Morning Market Report - March 20, 2020
Futures Have Another Volatile Evening
Futures traded to a high of 2499 last night, this is after trading lower to 2330. at about 7:45 p.m. EST, then a low of 2275 at midnight, then back above 2400, and currently trade at 2376 as of 7 a.m. EST, down about 1%.
From the 2330 low last night around 7 p.m. ET to the high made just shy of 6 a.m. EST, the S&P Futures went up 170 points or 7.3%.
As of 8:20 a.m. EST, the S&P has pulled back 65 points or 2.6% from the recent overnight high.
The moves in this market look to continue in both directions.
ES 15-Min chart:
From the 2330 low last night around 7 p.m. ET to the high made just shy of 6 a.m. EST, the S&P Futures went up 170 points or 7.3%.
As of 8:20 a.m. EST, the S&P has pulled back 65 points or 2.6% from the recent overnight high.
The moves in this market look to continue in both directions.
ES 15-Min chart:
10 Year Note
Reports: Young People Are Falling Seriously Ill From Covid-19
"New evidence from Europe and the U.S. suggests that younger adults aren’t as impervious to the novel coronavirus that’s circulating worldwide as originally thought. In the U.S., 705 of first 2,500 cases range in age from 20 to 44.
The data bears out that concern. In Italy, the hardest hit country in Europe, almost a quarter of the nearly 28,000 coronavirus patients are between the ages of 19 and 50, according to data website Statista.
Similar trends have been seen in the U.S. Among nearly 2,500 of the first coronavirus cases in the U.S., 705 were aged 20 to 44, according to the Centers for Disease Control and Prevention. Between 15% and 20% eventually ended up in the hospital, including as many as 4% who needed intensive care. Few died."
Source: Bloomberg
The data bears out that concern. In Italy, the hardest hit country in Europe, almost a quarter of the nearly 28,000 coronavirus patients are between the ages of 19 and 50, according to data website Statista.
Similar trends have been seen in the U.S. Among nearly 2,500 of the first coronavirus cases in the U.S., 705 were aged 20 to 44, according to the Centers for Disease Control and Prevention. Between 15% and 20% eventually ended up in the hospital, including as many as 4% who needed intensive care. Few died."
Source: Bloomberg
President Trump signs coronavirus relief plan to expand paid leave
President Donald Trump on Wednesday signed a $100 billion coronavirus aid package into law which includes provisions for emergency paid leave for workers as well as free testing.
Congress is already working on a massive stimulus package to pass to avoid economic calamity from the outbreak.
Congress is already working on a massive stimulus package to pass to avoid economic calamity from the outbreak.
Italy’s lockdown will be prolonged, prime minister says, as death toll spikes and hospitals struggle
"The government is set to extend a national lockdown beyond April 3. Medical facilities in Lombardy will “soon” be unable to help new coronavirus cases, the region’s Governor Attilio Fontana said Wednesday, as he urged everyone to stay at home.
Under the lockdown rules, Italian citizens can only leave their homes to get food or medicines (grocery stores and pharmacies are the only stores that remain open), or to perform other essential services or to go to work. Most shops had been forced to close until March 25 but that deadline also looks set to be extended.
Under the lockdown rules, Italian citizens can only leave their homes to get food or medicines (grocery stores and pharmacies are the only stores that remain open), or to perform other essential services or to go to work. Most shops had been forced to close until March 25 but that deadline also looks set to be extended.
However, Italy’s interior ministry said Wednesday that 43,000 people been caught breaking the lockdown rules in the first week of controls, with a million people being checked since March 11 when most public places closed.
Italy’s tally of coronavirus cases and deaths jumped on Wednesday; 2,978 have now died from coronavirus in Italy, 475 more than Tuesday."
Source: CNBC
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