroyed some $9 trillion in equity value in just 9 days, is a concurrent fall in government bond yields, which are moving at a speed not seen since the global financial crisis.
Investors are betting that the Federal Reserve will need to slash rates by a further 75 basis points when it meets next week in Washington – following last week's emergency 50 basis point reduction – in order to inoculate the U.S. economy against COVID-19's destruction.
SAUCE;
https://www.thestreet.com/investing/dow-futures-plunge-as-sell-off-deepens-oil-prices-collapse