Stocks fell sharply on Monday after the coronavirus stimulus bill failed to pass in the Senate for a second time. The Dow fell nearly 600 points and the S&P 500 slid almost 3%.
, telling clients the company had enough cash to survive the coronavirus downturn and that air travel would eventually return. The shares are off 66% this year. The aerospace giant also suspended its dividend.
"If short-term shutdowns lead to business defaults, closures, and permanent layoffs, the damage to corporate earnings growth could persist well after the virus is contained," Kostin said in a note. . Morgan Stanley economist Ellen Zentner said in a note Sunday she expects a historic 30% contraction in the second quarter.
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