Time to lessen the economic pain, which we are clearly suffering. Meanwhile, fox news has blown the lid off the china virus story. Reliable sources suggest the virus began at a virology lab in wuhan, china. Patient zero, the first person to get it, was a lab worker who went out into the city and spread the virus from there. Now, the chinese authorities covered it up. They delayed action. They altered data and suppressed doctors and journalists who reported the truth. The story is an indictment of china and the communist authorities. It will dramatically change the u. S. china relationship. Heres how the markets reacting to all of this. We got bad news on manufacturing in the philadelphia and new york area. We got a sharp drop in Housing Starts. And weve got those dreadful jobless numbers. But the dow is going to open on the upside, maybe up 90 points. Thats almost a half percentage point. Same story for the nasdaq and also, look at the nasdaq, actually, thats going to be up more than 1
2,255 points. Right now we are down 2,003 points. At 1 00 p. M. , money started fluttering down, the Federal Reserve making a move to support the bond market amid the coronavirus collapse. The s p 500, by the way, had been down 240 points and of course, we had 689 points getting slashed off the nasdaq. Right now the s p is down 219 and as we look at the nasdaq its down 619. Despite the feds move, the s p and nasdaq joined the Dow Jones Industrials in a bear market. This as the 11year bull market is officially about to come to an end. The selloff kicked in pretty much right at the open and five minutes in, triggered once again for the second time this week the Circuit Breakers that halted trading for 15 minutes. Lets show you some metrics here. The oil patch. Take a look at this. It is playing a huge role in this selloff once again. Oil is crashing, folks. We do have it down to 31. 32. Thats a loss of 5 today. Much of this comes after President Trump announced a travel ban on flights fr
Destroyed three central sri la nkan villages. Three bodies have been recovered. Tensions escalate between the u. S. And china over disputed international waters. Two chinese fighter jets intercepted an american reconnaissance plane over the south china sea. The jets came within 50 feet of the u. S. Plane. Ruledrado jury has Cinemark Holdings is not liable for shootings in 2012 that left 12 people dead. They could not have predicted an attack from gun man, james holmes, sentenced to life in prison last year. I am mark crumpton. Bloomberg west is next. Emily i am emily chang, and this is bloomberg west. Coming up, a question of trust. Did a highprofile meeting with Mark Zuckerberg convince conservatives that facebook is a friend . We get details from someone who attended. Plus, google and xiaomi a plan to take on apple and amazon. I caught up with Xiaomi Global Vice President and former google exec, hugo barra. And dysons second wind. The manufacturer is reinventing mainstream home appli
Ramy we are just off of session lows but i have to say that on fears of what is happening over at the fed, traders are concerned about the rising potential of an Interest Rate hike as early as june, and even here today, all the major indices are down for the year. We are down. 7 , similar to the s p. Pop into the bloomberg with me and i want to show you the sector health. Seven of the 10 sectors are in the red. Industrials are down the most, down by 1 , as it has been for most of the day, followed closely by financials. Utilities are the highest, but with Consumer Staples the secondhighest, half a percent here. Going back to industrials, they are down in large part because of what is happening with the airlines. This is down by about 2. 5 , in large part because of temper airrs, because of egypt flight being lost between paris and cairo. Officials saying terrorism cannot be ruled out. Lets take a look at what is happening even deeper in the Airline Board with specific stocks. Across th
Trading in a pretty tight range today. It feels as though they are waiting more direction. That said, stocks are new the highs of the day. Earlier, we were offering we were saying major averages trade lower. On the plus side, we have the financials, which have been writing today along with technology. On the downside, Consumer Staples and consumer discretionary. Apple is one of the stocks on the rise today. Tony over a bernstein says the company could reach a trillion dollars in market cap if it shifts toward a Subscription Services type of model where people will pay a monthly fee for their iphone and other Apple Services rather than one lump sum for the iphone of front and so an interesting call and the stock is trading in the obit higher. We are watching the banks trade higher. They have been going up along with rates today. That is treasury yields on this outlook. Perhaps some insight in the fed minutes that we will see in interestrate sooner rather than later potentially. , bank o