Good Morning America, All Heck Broke Loose in the Markets Overnight
March 8, 2020
Crude Oil Collapses 32%, US Stock Futures Plunge nearly 5%, 10-year Treasury Yield Gets Closer 0%, Gold Jumps to $1,700, Asian Stocks Plunge, Nikkei -6%.
https://wolfstreet.com/2020/03/08/good-morning-america-all-heck-broke-loose-in-the-markets-overnight/
Here Are The Energy Bonds Getting Crushed This Morning
https://www.zerohedge.com/energy/here-are-energy-bonds-getting-crushed-morning
indices plunge.
S&P Opens Down 7%, Triggers Circuit-Breaker - Halted For 15 Mins
As we noted pre-open, S&P futures were locked limit-down 5%, but as we noted SPY was trading down 7.5% in the pre-open and now that the cash S&P 500 has opened and tumbled 7%…
it is now halted for 15mins as the first major circuit-breaker has kicked in. As a reminder:
If the S&P 500 declines 7%, (208 points), trading will pause for 15 min
If declines 13%, (386 pts) trading will again pause for 15 mins
If falls 20%, (594 pts) the markets would close for the day.
Additionally, Canadian stocks are down 7% at the open, the most sicne 2008; and Brazilian stocks are down 10% at the open, triggering their circuit breaker.
https://www.zerohedge.com/markets/sp-opens-down-7-immediately-halted-15-mins-trigger-circuit-breaker
$2.5 Trillion Wiped Out As World Stocks Crash Most Since 2008
As we previously noted, S&P futures triggered a "level one circuit breaker" after falling 7%, which means trading will be halted for 15 mins. The movement of US equity futures today is likely crash, then halt, crash then halt.
It's only a matter of time before intervention is seen…
As for global stocks, it's much of the same. MSCI All-Country World Stocks Index is down 5.3%, on the worst day since December 2008. The move has wiped out roughly $2.5 trillion in value of global stocks, noted Reuters.
Here's iShares MSCI World ETF down -8%, back to August 2017 levels.
As a reminder:
· If the S&P 500 declines 7%, (208 points), trading will pause for 15 min
· If declines 13%, (386 pts) trading will again pause for 15 mins
· If falls 20%, (594 pts) the markets would close for the day.
Trading halts are currently sweeping across the world, one of the first times since the 2008 financial crisis.
https://www.zerohedge.com/markets/25-trillion-wiped-out-world-stocks-crash-most-2008
==Wells Fargo Chairman Elizabeth Duke Resigns
Board member James Quigley also quits, ahead of Congressional hearing this week==
March 9, 2020
https://www.wsj.com/articles/wells-fargo-chairman-elizabeth-duke-resigns-11583752271?mod=hp_lead_pos6