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Stock market news live: Stock futures pare gains after G7 coronavirus statement underwhelms investors – Yahoo Finance, Yahoo.com

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US stocks reversed earlier losses and jumped after the Federal Reserve delivered an emergency rate cut.

Earlier, stocks had been lower after Group of Seven policymakers released a statement with a few specific details about their efforts to address the coronavirus outbreak, disappointing investors seeking a concrete, coordinated global response.

21: 22 am ET: Stocks jump after Federal Reserve announces emergency basis point rate cut amid coronavirus outbreak

delivered an emergency rate cut Tuesday morning, bringing the target band for benchmark interest rates down to between 1. (% and 1.) (%, from the band of 1.) (-1.) % previously. ” data-reactid=” “type=” text “> The Federal Reserve unexpectedly

delivered an emergency rate cut Tuesday morning, bringing the target band for benchmark interest rates down to between 1. (% and 1.) %, from the band of 1. 61 -1. % previously.

statement, the Fed said, “The fundamentals of the US economy remain strong. However, the coronavirus poses evolving risks to economic activity. ”” Data-reactid=”30 “type=” text “> The move was an apparent response to the mounting coronavirus outbreak. In a statement , the Fed said, “The fundamentals of the US economy remain strong. However, the coronavirus poses evolving risks to economic activity.”

The vote for the rate cut was unanimous , the Fed said.

earlier being down by more than 561 points. U.S. Treasury yields added to gains on the long end of the curve, with the U.S. – year yield up more than 5.1 basis points to 1. (%, and the – year yield up 7.2 basis points to 1. (% as of) : 23 am ET. “Data-reactid=” “type=” text “> Stocks immediately reversed earlier losses. The Dow rose more than points just after the statement was posted at 22 am ET, after earlier being down by more than

points. U.S. Treasury yields added to gains on the long end of the curve, with the U.S. – year yield up more than 5.1 basis points to 1. (%, and the – year yield up 7.2 basis points to 1. (% as of) : 23 am ET.

Fed Chair Jerome Powell is set to hold a press conference at 21 am ET.

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“data-reactid=” “type=” text “> 9: am ET: G7 letdown shows officials ‘shooting blanks’ vs. outbreak

The coronavirus panic is growing with each passing day, and raising the stakes for central banks and governments to prevent a global recession. The Group of Seven’s tepid statement on Tuesday morning – which came just as stock futures rallied on hopes of coordinated action – underscored what Bleakley’s Peter Boockvar says are officials who appear to have run out of policy ammunition:

If you had any wonder what drove yesterday’s incredible rally, just look at all the travel and tourism stocks which were essentially flat to down implying that it was all about hopes for the Fed and other central banks. Between the Treasury market over the past week and stocks yesterday, markets have so intimidated the Fed into acting that they now have no choice but to act. As for the ECB, while they have good intentions too, they found a way yesterday to say with a straight face that in response to the “fast developing situation” of the coronavirus spread, “We stand ready to take appropriate and targeted measures, as necessary and commensurate with the underlying risks. ”

with the Federal Reserve and ECB indicating they’re poised to cut, Boockvar thinks central banks are … ”shooting blanks”:

The risk again with all of this is that the help to financial markets ends up being fleeting as investors focus instead on the economic situation and not a slightly lower cost of capital and I’ll argue that is a much worse potential situation here for central bankers and the markets than instead disappointing the markets by being honest and saying rate cuts won’t help fight the economi c impact of the virus. Don’t forget about the last two rate cutting cycles where the fundamentals dominated no matter how many times the Fed tried to fight it. Bottom line, shooting blanks is the real risk.

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9): 44 am ET: Stocks open lower after disappointing G7 statement

US stocks fell just after market open Tuesday on the heels of a massive rally Monday. Stock futures had pared gains in early trading after a statement from G7 finance ministers stopped short of promising concrete fiscal or monetary policy actions to address the coronavirus outbreak.

(In the S&P) , the Financials and Energy sectors lagged. Shares of JPMorgan Chase, Exxon Mobil and Intel were the biggest losers in the Dow just after market open.

Here were the main moves in market, as of 9: 44 am ET: