Trump Vows to Back Airlines 100%
Airlines are being hit especially hard, but Trump says he will back the airlines 100%. The President also said that Coronavirus could last as long as August. His briefing at the White House failed to calm markets. Stocks fell even further at the close, having their worst day since the crash of 1987.
Fed March Meeting on Tap
The Federal Reserve may roll out stimulus measures beyond rate cuts and bond purchases. The central bank is attempting to ensure markets keep operating and banks will have liquidity during the COVID-19 outbreak.
Dow Drops 10% After Entering Bear Market Territory
Coronavirus market volatility has officially killed the longest bull market in U.S. history. Stocks have retreated more than 20% from their peaks and just one day after entering that bear market territory- we saw another historic loss. The Dow closed down 10%. That's the biggest percentage drop since 1987 and the biggest point drop ever.
Trump Pushes for Payroll Tax Cut
As the White House weighs fiscal help in the form of a payroll tax cut, President Trump is lashing out against the Fed for its monetary policy. Meanwhile, some people on Wall Street are wondering about the effectiveness of emergency stimulus. As economist Mohamed El-Erian put it on LinkedIn "Yes, they can help household and corporate balance sheets. But, as an example, will you go on a cruise because you are now getting a tax credit and a cheaper loan?"
1st Fed Emergency Cut Since Financial Crisis
The Federal Reserve is reacting to Coronavirus concerns and cutting rates by half a percentage point. Coming off of the heels of the worst week for stocks since the financial crisis, this move also marks the first emergency rate cut since the financial crisis. We bring you all the details from the impromptu press conference with Fed Chair Jay Powell.
Fed Surprises with Rate Cut
The Federal Reserve announced an emergency inter-meeting rate cut. Earlier, G7 finance officials pledged their commitment to offset the fallout from the coronavirus outbreak but stopped short of taking coordinated action.
Wall Street Meets Main Street: Why Morgan Stanley is buying E*TRADE for $13 Billion
Morgan Stanley is buying online broker E*TRADE for $13 billion. The all-stock transaction will bring combined client assets to $3.1 trillion. CEO James Gorman says in the release that the deal will position Morgan Stanley as a top player in the Financial Advisory, Workplace, and Self-Directed channels.
What's Inside Trump's $4.8 Trillion Fiscal Budget for 2021
The White House just proposed its 2021 fiscal budget. The pricetag for President Trump's spending plan comes to $4.8 Trillion. In his letter to Congress, he lays out 5 key priorities: negotiating better trade deals, cutting down on regulation, combatting the deadly opioid crisis, strengthening the military, and energy independence.
Homebuilders Happy & Buyer Demand Up
Oil markets face volatility in the aftermath of the Saudi oil attack that cut production there in half. Sentiment from the National Association of Homebuilders beat expectations, and buyer demand was 67% higher than the same period one year ago.
Small-Cap Stocks Staging a Comeback!
The Russell 2,000 started the first half of the week in the green, rallying much more than the S&P 500 which was relatively flat. Turning to eco data, a key measure of labor demand fell for the second month in a row. The Fed will also be watching inflation data coming out ahead of the September rate decision.
Stocks Start September in the Red
U.S. Equities fell at the start of September as trade tensions intensified, new tariffs on $112 billion of Chinese imports took effect, and U.S. manufacturing data disappointed. Still, investors are finding relief in real estate and utilities. Those two sectors hit record highs.
Global Markets Await Central Bank Decisions
September beckons central bank rate announcements from the Federal Reserve and the European Central Bank. Rate decisions and stimulus measures are awaited as uncertainty over economic growth and trade war continue to sway sentiment.