Posted on 02/24/2020 4:55:28 AM PST by DCBryan1
U.S. stock futures pointed to sharp declines on Wall Street at the open on Monday as the number of coronavirus cases outside China surged, stoking fears of a prolonged global economic slowdown from the virus spreading.
As of 7:47 a.m. ET, Dow Jones Industrial Average futures were down 774 points, indicating a drop of 767 points at the open. Dow futures were down more than 800 points earlier in the session. S&P 500 and Nasdaq 100 futures were down by 2.5% and 2.8%, respectively.
Futures pointed to the biggest one-day points drop for the Dow since August, when the 30-stock average slid 800 points.
(Excerpt) Read more at cnbc.com ...
Blue Light Special, Wall Street style!
Interesting that this drop is occurring while the POTUS is out of the country.
Coinkydink...?
“” “Get ready to buy on the panic!”” “
You might be right but it might be not the case this time.
The Chinese mostly didn’t get to work after lunar new year. If it is not fixed very soon expect shortages of everything in two to three weeks.
Yes, probably a coincidence - the news about the virus’ spread in Italy and the virtual quarantining of certain cities there came out this weekend, and I think that’s what has spooked people.
FWIW, I don’t think it’s a coinkydink.
Just want they want for trump
Coincidence.
The pandemic panic is setting in.
Going to be a rough ride for a number of months before our Presidential Election.
Oh wait...people to sick to vote...quarantined and can’t vote? Let’s do it electronically via smartphones and there we have our rigged election.
Detailed trading info will likely tell the tale.
I still think this about TDS not COVID-19.
Man oh man. Sit tight with the current mix?
You either believe in your asset allocation for the long-term, or you don't. I won't tell anyone how they should invest ever, but I do know that I sucked in the past trying to time the markets.
A correction... in a few days?
The impact of this virus on economic figures hasn’t really been felt, and can’t be estimated just yet. But, China steel production and usage is through the floor, and the tourism business... a trillion dollars per year worldwide... has to be in the crapper. Of course, people over-react, and the odds are that all will be well in a few months... but in the meantime, I expect big volatility.
“I sucked in the past trying to time the markets.”
Ditto.
You don’t really want to buy today.
This is not about the fear of dying. Its about production in China.
Bloomberg posted yesterday that between 30-35% of component parts for US production are sourced in China. Of that, 89% is produced in the provinces under lock down.
Those markets have been closed since 1/24. So, if the virus ended today—it would take a couple of weeks to get back up to speed. And then six weeks to get most of that stuff to the producers here in the US.
In essence, we should start seeing significant production issues here in the US in the next week or so. With a recovery on a rolling 5 to 6 week time frame.
Q1 is shot in China. Q2 will be impacted greatly all over the world.
I am suggesting that you keep on eye out today, but hold your powder dry until you can see the impact on US companies.
The virus is not about dying, its about some systems seizing and other systems becoming overwhelmed.
“...the tourism business...”
I have to imagine cruise lines are tanking.
bmp
Personally, I think Trump is getting bad advice going to India in the middle of this mess.
But no, this trip has been scheduled for a while. The outbreak of the virus into an open-media world of So Korea is what is tripping this wire right now.
Why would the two be linked?
If this is an anti-Trump action then it is way way too soon. The market in July or August will influence votes. If they kill the market now, it will be roaring by April/May. If they kill it in the spring it will be roaring by summer.
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