Posted on 03/08/2020 3:21:01 PM PDT by Enlightened1
Stock futures tumbled in overnight trading Sunday as investors continued to brace for the economic fallout from the spreading coronavirus, while a shocking all-out oil price war added to the anxiety.
Futures on the Dow Jones Industrial Average plunged more than 900 points. The S&P 500 futures also indicated a 4% drop at the open on Monday. The sharp declines in the futures market pointed to more turbulence ahead after a roller-coaster week that saw the S&P 500 swing up or down more than 2.5% for four days straight.
Saudi Arabia on Saturday slashed official crude selling prices for April, in a sudden U-turn from previous attempts to support the oil market as the coronavirus hammers global demand. The move came after OPEC talks collapsed Friday, prompting some strategists to see oil prices crater to $20 this year.
“Crude has become a bigger problem for markets than the coronavirus,” Adam Crisafulli, founder of Vital Knowledge, said Sunday. “It will be virtually impossible for the [S&P 500] to sustainably bounce if Brent continues to crater,” he added.
International benchmark Brent crude futures plunged 30% to $32.05 per barrel. U.S. West Texas Intermediate crude fell 27% to $30.07 per barrel.
Investors have already been on edge about the coronavirus outbreak that caused major stock averages to tumble into correction territory. As of Sunday, global cases of the infections have climbed to more than 109,000 with at least 3,801 deaths around the world. The situation is also worsening in the U.S. with New York, California and Oregon all declaring a state of emergency.
(Excerpt) Read more at cnbc.com ...
What am I missing at that link where the DOW appears green up over 1,000?
The DOW tumble is entirely related to the corona virus. The drop in oil is also entirely related to the corona virus, as the quarantines in China, and now South Korea and Italy crushed oil demand. Oil won't recover until the corona virus dies off.
The DOW tumble is entirely related to the corona virus. The drop in oil is also entirely related to the corona virus, as the quarantines in China, and now South Korea and Italy crushed oil demand. Oil won't recover until the corona virus dies off.
>>>Could the DOW tumble be connected to nCV-19 posts here on FR?
I blame Ted Cruz
Ted Cruz to self-quarantine after contact with coronavirus patient
Wuhan, China
Saudi Arabia looks like they’re intent on killing American shale. At these prices they’ll succeed.
Yup.
looks like a malfunction. About -1100 everywhere else.
Didnt work in 2014, wont work now.
Shale is quick and easy to get out of so long as you maintain a certain skill set.
Well, the US domestic energy sector is a small fraction of the US economy which uses energy. Low oil prices benefit the US economy far more than they hurt.
There hasn’t been enough bad news to warrant this kind of pull back. I have no doubt Soros, Steyer, other bad actors are shorting futures big time. Bloomberg could be, too.
Please post the pic a few more hundred times...it is critical people tell you you are right.
One in ten requiring intensive care treatment in Italy.
https://www.independent.co.uk/news/health/coronavirus-italy-doctors-intensive-care-deaths-a9384356.html
...
What a crock of crap. 10% of the population in intensive care?
Why do so many of you guys insist on putting your heads in the sand on this? It is not some "global conspiracy to bring down Trump". It is a freaking GLOBAL PANDEMIC with a pathogen MORE contagious than the Spanish Flu (R0 of mid 3s, best estimate compared to R0 of ~2 for SF), more deadly than the Spanish Flu (CFR of 3.4% per the WHO compared to SF CFR of ~2%), and we now have global travel, mass transit, public schools that are packed to overflowing, sporting events, concerts, etc that we did not have in 1918-19. Plus, roughly 7.8B people v. 1.8B people in 1918. SF killed ~50M people globally. I've seen credible, well researched estimates this will kill 15M - 68M. Yeah, we are in a HEAP of trouble. Italy's health system (2nd in the world per the WHO) is ALREADY collapsing - and they are at sub 10K cases. Imagine what's coming - both to Italy and every other country with health systems that will fall like dominos.
Literally 5 seconds with Google will tell you that the serious cases (which basically means ICU or major hospitalization and most likely intubation) are 15-20%. So, 10% is actually under expected levels and some good news in the middle of this insanity. Quit putting your heads in the freaking sand and do some damned research! And for God's sake, quit thinking this is some MSM conspiracy to bring down Trump!!
Not to come into the middle of your little spat, but I think he meant 10% of the cases, not the population.
Shale has been reducing the cost of their barrels, and they need to reduce even more.
Oil has gone down more than 33%, but we have seen a maximum of 10 cent reduction in gas prices.
Tariffs don’t work. They didn’t work when Obama tried it. They didn’t work when Bush tried it. They didn’t work to prevent the great depression.
“They didn’t work to prevent the great depression.”
How could tariffs possibly overcome great government socialist spending in the first place, which caused the “great depression”?
The great government socialist spending you are talking about cam after the great depression started. Coolidge and Harding weren’t responsible for it. The tariffs started early to, when Hoover was president.
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