Morning Market Report - March 13, 2020
Futures Trade Limit Up After Historic Meltdown
S&P futures trading limit-up at 2,582 pre-market.
Dow futures are trading limit-up at 22,054.
The Dow futures were down almost 3.5% last night reaching a low of 20,230 before climbing higher.
Just since Tuesday afternoon, the Dow traded down almost 5,000 points before bouncing overnight.
If you had bought last night's low in the Dow futures, you would be up 1,824 points or 9.02% right now at limit-up. Amazing moves continue both ways!
Fed Unveils Dramatic Measures to Ease Market Strain on Virus
The New York Fed, which conducts market operations on behalf of the U.S. central bank, said in a statement that it is aiming trillions of dollars in temporary loans at the banking system in coming weeks to relieve strains as investors sell government bonds to raise cash. It will also purchase a broader range of government securities than just short-term Treasury bills to make sure the liquidity gets into the cracks appearing.
Source: Bloomberg
Source: Bloomberg
Cryptocurrencies see billions wiped off value in 24 hours as bitcoin plunges 48%
Walt Disney World Resort in Florida suspending operations beginning Monday through end of month
Walt Disney World Resort in Florida is suspending operations due to coronavirus concerns. Disney says it is proceeding with the closure of theme parks at Disneyland Paris Resort as well.
"In an abundance of caution and in the best interest of our guests and employees, we are proceeding with the closure of our theme parks at Walt Disney World Resort in Florida and Disneyland Paris Resort, beginning at the close of business on Sunday, March 15, through the end of the month," the company said in a statement.
Disney Cruise Line will also suspend all new departures beginning Saturday, March 14, through the end of the month.
This follows the announcement that Disneyland and Disney’s California Adventure will close starting Saturday, March 14 until April.
"In an abundance of caution and in the best interest of our guests and employees, we are proceeding with the closure of our theme parks at Walt Disney World Resort in Florida and Disneyland Paris Resort, beginning at the close of business on Sunday, March 15, through the end of the month," the company said in a statement.
Disney Cruise Line will also suspend all new departures beginning Saturday, March 14, through the end of the month.
This follows the announcement that Disneyland and Disney’s California Adventure will close starting Saturday, March 14 until April.
Wells Fargo upgrades Apple, sees a ‘compelling risk/reward’ amid coronavirus market plunge
Tommy O' Brien's 9 a.m. TigerTV Market Update
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