- Stocks open with heavy selling and continued volatility, as the coronavirus outbreak upends everyday life and has many workers out of a job, which has central banks and governments scrambling for unprecedented stimulus measures; Dow -5.6%, S&P -4.6%, Nasdaq -3.9%.
- Here's a scary statistic: The S&P 500 has swung 4% or more in either direction for seven straight sessions through Tuesday, topping the previous record of six days in November 1929.
- European markets are mauled across the board, with France's CAC -6.5%, Germany's DAX -5.9% and U.K.'s FTSE -5%; in Asia, Japan's Nikkei -1.7% and China's Shanghai Composite -1.8%.
- In the U.S., an early look at the S&P sectors shows losses ranging from -3.7% in health care to -6.7% for energy, which continues to be punished by sliding crude oil prices, with WTI -10.2% to an 18-year low $24.20/bbl.
- Boeing -18% at the open after it asked for at least $60B of aid for the reeling aerospace industry, which has sparked worries about the company's liquidity.
- In the U.S. Treasury market, longer-dated notes remain under selling pressure, partly due to a view that new bonds will need to be issued to fund the massive stimulus plans from Washington.
- The two-year yield is down a basis point to 0.44% while the 10-year yield is up 9 bps to 1.09%; U.S. Dollar Index +0.8% to 100.40.