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Share prices drop as coronavirus rescue program wipes out Senate

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Equity futures fell on Wednesday night after a long-awaited massive coronavirus rescue package cleared the US Senate and headed for the House, investors on the verge of a break after two consecutive days of winning.

On Wednesday, during the regular session, the S&P 500 and Dow posted their first consecutive sessions of advances in over a month. At the session highs, the Dow Jones added 1,315 points.

$ 2 trillion in relief for the economy affected by coronaviruses denounced the intra-party divisions. In the late afternoon, the Democratic presidential candidate and Vermont senator Bernie Sanders suggested he would be willing to delay the bill in the middle a dispute with Republican lawmakers who called for changes to the package’s unemployment benefits. “data-reactid =” 18 “> However, at the close of the market on Wednesday, stocks registered some gains after $ 2 trillion in relief for the economy affected by coronaviruses denounced the intra-party divisions. In the late afternoon, the Democratic presidential candidate and Vermont senator Bernie Sanders suggested he would be willing to delay the bill in the middle a dispute with Republican lawmakers who called for changes to the package’s unemployment benefits.

New York State Governor Andrew Cuomo called the legislation “terrible” for his state, and suggested that the aid allocated would not close the budgetary gap created by the coronavirus epidemic. “data-reactid =” 19 “> And others outside Capitol Hill have voiced their concerns about the legislation. New York State Governor Andrew Cuomo called the legislation “terrible” for his stateand suggested that the aid allocated would not compensate for the budget deficit created by the coronavirus epidemic.

Meanwhile, the coronavirus epidemic has continued to escalate at home and abroad, with the number of cases worldwide exceeding 464,000 Wednesday evening. Over 64,700 of them were in the United States, with New York State accounting for the bulk of the national cases.

pending the weekly Department of Labor report on unemployment claims, which are expected to reflect rising unemployment as businesses are forced to lay off workers as the coronavirus epidemic continues. “data-reactid =” 21 “> As we approach Thursday’s session, investors will be anxious pending the weekly Department of Labor report on unemployment claims, which should reflect rising unemployment as companies are forced to fire workers as the coronavirus epidemic continues.

“We now expect the unemployment rate to peak at 8.5%,” the economists at JPMorgan Chase wrote on Wednesday. Once again, the bank lowered its US economic forecasts for the first and second quarters, to an annualized rate of -10% and -25%, respectively.

“While normally a downward revision at 1H should lead to an upward revision at 2H, we leave our second half forecasts unrevised at 6%, incorporating headwinds which should slow the pace of recovery”, have them added.

Although individual business estimates cover a wide range, consensus economists polled by Bloomberg predict that new unemployment claims will have reached a seasonally adjusted level of 1.5 million for the week ending March 21, dropping from 281,000 in the previous week.

California Governor Gavin Newsom said Wednesday that a million Californians had filed for unemployment benefit in the country’s most populous state since March 13. “data-reactid =” 25 “> Before the report, states have already reported worsening unemployment rates. California Governor Gavin Newsom said Wednesday that a million Californians had filed for unemployment benefit in the country’s most populous state since March 13.

Equity futures seemed ready to open on Thursday, as the $ 2 trillion stimulus package was finally passed by the Senate and directed to the House. The coronavirus rescue plan has been mired in partisan politics for days, but investors have pushed stocks to two consecutive days of gains. With the bill to be passed, the markets appear to have bought the rumor and are now selling the fact.

Here is where the indices were trading just before midnight Eastern time:

  • S&P 500 Futures (ES = F): 2,447.50, -19.50 (-0.79%)

  • Dow Futures (YM = F): 20,936.00, -90.00 (-0.43%)

  • Nasdaq Futures (NQ = F): 7,429.00, -38.75 (-0.52%)

  • Gold (GC = F): + $ 8.50 (+ 0.53%) at $ 1,642.00 per ounce

  • 10-year treasury (^ TNX) Note: yield 0.869%

Trader Federico DeMarco works on the New York Stock Exchange on Wednesday March 18, 2020 in New York. The main American stock market indices closed sharply lower on Wall Street on Wednesday as fears of a prolonged recession induced by coronaviruses settled. Dow Jones industrialists lost more than 1,300 points, or 6.3%. After a few brutal weeks, the Dow Jones has now lost almost all of its gains since the inauguration of President Trump. (AP Photo / Mark Lennihan)

The bank is once again kicking off its recession in the United States, the world’s largest economy plunging by an annualized rate of -10% in the first quarter and -25% in the second. JPMorgan economists also expect the unemployment rate to reach 8.5% by the end.

JPMorgan is also slightly less optimistic about the recovery process:

A growing gap between federal and state approaches to contain or mitigate the spread of the virus suggests that the Chinese experience may no longer be an appropriate comparison. At the very least, this should further depress sentiment and confidence in the institutions on which the market economy is based.

6:01 p.m. ET Wednesday: Stock futures roughly flat as night session starts

The future of each of the three main indices changed little on Wednesday evening, investors hoping for progress towards the adoption of a stimulus law in the face of the escalating epidemic of domestic coronavirus.

Here are the main market developments, from 6:01 p.m. AND:

  • S&P 500 Futures (ES = F): up 0.06% or 1.5 points to 2,468.5

  • Dow Futures (YM = F): up 0.04% or 8 points to 21,034.00

  • Nasdaq Futures (NQ = F): up 0.11% or 8.25 points to 7,476.00

  • Gold (GC = F): + $ 8.50 (+ 0.53%) at $ 1,642.00 per ounce

  • 10-year treasury (^ TNX) Note: yield 0.869%

A woman walks an almost empty street near the New York Stock Exchange (NYSE) in New York, the United States, on March 18, 2020. REUTERS / Lucas Jackson

Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit.“data-reactid =” 97 “>Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit.

Find live stock quotes and the latest business and financial news“data-reactid =” 98 “>Find live stock quotes and the latest business and financial news

For tutorials and information on investing and trading stocks, see Cashay“data-reactid =” 99 “>For tutorials and information on investing and trading stocks, see Cashay

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