I don't see much grounds for optimism. Covid-19 is a true black swan. It won't be leaving our headlines for weeks or months. There's a chance it will never go away. Now imagine the first time the United States has an outbreak similar to what is happening today in Italy, South Korea, Japan or Iran. It would initially involve a very small number of infected people, but I think the country would FREAK. If the thought of this, not to mention the supply disruptions associated with China that are already underway, just precipitated an 1800 point two day drop, then an actual outbreak in our country would spawn something bigger. I think that a 10,000 point drop over time is realistic, if not probable, and a 15,000 point drop is possible, if not realistic.
It's really a shame. Prior to this, I thought the market was on its way to 40,000.
I'm heading in to town again today and will, once more, hit the stores. My shopping list includes canned food (another month's worth, minimum), conventional light bulbs (50), unconventional $5 bulbs (25), detergent, shampoo, bleach, tooth paste, diesel and gas. I'll have to bag the detergent so it doesn't clump up when the air turns humid. Everything else should store pretty easily.
February 26, 2020
Stock market news live: Stock futures point to mixed open after ugly 2-day drop
by Heidi Chung
finance.yahoo.com
7:20 a.m. ET: Stock futures point to mixed open; Lowe’s earnings disappoint, Papa John’s beats expectations
U.S. stocks futures were pointing to a mixed open for the major indices Wednesday, following the worst two-day drop for stocks in four years.
Here were the main pre-market moves, as of 7:20 a.m. ET:
• S&P 500 futures (ES=F): 3,140, up 7.50 points or 0.24%
• Dow futures (YM=F): 26,947, down 170 points or 0.63%
• Nasdaq futures (NQ=F): 8,883.75, up 29.50 points or 0.33%
• Crude oil (CL=F): $49.29 per barrel, down $0.61 or 1.22%
• Gold (GC=F): $1,645.80 per ounce, down $4.20 or 0.25%
Stocks closed lower for the fourth consecutive day on growing concerns over the deadly coronavirus on Tuesday. The results have been ugly: The Dow’s (^DJI) 879 point plunge brought its two day losses to nearly 1,900 points, while the S&P 500 (^GSPC) wiped out $810 billion on Tuesday and a whopping $2.14 trillion in a week. Tuesday was the broader market’s first back-to-back 3% decline since August 2015.
As of Wednesday morning, there were more than 81,000 confirmed cases of coronavirus worldwide with roughly 2,770 confirmed deaths. Yet Europe continued to reel from the outbreak, with France reporting its second coronavirus death, Italy reporting its 12th and Greece also reported its first coronavirus case. Meanwhile, South Korea is still the worst affected outside of China, with more than 1,200 cases reported with about 12 deaths.
Tuesday, the Center for Disease Control (CDC) called the virus is a “serious public health threat.” The CDC also noted that the coronavirus is likely to spread to the U.S. and that it no longer a matter of if but when.
London, UK - May 1, 2016: Papa Johns Pizza restaurant on a London street with a number of liveried scooters in front ready to deliver pizzas.
As investors stampede away from stocks amid coronavirus fears, the last batch of fourth quarter earnings are rolling in.
Home improvement giant Lowe’s (LOW) reported a disappointing fourth quarter. Fourth-quarter net sales beat expectations, but same-store sales fell short of estimates. Lowe’s reported adjusted earnings of 94 cents per share on $16.03 billion in revenue. Same-store sales rose a modest 2.5% and came below expectations of 3.6%. Shares of the company fell in pre-market trading.
Separately, Pizza chain Papa John’s (PZZA) delivered a fourth quarter earnings beat on the top and bottom lines, boosted by strong same-store sales amid a turnaround strategy to reinvigorate the brand.
The company reported adjusted earnings of 37 cents per share on $417.5 million in revenue during its fourth quarter. Same-store sales in the U.S. topped estimates for 2.3% and grew 4.1%.
NEW YORK, NY - FEBRUARY 25: A sea of red hit the New York Stock Exchange as stock prices plunged for the second straight day on Tuesday, February 25, 2020 in New York City. Fueled by deepening concerns of the Coronavirus becoming a global pandemic, the S&P 500 fell roughly three percent, while the Dow Jones Industrial Average lost almost 900 points.
http://finance.yahoo.com/news/stock-market-news-live-updates-february-26-2020-123452405.html
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
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