· Wall Street falls on dour economic data, corporate earnings
U.S. stocks fell on Wednesday as dismal economic data and first-quarter earnings reports compounded concerns over the extent of damage from the coronavirus outbreak.
The Dow Jones Industrial Average .DJI fell 445.41 points, or 1.86%, to 23,504.35, the S&P 500 .SPX lost 62.7 points, or 2.20%, to 2,783.36 and the Nasdaq Composite .IXIC dropped 122.56 points, or 1.44%, to 8,393.18.
In further evidence of economic damage from the coronavirus, U.S. retail sales plunged 8.7% in March, manufacturing output dropped by the most in over 74 years and a survey showed manufacturing activity in New York state plunged in April to its lowest in the series’ history.
· Dow futures fall more than 150 points as investors await key jobless claims data
Futures contracts tied to the major U.S. stock indexes fell in the overnight session Wednesday evening as investors awaited key jobless claims data on Thursday.
Dow Jones Industrial Average futures dropped 180 points shortly after the opening of extended trading, implying an opening fall of 178 points. S&P 500 and Nasdaq futures also pointed to lower opening moves on Thursday.
The overnight moves followed a slump during the regular trading session on Wednesday as gloomy economic data and anemic bank earnings fueled concerns over the coronavirus’s impact on the U.S. economy.
Kolanovic, the global head of quantitative and derivatives strategy at JPMorgan, reiterated his forecast that the U.S. equity market could reach new all-time highs as soon as the first half of 2021 if the economy is set to recover later that year.
· European shares close 3% lower as investors weigh economic impact of virus; oil stocks fall 6%
European markets closed lower on Wednesday, weighed down by fears over the damage caused to the global economy by the coronavirus pandemic.
The pan-European Stoxx 600 closed over 3% lower provisionally, with oil and gas stocks tumbling around 6% to lead losses on the back of falling crude prices, as all sectors and major bourses slid into negative territory.
· Asia stocks slip as virus concerns weigh on sentiment; investors await Australia’s jobs data
Stocks in Asia fell in Thursday morning trade as concerns over the scale of the economic fallout of the coronavirus pandemic continued to weigh on sentiment.
The Nikkei 225 in Japan fell 1.27% in early trade as shares of Fanuc declined 2.13%. The Topix index dropped 1.23%. South Korea’s Kospi shed 0.57%.
In Australia, the S&P/ASX 200 fell 1.86% as shares of major banks such as Commonwealth Bank of Australia and Westpac fell at least 2% each.
Overall, the MSCI Asia ex-Japan index traded 0.5% lower.
Reference: CNBC, Reuters
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