Traders work through the closing minutes of trading Tuesday on the New York Stock Exchange floor on February 25, 2020 in New York City. Global markets have lost $6 trillion in value over the past six days, according to S&P Dow Jones Indices. Stock markets around the world are plunging into correction territory as investors fear the surging of coronavirus cases outside of China will escalate the deadly virus to a pandemic. The Dow Jones Industrial Average, S&P 500 and Nasdaq are all in correction

Thursday’s nearly 4.4% decline for the Dow was the worst day back to February 2018. The 10-year U.S. Treasury yield, which moves inversely to price, hit another record low below 1.2%. Market expectations of Fed rate cut increasingThe carnage in stocks and plummeting Treasury yields are raising market expectations of a Federal Reserve interest rate cut. Kevin Warsh told CNBC on Friday he sees a coordinated global central bank action soon in response to coronavirus. Before the outbreak, the Fed wa

A CDC worker marks the tube after collecting biomaterial from a suspected 2019-nCoV patient for nucleic acid tests in a hotel for isolated people in Wuhan in central China’s Hubei province Tuesday, Feb. 04, 2020. He was the first to identify the SARS virus and played a pivotal role in fighting its outbreak in 2003. However, it wasn’t until late January that the central government first began alerting the public and taking strong action against the virus. China’s law for disease and control preve

Barclays slashed its S&P 500 target for 2020 as the coronavirus throws the global supply chains into chaos. The bank now sees the S&P 500 to end the year at 3,000, down from a previous forecast of 3,300. Barclays also cut its S&P 500 earnings estimates to $162 per share this year, representing a 2% drop in profits. Goldman said it sees zero earnings growth for American companies in 2020. The Dow plummeted nearly 1,200 points on Thursday — its biggest one-day point drop ever — closing in correcti

Wayfair IPO on the floor of the New York Stock ExchangeBeyond Meat (BYND) — Shares of the Beyond Meat dropped more than 11% after the company reported a surprise quarterly loss. The meatless food company posted a loss of 1 cent per share for the previous quarter. Wayfair (W) — Wayfair reported a larger-than-expected loss for the fourth quarter, sending its stock down more than 10% in the premarket. The analyst initiated Peloton with a price target of $38 a share, implying a 32% jump from Thursda

United Airlines said Friday that it is reducing it’s service throughout Asia as the spread of coronavirus drives down demand. The Chicago-based carrier has more service to Asia than any other U.S. carrier. Demand to China collapsed entirely and fell by 75% in the rest of the airline’s Asia network, it said. United will cancel its service to Tokyo’s Narita International Airport from Los Angeles and from Houston from March 8 to April 24. United also said it will extend its suspension of service to

Equities have outperformed bonds, bills, currency and inflation around the world over the last 120 years, new research has found, supporting the investment methodology touted by prominent industry names such as Warren Buffett. In a recent interview with CNBC, 89-year-old Berkshire Hathaway CEO Buffett said he had been a net buyer of stocks every year since he was 11, a period which has seen 14 U.S. presidents. “There have been seven Republicans after that and seven Democrats and I have bought st

BY THE NUMBERSIN THE NEWS TODAYSTOCK TO WATCHDell (DELL) dipped in the premarket after the company missed earnings estimates for the fourth quarter. The company also announced a share buyback program of up to $1 billion over the next 24 months. AMC Entertainment (AMC) shares shot up in extended trading after the company announced a common stock repurchase of up to $200 million over the next three years. The company’s senior officers are also taking pay cuts in exchange for shares. Bed Bath & Bey

Markets are anticipating the Fed will cut rates four times this year amid a scare that the virus would cause a sharp slowdown in global growth. The policymaking Federal Open Market Committee cut its own benchmark rate three times last year, down to a range targeted at 1.5%-1.75%. Markets expect at least one rate cut at the March meeting. “The FOMC executed a marked turnaround in U.S. monetary policy during 2019 that was designed in part to insure the economy against possible negative shocks to g

A coalition of unions representing 5.3 million workers is pushing the Federal Trade Commission (FTC) to investigate Amazon for anti-competitive business practices. The group includes the International Brotherhood of Teamsters, the Communications Workers of America, the United Food and Commercial Workers International Union and the Service Employees International Union. An Amazon spokesperson told CNBC that the company represents less than 4% of U.S. retail and highlighted the company’s record of

The Australian stock market has provided the highest returns to investors over the last 120 years, topping equities on indexes in the U.S. and Europe, according to research by Credit Suisse. The ASX (Australian Securities Exchange) offered real annual returns — when translated into U.S. dollars — higher than 6.5% since the year 1900. The U.S. stock market came second in the same period, followed by South Africa’s. Austria, Italy and Belgium were the worst-performing markets between 1900 and 2019

An estimated 20.2 million people are facing severe acute food insecurity across East Africa as swarms of desert locusts ravage crops in an already vulnerable region. Locusts swarm acros a highway at Lerata village, near Archers Post in Samburu county, approximately 300 kilomters (186 miles) north of Kenyan capital, Nairobi on January 22, 2020. FAO Director-General Qu Dongyu has said the locusts threaten to provoke a humanitarian crisis in East Africa and told the international community that “th

Afghan refugees walk towards Turkey-Greece border at Ipsala district in Edirne Province in northwestern Turkey, on February 28 , 2020. Greece and Bulgaria, both European Union member states, said they were beefing up frontier controls to prevent the migrants crossing illegally.Bulgaria said it was sending 1,000 extra troops to its border with Turkey. Reuters TV footage showed migrants walking near the Greek border, some carrying plastic bags and small children, while Greek police and border vehi

World Health Organization officials are holding a press conference Friday to update the public on the coronavirus outbreak, which has infected more than 83,700 and killed at least 2,859 across the world so far. WHO officials declared the virus a global health emergency last month, while urging the public against over-reacting to the virus. Mexico’s Health Ministry confirmed the country’s first cases of the virus on Friday, marking the second and third confirmed case in South America after Brazil

Apple shares tumbled into bear-market territory on Friday, now trading down more than 20% from their recent record on an intraday basis. This makes the iPhone maker among the hardest hit members of the Dow Jones Industrial Average due to the coronavirus. Apple hit an all-time high on Jan. 29, reaching $327.85 per share. But Apple is not the only Dow component that has taken a beating recently. All 30 Dow members are in correction territory, down at least 10% from their 52-week highs.

The Food and Drug Administration said the pharmaceutical industry reported the first shortage of a drug due to the COVID-19 outbreak that has spread to 44 countries in a matter of weeks. The FDA, which declined to identify the drug, said the shortage is related to a manufacturing site impacted by the outbreak in China. “The shortage is due to an issue with manufacturing of an active pharmaceutical ingredient used in the drug,” the agency said in its notice dated Feb. 27. China, where the outbrea

A Wayfair employee works at his desk at the Boston headquarters of Wayfair on July 31, 2018. Wayfair’s stock tanked Friday morning, after the online furniture retailer’s losses widened more than expected during the holiday quarter. Wayfair has yet to report a profit and its quarterly losses continue to widen. Wayfair’s annual net loss almost doubled, to $985 million, in 2019. Excluding one-time items, Wayfair’s adjusted losses were $2.80 per share, worse than the loss of $2.65 a share analysts w

Jim Watson | AFP | Getty ImagesThe Democratic presidential primary will head to its first southern state on Saturday for the South Carolina primary, the fourth nominating contest of the 2020 cycle. For Biden, turning a South Carolina victory rapidly into momentum in those states will be a heavy lift — and essential. There are two billionaires running for the Democratic nomination, but only one of them will be on ballots in South Carolina. He may not do better in South Carolina. Candidates will n

If you’re nervous about the stock market’s nosedive and are considering moving to cash until you think the worst is past, you might want to think twice. And the easiest way to miss those gains is by fleeing the market after you’re spooked by a downturn. The stock market has been in a free-fall this week as spread of the coronavirus brings with it concerns of global economic slowing. Traders work through the closing minutes of trading Tuesday on the New York Stock Exchange floor on February 25, 2

BMO named Disney a top pick and said it would use any weakness from the coronavirus as a buying opportunity. “For DIS, there is no change to our long-term view owing to the virus (or the CEO change, on which we offer more thoughts within), and we believe the stock is increasingly baking in more challenges already. We would use any near-term weakness related to COVID-19 virus as an opportunity to build long-term positions, or for those that missed the initial move post the April DTC Investor Day,