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Stocks Plunge Again on Coronavirus Fears Stocks Plunge Again on Coronavirus Fears
(1 day later)
This briefing is no longer updating. Coverage of Friday’s markets can be found here.This briefing is no longer updating. Coverage of Friday’s markets can be found here.
The stock market has swung wildly in the past week as investors have struggled to get a bead on the economic damage the fast spreading coronavirus might cause, as the number of cases continues to rise and companies step up measures to contain them.The stock market has swung wildly in the past week as investors have struggled to get a bead on the economic damage the fast spreading coronavirus might cause, as the number of cases continues to rise and companies step up measures to contain them.
That jarring volatility continued on Thursday, with the S&P 500 falling more than 3 percent. The index has now climbed or fallen more than 3 percent on six different days in the past two weeks, something that had not happened even once in the prior 12 months.That jarring volatility continued on Thursday, with the S&P 500 falling more than 3 percent. The index has now climbed or fallen more than 3 percent on six different days in the past two weeks, something that had not happened even once in the prior 12 months.
The drop continued in Asia in morning trading on Friday, with stocks in Tokyo down more than 3 percent. Shares in Hong Kong were down more than 2 percent.The drop continued in Asia in morning trading on Friday, with stocks in Tokyo down more than 3 percent. Shares in Hong Kong were down more than 2 percent.
Shares of airlines plunged and industrial, financial and energy stocks also fell sharply. Worry about long-term growth also pushed the yield on 10-year United States Treasury notes to a new low. Because of their relative safety, government bonds are in high demand during bouts of panic over the economy.Shares of airlines plunged and industrial, financial and energy stocks also fell sharply. Worry about long-term growth also pushed the yield on 10-year United States Treasury notes to a new low. Because of their relative safety, government bonds are in high demand during bouts of panic over the economy.
After markets closed on Thursday, Starbucks warned that its quarterly same-store sales in China, where it has a huge presence, would fall 50 percent compared to last year, resulting in a $400 million to $430 million hit to its revenue forecast.After markets closed on Thursday, Starbucks warned that its quarterly same-store sales in China, where it has a huge presence, would fall 50 percent compared to last year, resulting in a $400 million to $430 million hit to its revenue forecast.
News about the coronavirus’s spread has been relentless: A cruise ship being held off the coast of San Francisco has suspected links to two coronavirus cases, one of them fatal. The governor of California declared a state of emergency on Wednesday, and 18 states have infected patients.News about the coronavirus’s spread has been relentless: A cruise ship being held off the coast of San Francisco has suspected links to two coronavirus cases, one of them fatal. The governor of California declared a state of emergency on Wednesday, and 18 states have infected patients.
Around the world, more than 90,000 cases and 3,000 deaths have been reported.Around the world, more than 90,000 cases and 3,000 deaths have been reported.
The jump in the number of cases in the United States has crystallized expectations that the crisis will last longer than earlier predictions suggested. And without the kind of full-court-press efforts that China staged to guard against the virus’s spread, some analysts worried that infections could expand widely.The jump in the number of cases in the United States has crystallized expectations that the crisis will last longer than earlier predictions suggested. And without the kind of full-court-press efforts that China staged to guard against the virus’s spread, some analysts worried that infections could expand widely.
Economists at the Institute of International Finance slashed their outlook for the global economy on Thursday, downgrading their 2020 forecast for the growth in the United States to 1.3 percent that in China to below 4 percent. The revisions could “conceivably” take global growth to 1 percent, the weakest since 2009, said the chief economist, Robin Brooks, and down from 2.6 percent last year.Economists at the Institute of International Finance slashed their outlook for the global economy on Thursday, downgrading their 2020 forecast for the growth in the United States to 1.3 percent that in China to below 4 percent. The revisions could “conceivably” take global growth to 1 percent, the weakest since 2009, said the chief economist, Robin Brooks, and down from 2.6 percent last year.
“The concern is that almost nothing has been done to stop the spread of the virus in the U.S. and Europe,” said Ilya Feygin, managing director at the institutional brokerage firm WallachBeth.“The concern is that almost nothing has been done to stop the spread of the virus in the U.S. and Europe,” said Ilya Feygin, managing director at the institutional brokerage firm WallachBeth.
Policymakers have responded by cutting interest rates to prop up economic growth. They are expected to do so again, but the sell-off reflects in part the fact that lower interest rates will not address the immediate impact of the virus if factories are closed, workers are furloughed and consumers stop spending.Policymakers have responded by cutting interest rates to prop up economic growth. They are expected to do so again, but the sell-off reflects in part the fact that lower interest rates will not address the immediate impact of the virus if factories are closed, workers are furloughed and consumers stop spending.
“With the daily infection rate escalating it is doubtful that rate cuts will be particularly effective in limiting the immediate downdrafts on economic activity,” Rob Subbaraman, head of global macro research at Nomura, warned in a research note on Thursday — two days after the Federal Reserve announced an emergency interest rate cut.“With the daily infection rate escalating it is doubtful that rate cuts will be particularly effective in limiting the immediate downdrafts on economic activity,” Rob Subbaraman, head of global macro research at Nomura, warned in a research note on Thursday — two days after the Federal Reserve announced an emergency interest rate cut.
Also on Thursday, the International Air Transport Association substantially expanded its forecast for the financial damage that could result from travel bans and customers’ reluctance to fly, saying that $63 billion to $113 billion in annual global airline revenue could be wiped out.Also on Thursday, the International Air Transport Association substantially expanded its forecast for the financial damage that could result from travel bans and customers’ reluctance to fly, saying that $63 billion to $113 billion in annual global airline revenue could be wiped out.
United Airlines and American Airlines both fell more than than 13 percent, while Delta fell about 7 percent.United Airlines and American Airlines both fell more than than 13 percent, while Delta fell about 7 percent.
The Organization of the Petroleum Exporting Countries proposed Thursday that oil output be curbed by 1.5 million barrels a day to deal with the effects of the spreading coronavirus outbreak on demand.The Organization of the Petroleum Exporting Countries proposed Thursday that oil output be curbed by 1.5 million barrels a day to deal with the effects of the spreading coronavirus outbreak on demand.
The proposed cuts are more than most analysts expected but seem unlikely to change the gloomy sentiment in the oil market. After the announcement, prices for Brent crude, the international benchmark, fell about 0.8 percent to $50.71 a barrel.The proposed cuts are more than most analysts expected but seem unlikely to change the gloomy sentiment in the oil market. After the announcement, prices for Brent crude, the international benchmark, fell about 0.8 percent to $50.71 a barrel.
The coronavirus could wipe out $63 billion to $113 billion in annual global airline revenue this year, the International Air Transport Association said Thursday.The coronavirus could wipe out $63 billion to $113 billion in annual global airline revenue this year, the International Air Transport Association said Thursday.
As carriers around the world halt flights and tourism sputters in the face of spreading outbreaks, the financial impact on the airline industry will be “almost without precedent,” said Alexandre de Juniac, the president of the association.As carriers around the world halt flights and tourism sputters in the face of spreading outbreaks, the financial impact on the airline industry will be “almost without precedent,” said Alexandre de Juniac, the president of the association.
The low-end $63 billion figure is more than double the estimate that I.A.T.A. put out just two weeks ago. Since the outbreak began, industry share prices have fallen almost 25 percent, or about five times more than during the 2003 SARS crisis, according to the group.The low-end $63 billion figure is more than double the estimate that I.A.T.A. put out just two weeks ago. Since the outbreak began, industry share prices have fallen almost 25 percent, or about five times more than during the 2003 SARS crisis, according to the group.
“As governments look to stimulus measures, the airline industry will need consideration for relief,” Mr. de Juniac said, specifically citing taxes, charges and airport runway rules. “These are extraordinary times.”“As governments look to stimulus measures, the airline industry will need consideration for relief,” Mr. de Juniac said, specifically citing taxes, charges and airport runway rules. “These are extraordinary times.”
On Wednesday, United Airlines became the first U.S. carrier to announce a widespread cut to domestic service. Southwest Airlines on Thursday said it expected the plunging demand to cost it $200 million to $300 million in the first quarter of this year.On Wednesday, United Airlines became the first U.S. carrier to announce a widespread cut to domestic service. Southwest Airlines on Thursday said it expected the plunging demand to cost it $200 million to $300 million in the first quarter of this year.
As consumers stockpile products like disinfectants and canned goods, some Costco locations have started setting purchase limits on high-demand items.As consumers stockpile products like disinfectants and canned goods, some Costco locations have started setting purchase limits on high-demand items.
Richard A. Galanti, chief financial officer of Costco, said the restrictions were being placed generally on a regional basis as the chain scrambled to keep pace with demand from its members.Richard A. Galanti, chief financial officer of Costco, said the restrictions were being placed generally on a regional basis as the chain scrambled to keep pace with demand from its members.
“It’s really dependent on supply availability in areas where there’s been a run on those types of items, whether it’s paper goods, water or hand sanitizers, soaps and the like,” Mr. Galanti said in an interview on Thursday.“It’s really dependent on supply availability in areas where there’s been a run on those types of items, whether it’s paper goods, water or hand sanitizers, soaps and the like,” Mr. Galanti said in an interview on Thursday.
When asked whether the rush compared to periods before hurricanes or other events, Mr. Galanti said it was “completely different.”When asked whether the rush compared to periods before hurricanes or other events, Mr. Galanti said it was “completely different.”
“The last week and a half would be a bit unusual,” he said. “We’re busy trying to get merchandise and continuing to keep things in stock and that’s been a challenge.”“The last week and a half would be a bit unusual,” he said. “We’re busy trying to get merchandise and continuing to keep things in stock and that’s been a challenge.”
Skittish consumers searching for details about the coronavirus are being targeted with ads spouting unsupported claims that face masks and other products can protect against the outbreak.Skittish consumers searching for details about the coronavirus are being targeted with ads spouting unsupported claims that face masks and other products can protect against the outbreak.
Updated June 12, 2020 Updated June 16, 2020
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.
Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home.
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.
The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.
This week, the Advertising Standards Authority, a British regulator, declared several face mask ads to be misleading. One set of ads, served up on news sites like The Scottish Sun and CNN, tried to drum up demand using “alarmist language.” Another ad appeared on Amazon’s British site.This week, the Advertising Standards Authority, a British regulator, declared several face mask ads to be misleading. One set of ads, served up on news sites like The Scottish Sun and CNN, tried to drum up demand using “alarmist language.” Another ad appeared on Amazon’s British site.
Searching for “coronavirus” on Amazon pulls up more than 1,000 results, including vitamins, safety glasses, gloves and canine testing kits, but also generates a prompt at the top of the search page that links to the Centers for Disease Control and Prevention.Searching for “coronavirus” on Amazon pulls up more than 1,000 results, including vitamins, safety glasses, gloves and canine testing kits, but also generates a prompt at the top of the search page that links to the Centers for Disease Control and Prevention.
Facebook, Google and Twitter have said they are trying to block opportunistic ads from their platforms, while offering free ad space to health agencies like the World Health Organization.Facebook, Google and Twitter have said they are trying to block opportunistic ads from their platforms, while offering free ad space to health agencies like the World Health Organization.
Many companies are trying to keep their ads away from content related to the outbreak. YouTube demonetized videos that mention coronavirus.Many companies are trying to keep their ads away from content related to the outbreak. YouTube demonetized videos that mention coronavirus.
Last month, the technology company Integral Ad Science blocked the “coronavirus” keyword 38.4 million times, making it the second most blocked term online in February behind “Trump.” Some 90 percent of the companies that work with CHEQ, an ad fraud prevention company, have asked that their ads be kept away from news stories about the virus and the increasing death toll.Last month, the technology company Integral Ad Science blocked the “coronavirus” keyword 38.4 million times, making it the second most blocked term online in February behind “Trump.” Some 90 percent of the companies that work with CHEQ, an ad fraud prevention company, have asked that their ads be kept away from news stories about the virus and the increasing death toll.
At Amazon’s headquarters in Seattle, a worker has tested positive for the virus. In a message to employees on Wednesday night, Amazon said it was recommending that all employees in the Seattle region work from home this month if their jobs can be done remotely.At Amazon’s headquarters in Seattle, a worker has tested positive for the virus. In a message to employees on Wednesday night, Amazon said it was recommending that all employees in the Seattle region work from home this month if their jobs can be done remotely.
Facebook said on Wednesday that a contractor working in the company’s Seattle offices had tested positive for Covid-19, the disease caused by the new coronavirus, making it the second major tech company in the city to be affected by the outbreak.Facebook said on Wednesday that a contractor working in the company’s Seattle offices had tested positive for Covid-19, the disease caused by the new coronavirus, making it the second major tech company in the city to be affected by the outbreak.
On Thursday, HSBC, one of the world’s largest financial firms, said that an employee at its global headquarters in London had received a coronavirus diagnosis. The employee is under medical supervision and has self-isolated. The office, where nearly 10,000 people work, remains open.On Thursday, HSBC, one of the world’s largest financial firms, said that an employee at its global headquarters in London had received a coronavirus diagnosis. The employee is under medical supervision and has self-isolated. The office, where nearly 10,000 people work, remains open.
“We are deep-cleaning the floor where our colleague worked and shared areas of the building,” the company said in an emailed statement.“We are deep-cleaning the floor where our colleague worked and shared areas of the building,” the company said in an emailed statement.
Other companies are escalating their efforts to protect employees. Twitter, Ford Motor and numerous others have banned all nonessential travel. Walmart said on Thursday that its employees could travel internationally only for “business-critical trips” and that it was restricting their travel to conferences and trade shows within the United States.Other companies are escalating their efforts to protect employees. Twitter, Ford Motor and numerous others have banned all nonessential travel. Walmart said on Thursday that its employees could travel internationally only for “business-critical trips” and that it was restricting their travel to conferences and trade shows within the United States.
And at CNN, which is based in Atlanta and has employees all over the world, the chief executive has begun personally vetting all intercontinental travel.And at CNN, which is based in Atlanta and has employees all over the world, the chief executive has begun personally vetting all intercontinental travel.
Reporting was contributed by David Yaffe-Bellany, Stanley Reed, Matt Phillips, Niraj Chokshi, Tiffany Hsu, Sapna Maheshwari, Kevin Granville and Carlos Tejada.Reporting was contributed by David Yaffe-Bellany, Stanley Reed, Matt Phillips, Niraj Chokshi, Tiffany Hsu, Sapna Maheshwari, Kevin Granville and Carlos Tejada.