Wall Street is expected to suffer another week of rough US markets due to the pandemic as lawmakers decide on economic aid packages in Washington.
Stock market futures suffered a steep fall while Treasury-bond futures gained, indicating smooth-sailing trades in the following week. Despite the historic fall in share prices in recent weeks, Wall Street analysts and investment managers said that it was hard to estimate a bottom.
The effect of the virus across New York City may have caused anxiety on Wall Street, said deputy chief investment officer Carol Schleif of Abbot Downing. Infections shot up over the weekend and NYC Mayor Bill de Blasico says staff are almost running out of supplies.
The total confirmed cases in the U.S. has reached 33,000 with a death toll of 390 people.
Many states have imposed restrictions on businesses and movement within citizens.
U.S. stocks dropped over 30% from its peak in mid-February. Even the bond market suffered liquidity stress at a time when the market is nearing a financial crisis.
On Sunday night, S&P 500 e-minis ESC1 plunged 5%, while oil prices fell and Treasury bond futures gained.
The fall in global economic activity has undoubtedly affected the US economy but market strategists and economists say it was difficult to tell its severity.
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
Oil prices fell on Monday as a surge in coronavirus cases and the escalating U.S.-China tensions prompted a safe-haven bid. Brent crude slid 0.2%, or 8 cents, at $43.26 per barrel. U.S. West Texas Intermediate crude fell 0.2%, or 7 cents, ...