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Stocks Slide and Airlines Flag Up to $113 Billion in Losses: Live Updates Stocks Slide and Workplaces Start Coping With Coronavirus: Live Updates
(32 minutes later)
Stocks fell, oil slipped and yields on government bonds slid again on Thursday — all signs that investors remain worried about how the coronavirus outbreak is affecting the global economy.Stocks fell, oil slipped and yields on government bonds slid again on Thursday — all signs that investors remain worried about how the coronavirus outbreak is affecting the global economy.
The S&P 500 fell more than 2 percent in early trading, while shares in Britain and Germany were also down sharply. The S&P 500 fell more than 2.5 percent by midday, while shares in Europe were also down sharply.
The drop on Wall Street was led by energy, financial and industrial stocks, all of which are susceptible to concerns about the economy. Also highlighting this worry, the yield on 10-year U.S. Treasury notes again fell below 1 percent. Investors tend to buy up the 10-year notes, pushing the yield down, when they need a safe place to put their money. The drop on Wall Street was led by energy, financial and industrial stocks, all of which are susceptible to concerns about the economy. Also highlighting this worry, the yield on 10-year U.S. Treasury notes again fell below 1 percent. Investors tend to buy the 10-year notes, pushing the yield down, when they need a safe place to put their money.
The expanding scope of the outbreak and the relentless news about its spread has roiled markets for the past two weeks. Through Wednesday, the S&P 500 had tumbled nearly 8 percent from its Feb. 19 record high.The expanding scope of the outbreak and the relentless news about its spread has roiled markets for the past two weeks. Through Wednesday, the S&P 500 had tumbled nearly 8 percent from its Feb. 19 record high.
And shares have swung wildly as investors have struggled to get a bead on the potential damage to the economy and corporate profits. The S&P 500 has fallen or jumped by more than 3 percent five separate times in the past two weeks, a move that the index hadn’t made even once in the prior six months. And shares have swung wildly as investors have struggled to get a bead on the potential damage to the economy and corporate profits. The S&P 500 has fallen or jumped by more than 3 percent on five separate days in the past two weeks, a move that the index had not made even once in the prior six months.
News about the coronavirus’s spread has been relentless: A cruise ship being held off the coast of San Francisco has suspected links to two coronavirus cases, one of them fatal. The governor of California declared a state of emergency on Wednesday.News about the coronavirus’s spread has been relentless: A cruise ship being held off the coast of San Francisco has suspected links to two coronavirus cases, one of them fatal. The governor of California declared a state of emergency on Wednesday.
On Thursday, the International Air Transport Association substantially expanded its forecast for the financial damage that could result from travel bans and customers’ reluctance to fly.On Thursday, the International Air Transport Association substantially expanded its forecast for the financial damage that could result from travel bans and customers’ reluctance to fly.
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The price of oil was volatile, first rising and then falling even as the Organization of Petroleum Exporting Countries proposed cutting production in response to slumping demand.The price of oil was volatile, first rising and then falling even as the Organization of Petroleum Exporting Countries proposed cutting production in response to slumping demand.
Earlier, Hong Kong led a broad rise in markets in the Asia-Pacific region, followed by stocks in mainland China.Earlier, Hong Kong led a broad rise in markets in the Asia-Pacific region, followed by stocks in mainland China.
The Organization of the Petroleum Exporting Countries proposed Thursday that oil output be curbed by 1.5 million barrels a day to deal with the effects of the spreading coronavirus outbreak on demand.The Organization of the Petroleum Exporting Countries proposed Thursday that oil output be curbed by 1.5 million barrels a day to deal with the effects of the spreading coronavirus outbreak on demand.
The proposed cuts are more than most analysts expected but seem unlikely to change the gloomy sentiment in the oil market. After the announcement, prices for Brent crude, the international benchmark, fell about 0.8 percent to $50.71 a barrel.The proposed cuts are more than most analysts expected but seem unlikely to change the gloomy sentiment in the oil market. After the announcement, prices for Brent crude, the international benchmark, fell about 0.8 percent to $50.71 a barrel.
The coronavirus could wipe out between $63 billion and $113 billion in annual global airline revenues this year, the International Air Transport Association said Thursday. The coronavirus could wipe out $63 billion to $113 billion in annual global airline revenue this year, the International Air Transport Association said Thursday.
As carriers around the world halt flights and tourism sputters in the face of spreading outbreaks, the financial impact on the airline industry will be “almost without precedent,” said Alexandre de Juniac, the president of the association.As carriers around the world halt flights and tourism sputters in the face of spreading outbreaks, the financial impact on the airline industry will be “almost without precedent,” said Alexandre de Juniac, the president of the association.
The low-end $63 billion figure is more than double the estimate that I.A.T.A. put out just two weeks ago. Since the outbreak began, industry share prices have fallen almost 25 percent, or about five times more than during the 2003 SARS crisis, according to the group.The low-end $63 billion figure is more than double the estimate that I.A.T.A. put out just two weeks ago. Since the outbreak began, industry share prices have fallen almost 25 percent, or about five times more than during the 2003 SARS crisis, according to the group.
“As governments look to stimulus measures, the airline industry will need consideration for relief,” Mr. de Juniac said, specifically citing taxes, charges and airport runway rules. “These are extraordinary times.”“As governments look to stimulus measures, the airline industry will need consideration for relief,” Mr. de Juniac said, specifically citing taxes, charges and airport runway rules. “These are extraordinary times.”
On Wednesday, United Airlines became the first U.S. carrier to announce a widespread cut to domestic service. Southwest Airlines on Thursday said it expected the plunging demand to cost it $200 million to $300 million in the first quarter of this year.On Wednesday, United Airlines became the first U.S. carrier to announce a widespread cut to domestic service. Southwest Airlines on Thursday said it expected the plunging demand to cost it $200 million to $300 million in the first quarter of this year.
Both Google and Microsoft announced they would waive fees for some of their software capabilities to help businesses as more workplaces push employees to work from home amid the spreading virus outbreak. At Amazon’s headquarters in Seattle, a worker has tested positive for the virus. In a message to employees on Wednesday night, Amazon said it was recommending that all employees in the Seattle region work from home this month if their jobs can be done remotely.
Google said on Tuesday that it would begin rolling out free access globally to advanced features of the Hangouts videoconferencing application that are typically reserved for a premium tier of G Suite. Facebook said on Wednesday that a contractor working in the company’s Seattle offices had tested positive for Covid-19, the disease caused by the new coronavirus, making it the second major tech company in the city to be affected by the outbreak.
Microsoft said it would make the Microsoft Teams function free for six months to make remote work easier. Teams is a collaboration tool and communication platform with chat, call and video-meeting capabilities. On Thursday, HSBC, one of the world’s largest financial firms, said that an employee at its global headquarters in London had received a coronavirus diagnosis. The employee is under medical supervision and has self-isolated. The office, where nearly 10,000 people work, remains open.
The tech companies themselves have also been hard hit by the virus. Microsoft, which has suspended nonessential business travel, on Wednesday asked employees in the Seattle and San Francisco Bay areas to work from home until March 25 in response to an outbreak of cases in the area. “We are deep-cleaning the floor where our colleague worked and shared areas of the building,” the company said in an emailed statement.
Other companies are escalating their efforts to protect employees. Twitter, Ford Motor and numerous others have banned all nonessential travel. Walmart said on Thursday that its employees could travel internationally only for “business-critical trips” and that it was restricting their travel to conferences and trade shows within the United States.
And at CNN, which is based in Atlanta and has employees all over the world, the chief executive has begun personally vetting all intercontinental travel.
Reporting was contributed by Niraj Chokshi, Kevin Granville and Carlos Tejada.Reporting was contributed by Niraj Chokshi, Kevin Granville and Carlos Tejada.