The world’s faltering effort to contain the coronavirus outbreak hammered stock and oil futures on Sunday, which indicated a sharply lower open on Wall Street.
The world’s faltering effort to contain the coronavirus outbreak hammered stocks and crude oil on Sunday, as new cases surfacing across the U.S. amplified fears of a global downturn.
OPEC’s failure last week to strike a deal to cut production prompted Saudi Arabia to lean in aggressively on cheaper oil prices, which fanned concerns about a full-fledged price war that sent oil into free-fall. Investors appeared to price in the likelihood that Saudi Arabia’s fight with Russia over market share will worsen the dramatic spiral lower in prices, taking place against a backdrop of falling demand and plentiful supply.
Yet with the COVID-19 epidemic creating supply shocks and forcing business activity to grind to a halt, analysts don’t see much to cheer about in the current price action. During the regular trading session, the threshold of declines to trigger circuit breakers is as follows, according to the New York Stock Exchange:7:42 a.m. ET: U.S. 10-year yield sinks to fresh record low as Treasuries along the entire yield curve sinks below 1% for the first time in historyInvestors’ flight to safe haven assets sent the whole yield curve for U.S. bonds below 1% for the first time on record. As of 7:42 a.m. ET, the 10-year yield was down more than 30 basis points to 0.
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