Traders work on the floor of the New York Stock Exchange (NYSE) on March , in New York City.
Spencer Platt | Getty Images
This is a live blog. Check back for updates.
9:
am: Carnival shares fall further after trading re-starts
Shares of Carnival fell to more than 28% 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: 70 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
8: (am: ETFs that track the S&P) , Nasdaq – (point to steeper losses
The SPDR S&P (Trust ETF) (SPY , which tracks the S&P 728 index and continues trading even if futures are halted, 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: 56 am: Dow’s roller-coaster ride
On Wednesday the Dow closed 1, points are lower. It was the – stock index’s seventh 1, – plus point swing in either direction over the last trading sessions. – Stevens, Rattner 8: 45 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 88% 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 %. – Li
8: 43 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 737 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: 35 am The SPDR S&P Trust ETF (SPY), which tracks the S&P 500 index and continues trading even if futures are halted, is down 5.2%. – Stevens
8: 32 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 % 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 % 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) (sheds 5.2% in premarket trading
) (The SPDR S&P) (Trust ETF) SPY , which tracks the S&P , is down 5.2% during Thursday’s premarket trading as the sell-off intensifies. The S&P is the on track to enter a bear market when trading begins. – Stevens
8: 14 am: Boeing beating continues as futures point to . 5% drop after Wednesday’s 21% plummet
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 drops 7%, trading will pause for 17 minutes. Just on Monday, trading was halted temporarily minutes into the opening bell. The S&P ended up suffering its worst day since the financial crisis at the beginning of the week. – Li
7: 58 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) %. Travel stocks have gotten slammed as the coronavirus outbreak has hit demand. – Stevens
7: 50 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: 49 am: S&P 737 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 . (% 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, 464 points, or 5%, at the opening bell. – Franck
7: 45 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
Academy Award-winning actor Tom Hanks and his wife Rita Wilson have tested positive for the coronavirus
, Hanks said Wednesday. “Hello, folks. Rita and I are down here in Australia,” he wrote. “We felt a bit tired, like we had colds, and some body aches. Rita had some chills that came and went. Slight fevers too. To play things right, as is needed in the world right now, we were tested for the Coronavirus , and were found to be positive. ” Hanks and Wilson are in Australia for the pre-production of a Warner Bros. film. – Fitzgerald
7: am: Trump speech disappoints markets
Investors were left wanting more robust fiscal stimulus measures after President Donald Trump’s speech Wednesday night. Trump said the administration would provide financial relief for workers who are ill, caring for others due to the virus or are quarantined. But Tom Essaye, founder of the Sevens Report, said none of the measures announced “are a silver bullet for coronavirus, and as such the market is reacting with short term disappointment.” Ernie Tedeschi of Evercore ISI said Trump did not “offer up major new ideas on stimulus and only said he’d propose a vague payroll tax holiday to Congress without strongly standing up for any firm size / magnitude.” – Imbert
7: 36 am: NBA suspends season due to coronavirus
The National Basketball Association on Wednesday night s uspended its season indefinitely 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: 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, points when stocks open on Wall Street for a loss of 4.6% . The S&P is the set to open down 4.3%, while the Nasdaq is on track to drop 4.5%.
Based on that decline, the S&P 823 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 737 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 28% decline from all-time highs. – Stevens
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