Here is an update on the current Coronavirus events as of March 12, 2020.
- It’s official: World Health Organization declares the coronavirus outbreak a global pandemic.
- Overnight the S&P 500 index futures were halted at 5% locked limit down.
- Today the stock market was halted for 15 minutes as it hit a circuit breaker after the S&P 500 index fell -7%.
- The stock market has officially entered into a bear market as prices on the leading indexes have fallen over -20% from their peak.
- European stocks extend losses today, now down -10% and on track for it’s worst day ever.
- This is worse than 2008 and the dot com bubble for speed of this drop. Only 1987 & 1929 were faster and bigger.
- CME Group to close Chicago trading floor as a precaution over coronavirus.
- Fed boosts money it’s providing to banks in overnight repo lending to $175 billion.
- As of yesterday the Nasdaq 100 (0.87%) has a higher yield than the 10-year Treasury (0.65%).
- President Trump said Wednesday that the U.S. will suspend all travel from Europe to the U.S. for 30 days, new rules will go into effect on Friday night.
- Prime Minister Conte of Italy ordered all shops in the country to close except for grocery stores and pharmacies until March 25th. Public transportation as well as financial and postal services will continue to operate. Italian factories can continue operating, but only with safety precautions.
- New York state has created a ‘Containment Zone’ limiting large gatherings in the city of New Rochelle. The governor has deployed the National Guard to clean schools and deliver food to quarantined residents.
- The NBA season has been cancelled and is postponed.
- The NCAA college basketball tournament will be played with no fans in the stands.
- Tom Hanks and his wife have the Coronavirus.
- Many public school systems in the U.S. are closed.
- Coronavirus forces ‘Jeopardy!’ and ‘Wheel of Fortune’ to tape without live audiences.
- Bernie Sanders and Joe Biden cancelled their primary day victory speeches Tuesday.
- The new James Bond movie postponed its release.
- Princess Cruises and Viking shuts down global operations for 60 days due to coronavirus.
