European markets rallied, but then lost some of their gains, while markets in the Asia-Pacific region were mixed on Tuesday as investors tried to grapple with a disastrous Monday on Wall Street.
The stocks of JPMorgan and Citi are falling, showing a decrease of 17.71% and 19.27% (at opening) accordingly. The situation gave birth to fears regarding banks and coronavirus.
American Airlines stock has crashed after the company announced a 75% reduction in capacity because of the coronavirus. Analysts warn things could get worse.
Stocks fell sharply on Monday even after the Federal Reserve cut rates amid the coronavirus outbreak. The S&P 500 dropped 9.3% while the Dow Jones Industrial Average lost 2,174 points. The Nasdaq Composite traded 9.3% lower.
Apple (AAPL) stock price dropped by around 13% in the premarket and is falling in the trading session today as well. This is due to a fine of about $1.2 billion imposed by the French antitrust regulators.
Though a month ago TSLA stock was approaching $1000, today it is trading much lover. Its current price is below $500 in the premarket.
The coronavirus pandemic isn’t at all taking it easy on European markets as well as travel stocks. Both are seriously bleeding. People are panicking and waiting for signs of improvement.
NASA Marshall center claimed that they have the employee tested positive for the coronavirus. SPCE stock started falling in the premarket after a good Friday.
Previously, the target range of the interest rate varied from 1% to 1.25%. Now the benchmark for both short-term lending for financial institutions and a peg to consumer rates will be targeted at 0% to 0.25%. Dow Futures lost 1,000 points.
Amazon’s signature Prime Delivery and Grocery delivery services are facing delays due to overwhelming demand from customers on account of the COVID-19 outbreak. The logistical challenges are mounting for the company. AMZN stock is in red after hours.
In a memo to employees, Amazon has confirmed the second coronavirus case and notified all employees who came in contact with the infected person. Amazon has allowed remote working from home for all its employees through the month of March.
Donald Trump’s coronavirus test came back negative, his personal physician revealed on Saturday. According to the doctor, the test was performed Friday night and the president “remains symptom-free”.
The Tesla (TSLA) stock price has crashed 45% from its 2020-high in less than a month’s time. Morgan Stanley has reduced the target for the Tesla stock and global economic concerns weigh in.
Bill Gates co-founded Microsoft in 1975 with Paul Allen and was CEO until 2000. Gates was director of the board at Microsoft until 2014. But now he is leaving the board to focus on philanthropy.
European shares closed higher on Friday after their worst sell-off in history, as the fast spread of the coronavirus pandemic continues to dominate investor sentiment.