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U.S. Stocks Plunge, Bonds Surge After CDC Warning: Markets Wrap
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U.S. Stocks Plunge, Bonds Surge After CDC Warning: Markets Wrap
(Bloomberg) -- Stocks plunged and bond yields fell to record lows after the U.S. Centers for Disease Control and Prevention warned Americans to prepare for a coronavirus outbreak at home. The 10-year U.S. Treasury yield fell to a record low of 1.3171% as investors sought shelter amid concern that the global spread of the virus is threatening supply chains critical to economic growth.After opening positive, the benchmark index turned lower in the wake its largest loss in two years on Monday. All 11 sectors fell with energy, material and financial shares leading the declines. European stocks closed in the red, while bonds from the region were mixed. Crude oil slumped again after Monday’s slide of nearly 4%.“It’s the realization that the market was not going to bounce like it usually does after a severe one-day decline,” said Matt Maley, an equity strategist at Miller Tabak & Co. “Once that become obvious, the short-term traders started selling and the long-term investors pulled in their horns.”Declines in banks and food producers dragged the Stoxx Europe 600 index lower. Japanese shares tumbled more than 3% as traders returned after a holiday, though the decline was less than the two-session slide on Wall Street while they were away. Stocks fell in China and Australia and pushed higher in South Korea and Hong Kong. The yen strengthened against the dollar for a third day.Erratic market moves suggest investors remain on edge over the economic impact of the virus. The World Health Organization has held off from declaring a global pandemic even as cases surged in South Korea, Italy and Japan.“The markets are pricing in the what ifs of the coronavirus, not necessarily exactly what is,” said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Co.Analysts at Oxford Economics Ltd. said the epidemic could wipe more than $1 trillion from global domestic product, while the International Monetary Fund lowered its growth forecasts for the world economy.Elsewhere, iron ore futures fell as steel inventories surged to a record in China and investors continued to weigh the impact of the coronavirus outbreak. Gold retreated from the highest level since 2013.These are some key events coming up:Earnings keep rolling in from companies including: Peugeot SA on Wednesday; Baidu Inc., Best Buy Co. Inc., Occidental Petroleum Corp. and Dell Technologies Inc. on Thursday; and London Stock Exchange Group Plc on Friday.The Democratic presidential debate in South Carolina is on Tuesday.The Bank of Korea announces its policy decision on Thursday, with rising risks of an interest-rate cut.U.S. jobless claims, GDP and durable goods data are out Thursday.Japan industrial production, jobs, and retail sales figures are due on Friday.These are the main moves in markets:\--With assistance from Nancy Moran.To contact the reporters on this story: Vildana Hajric in New York at vhajric1@bloomberg.net;Claire Ballentine in New York at cballentine@bloomberg.netTo contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave LiedtkaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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