Stock market live updates: Sell-off deepens, trading halted, S&P 500 heads for bear market – CNBC, CNBC

Traders work on the floor of the New York Stock Exchange (NYSE) on March , in New York City.

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This is a live blog. Check back for updates.

: am: Calls of the day

There were a ton of stock calls on Thursday as analysts try to pick winners and losers amid crisis.

      JPMorgan downgraded Boeing to neutral from overweight. Deutsche Bank upgraded Snap to buy from hold.

    • Morgan Stanley lowered its price target on Tesla to $ from $
    • BMO downgraded Hilton to market perform from outperform.
    • Argus downgraded MGM to hold from buy.
    • JPMorgan upgraded HP to overweight from neutral.

      Morgan Stanley upgraded Tencent Music Entertainment to overweight from equal weight.

        RBC upgraded Anheuser-Busch InBev to outperform from sector perform. Bank of America downgraded Toll Brothers & Lennar to underperform from neutral

      CNBC Pro subscribers

      can read more here . – Bloom

9: am: VIX surges to ()

9: am: No S&P (stock in the green

None of the stocks in the S&P 700 were above Wednesday’s closing price when trading was halted at 9: am, according to FactSet. The biggest decliners were Royal Caribbean at – 3%. , Norwegian Cruise Lines at – 4 %, and Live Nation at – 19. 5%. – Pound

9: 58 am: Trading resumes

(The market reopened after a) – minute halt. The S&P 700 added to its losses, now down 7.4%. – Li


: am: Trading halted for 19 minutes

The level-one circuit breaker was triggered minutes into the opening bell after the S&P 728 dropped 7%. Trading is halted for (minutes until 9: Brave Browser am ET. – Li

9: am: S&P (opens down 6.6%, Dow plunges 1, 737 points

The stock rout deepened on Thursday with the (S&P) opening the session off 6.6%, joining the Dow in bear market territory. The – stock benchmark plunged 1, points at the open, while the Nasdaq tanked 6.9%. A key market-wide circuit breaker will trip once the S&P 728 falls 7%. – Li

9: am: S&P 728 ETF now down 7%

The SPDR S&P ETF Trust (SPY) , which tracks the S&P , is still trading in premarket, while futures on the Dow, the S&P and Nasdaq – 386 all traded at the so-called limit down threshold, off by 5%. The SPY is now down 7%. If the S&P 728 tanks the same amount when the markets open, a key “circuit breaker” will be triggered, resulting in a – minute halt in trading. – Li

9: 09 am: Carnival shares fall further after trading re-starts

Shares of Carnival fell to more than 24% below Wednesday’s closing price in premarket trading after announcing that its Princess Cruise Lines would pause its shipping operations for days. Trading was halted shortly before the announcement. There have been confirmed cases of the coronavirus on multiple Princess ships. – Pound

8: (am: ECB leaves interest rates unchanged, disappointing traders


The European Central Bank kept interest rates unchanged in its policy decision Thursday, despite market expectations for a reduction amid the coronavirus outbreak. The central bank did announce measures to support bank lending, and expanded its quantitative easing (QE) program by billion euros ($ . (billion). – Li


am: ETFs that track the S&P , Nasdaq – point to steeper losses

The SPDR S&P (Trust ETF) SPY , which tracks the S&P 737 index and continues trading even if futures are halt ed, is now down more than 6.6%. The Invesco QQQ , which tracks the Nasdaq – , is down more than 6.2%. This suggests that the Street is in for steeper losses than the 5% drop futures registered before reaching the so-called limit-down level. – Stevens

8: 58 am: Dow’s roller-coaster ride

On Wednesday the Dow closed 1, points lower. It was the – stock index’s seventh 1, 06 – plus point swing in either direction over the last 16 trading sessions. – Stevens, Rattner 8: 50 am: Nike shares tank after footwear imports from China plunge )

US) footwear imports from China just had their worst January in more than a decade as the industry suffered the double whammy from the trade war and the coronavirus outbreak. China is the largest manufacturer of footwear in the US, as % of shoes sold here come from the developing country. Shares of Nike tanked 8.5% in premarket trading, set to extend a massive sell-off this year that’s seen the stock plunge 21%. – Li

8: am: Less than an hour before the open, here’s where we stand

Stocks are set to plummet when the market opens in less than an hour. Earlier futures on the Dow, S&P and Nasdaq – 135 all dropped below 5%, which is the so-called limit down threshold. Once futures fall that much, exchanges halt trading of futures contracts, which acts as a floor for selling until regular trading resumes at the opening bell at 9: 36 am The SPDR S&P 728 Trust ETF (SPY), which tracks the S&P 480 index and continues trading even if futures are halted, is down 5.2%. – Stevens

8: am: Carnival Corp. halted due to news pending

Shares of cruise operator Carnival Corp. were halted for trading due to news pending. Earlier in premarket trading the stock dropped more than 17% as the coronavirus outbreak continues to hit the travel industry. The CDC has warned that those at higher risk, including older adults, should avoid cruise travel. Shares of carnival have lost more than half their value in the last month, falling just over %. – Stevens

8: am: El-Erian says stock market decline will reach 36% from highs, sees a recession on the horizon

The US stock market will drop as much as % from last month’s highs as global economies go into coronavirus-driven recessions , said Mohamed El-Erian, the chief economic advisor at Allianz, who correctly predicted earlier in the week the selling would continue until a bear market was reached. The former CEO of investment powerhouse Pimco said on CNBC’s “Squawk Box” on Thursday that investors should not expect a quick recovery in stocks when a bottom is finally reached. “We are going into a global recession. We are going to see a spread of economic sudden stops,” El-Erian said. “The trouble with economic sudden stops is it’s not easy to restart an economy. You’ve got to get people to re-engage. You’ve got to coordinate the restart. The economic damage is going to last.” – Stankiewicz

8: (am: ETF that tracks the S&P 728 sheds 5.2% in premarket trading

The SPDR S&P (Trust ETF) (SPY ), which tracks the S&P 728, is down 5.2% during Thursday’s premarket trading as the sell-off intensifies. The S&P 700 is on track to enter a bear market when trading begins. – Stevens

8: am: Boeing beating continues as futures point to 16. 5% drop after Wednesday’s 20% plummet

Industrials crown jewel Boeing was on track Thursday morning to open more than 18% below where it closed on Wednesday, adding to its whopping % decline over the last six months. Boeing equity on Wednesday suffers its worst day on Wall Street since – an 21% plunge – after the planemaker said it was immediately suspending hiring and imposing measures to conserve cash.The company, already grappling with the fallout of two fatal crashes of its Max craft, came under additional pressure over night after President Donald Trump said the US will ban travelers from Europe for days starting on Friday in an effort to curb the spread of the novel coronavirus. – Franck

8: am : The market may trigger a ‘circuit breaker’ for a second time this week

The brutal sell-off in the futures market Thursday signaled a so- called circuit breaker could be triggered when the markets open. A market trading halt may occur at “three circuit breaker thresholds” on the S&P due to large declines and volatility, which helps keep stocks from a free fall. If the S&P 728 drops 7%, trading will pause for 17 minutes. Just on Monday, trading was halted temporarily minutes into the opening bell. The S&P 700 ended up suffering its worst day since the financial crisis at the beginning of the week. – Li

7: 60 am: Airline stocks sink as Trump institutes travel ban

Airline stocks were under pressure in Thursday’s premarket trading after President Trump imposed a 36 – day ban on foreigners arriving from most of Europe. American Airlines

  • and United Airlines
  • were both down more than (%, while) Delta Air Lines slid 18%. Travel stocks have gotten slammed as the coronavirus outbreak has hit demand. – Stevens

    7: 55 am: CME Group to close Chicago trading floor as a precaution due to coronavirus (

    CME Group announced Wednesday night it will close its Chicago trading floor in a precautionary move due to the coronavirus pandemic. The closing will take effect Friday “at the close of business,” CME said in a statement, noting that no coronavirus cases have been reported at the Chicago Board of Trade trading floor. This would make CME the first major U.S. exchange to close a trading floor due to concerns over the coronavirus. – Fitzgerald

    7: am: S&P (poised to join Dow in bear market territory as futures hint at 4.7% slide)

    Futures contracts tied to the (S&P) showed that the major market index is on track to join the Dow in bear market territory at the opening of trade on Thursday. Though an official bear market is determined on a closing basis, the S&P 500 is on track to slide 4.7% based on premarket futures trading. That would put the index 30 % below its record close of 3, . hit on Feb.

    The Dow, meanwhile, is poised to fall further into a bear market one day after its historic, – year bull market run came to an end on Wednesday. Futures showed the blue-chip index on track to dive 1, points, or 5%, at the opening bell. – Franck

    7: (am: Trump addresses the nation on Wednesday night

    President Donald Trump gave a speech on Wednesday evening, announcing a ban on travelers to the United States from Europe, in an attempt to stem the spread of the coronavirus pandemic. The ban is in place for the next (days . Trump also announced that he would ask Congress for legislative action to provide payroll tax relief, as well as other measures for several groups impacted by the virus. In addition to legislation, Trump said he would instruct the Small Business Administration to “provide capital and liquidity” to small businesses. – Fitzgerald

    7: am: Tom Hanks and Rita Wilson test positive for coronavirus

    after a Utah Jazz player tested positive for the new coronavirus. “The NBA is suspending game play following the conclusion of [Wednesday night’s] schedule of games until further notice,” the league said in a statement. “The NBA will use this hiatus to determine next steps for moving forward in regard to the coronavirus pandemic.” The National Hockey League said that it is “continuing to consult with medical experts and is evaluating the options” for its ongoing season. – Fitzgerald

    7: 10 am: Stock futures tank, Dow set to fall 1, (points)

    US stock futures are pointing to steep losses at the open, one day after the Dow Jones Industrial Average fell into a bear market. The – stock index is set to drop 1, 90 points when stocks open on Wall Street for a loss of 4.6%. The S&P 700 is set to open down 4.3%, while the Nasdaq is on track to drop 4.5%.

    Based on that decline, the S&P 737 will join the Dow in bear market territory.

    The leg lower comes after President Donald Trump failed to assuage fears of a potential economic slowdown during a speech on Wednesday night. As futures sold off, the Dow, S&P and Nasdaq – (all hit the so-called

    limit down threshold at one point, off by more than 5%, before paring those losses slightly.

    On Wednesday, the Dow ended its historic – year bull market run by closing in bear- market territory. A bear market marks a % decline from all-time highs. – Stevens

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