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Travel Limits, Economic Fears Stoke Market Plunge Travel Limits, Economic Fears Stoke Market Plunge
(2 months later)
This briefing is no longer updating. Live updates can be found here.This briefing is no longer updating. Live updates can be found here.
Stocks continued their plunge on Thursday, as President Trump’s latest effort to address the coronavirus outbreak — a ban on the entry from most European countries to the United States — disappointed investors who have been waiting for Washington to take steps to bolster the economy.Stocks continued their plunge on Thursday, as President Trump’s latest effort to address the coronavirus outbreak — a ban on the entry from most European countries to the United States — disappointed investors who have been waiting for Washington to take steps to bolster the economy.
Trading was turbulent, with stocks staging a brief comeback as investors reacted to the Federal Reserve’s decision to offer at least $1.5 trillion worth of loans to banks to help smooth out the functioning of the financial markets. But the selling picked up again by midafternoon.Trading was turbulent, with stocks staging a brief comeback as investors reacted to the Federal Reserve’s decision to offer at least $1.5 trillion worth of loans to banks to help smooth out the functioning of the financial markets. But the selling picked up again by midafternoon.
The S&P 500 closed down about 9.5 percent, its biggest daily drop since the stock market crashed in 1987, on what came to be known as Black Monday. The decline has left stocks in the United States firmly in a bear market — a term that signifies a decline of 20 percent from the most recent highs.The S&P 500 closed down about 9.5 percent, its biggest daily drop since the stock market crashed in 1987, on what came to be known as Black Monday. The decline has left stocks in the United States firmly in a bear market — a term that signifies a decline of 20 percent from the most recent highs.
For the Dow Jones industrial average, the drop of 10 percent was also its worst since the 1987 stock market crash.For the Dow Jones industrial average, the drop of 10 percent was also its worst since the 1987 stock market crash.
The travel ban hit shares in Europe particularly hard, with major stock indexes there down more than 10 percent. It also battered airline stocks. And, with oil prices falling, energy companies were among the day’s biggest losers, too.The travel ban hit shares in Europe particularly hard, with major stock indexes there down more than 10 percent. It also battered airline stocks. And, with oil prices falling, energy companies were among the day’s biggest losers, too.
Waves of selling have come as investors have been dismayed by Washington’s inability to rally around a meaningful response to the economic toll the outbreak will take. Mr. Trump said on Wednesday that he would extend financial relief for sick workers and would ask Congress for more. But he remained at loggerheads with Congress on more comprehensive measures.Waves of selling have come as investors have been dismayed by Washington’s inability to rally around a meaningful response to the economic toll the outbreak will take. Mr. Trump said on Wednesday that he would extend financial relief for sick workers and would ask Congress for more. But he remained at loggerheads with Congress on more comprehensive measures.
The most notable step Mr. Trump announced on Wednesday, that the United States would stop travel from most European countries outside Britain for 30 days, hurt financial markets more than it helped. And on Thursday, he said he could restrict domestic travel to regions of the United States when the coronavirus becomes “too hot.”The most notable step Mr. Trump announced on Wednesday, that the United States would stop travel from most European countries outside Britain for 30 days, hurt financial markets more than it helped. And on Thursday, he said he could restrict domestic travel to regions of the United States when the coronavirus becomes “too hot.”
“Until there are details on the steps that leadership intends to pursue to remedy the economic effects of the viral outbreak, equity markets will be vulnerable,” said Carl Tannenbaum, chief economist at Northern Trust.“Until there are details on the steps that leadership intends to pursue to remedy the economic effects of the viral outbreak, equity markets will be vulnerable,” said Carl Tannenbaum, chief economist at Northern Trust.
Global markets followed Wall Street’s plunge in early trading on Friday, with shares in Japan briefly falling below 10 percent.Global markets followed Wall Street’s plunge in early trading on Friday, with shares in Japan briefly falling below 10 percent.
After that drop, Tokyo’s Nikkei 225 index was down 9.3 percent midmorning. Australia’s S&P/ASX 200 index was down 7.2 percent. Hong Kong opened 7 percent lower.After that drop, Tokyo’s Nikkei 225 index was down 9.3 percent midmorning. Australia’s S&P/ASX 200 index was down 7.2 percent. Hong Kong opened 7 percent lower.
South Korea’s Kospi index was down 6.5 percent. Another South Korean index, the tech-heavy Kosdaq, fell 7.4 percent, triggering a temporary trading halt. The day before, a sharp drop in the Kospi led to a similar halt.South Korea’s Kospi index was down 6.5 percent. Another South Korean index, the tech-heavy Kosdaq, fell 7.4 percent, triggering a temporary trading halt. The day before, a sharp drop in the Kospi led to a similar halt.
Shares in Shanghai, where the Chinese government often keeps sharp moves in check, opened 3.8 percent lower. Taiwan’s Taiex index was down 7.5 percent.Shares in Shanghai, where the Chinese government often keeps sharp moves in check, opened 3.8 percent lower. Taiwan’s Taiex index was down 7.5 percent.
Other investment types continued to signal investor distress. Oil held on to its losses on Thursday, while both short-term U.S. Treasury notes and the 30-year Treasury bond were down, too. Even gold, a traditional investor safe haven, was down, reflecting market disruptions and fears of liquidity issues.Other investment types continued to signal investor distress. Oil held on to its losses on Thursday, while both short-term U.S. Treasury notes and the 30-year Treasury bond were down, too. Even gold, a traditional investor safe haven, was down, reflecting market disruptions and fears of liquidity issues.
Early indicators suggested that Europe and Wall Street would open lower but at more modest amounts than Thursday, when President Trump rattled markets by announcing a monthlong ban on most passenger travel from Europe, excluding Britain, to the United States.Early indicators suggested that Europe and Wall Street would open lower but at more modest amounts than Thursday, when President Trump rattled markets by announcing a monthlong ban on most passenger travel from Europe, excluding Britain, to the United States.
The Federal Reserve Bank of New York responded on Thursday to increasingly fraught market conditions by announcing that it would offer at least $1.5 trillion worth of short-term loans to banks Thursday and Friday and change the structure of its asset purchase program.The Federal Reserve Bank of New York responded on Thursday to increasingly fraught market conditions by announcing that it would offer at least $1.5 trillion worth of short-term loans to banks Thursday and Friday and change the structure of its asset purchase program.
The moves came as the markets for a variety of bonds — including usually easy-to-trade Treasuries — turned messier starting on Wednesday. Traders and strategists reported that markets were thin, and the gap between the prices buyers offered and those that sellers asked for was widening. At the same time, tremors had developed in funding markets, the plumbing of financial markets in which cash flows between banks, as fears over the coronavirus economic caused gyrations across Wall Street.The moves came as the markets for a variety of bonds — including usually easy-to-trade Treasuries — turned messier starting on Wednesday. Traders and strategists reported that markets were thin, and the gap between the prices buyers offered and those that sellers asked for was widening. At the same time, tremors had developed in funding markets, the plumbing of financial markets in which cash flows between banks, as fears over the coronavirus economic caused gyrations across Wall Street.
“These changes are being made to address highly unusual disruptions in Treasury financing markets associated with the coronavirus outbreak,” the New York Fed said in a statement.“These changes are being made to address highly unusual disruptions in Treasury financing markets associated with the coronavirus outbreak,” the New York Fed said in a statement.
Specifically, the central bank announced that it would offer $500 billion in a three-month repurchase operation Thursday afternoon. It also said that it would begin to buy government debt “across a range of maturities.” In recent months, it has been buying $60 billion a month only in short-term Treasury bills.Specifically, the central bank announced that it would offer $500 billion in a three-month repurchase operation Thursday afternoon. It also said that it would begin to buy government debt “across a range of maturities.” In recent months, it has been buying $60 billion a month only in short-term Treasury bills.
Analysts viewed the moves as warranted given funding constraints on Wall Street.Analysts viewed the moves as warranted given funding constraints on Wall Street.
“This is a full-blown crisis response operation, intended to make it abundantly clear that the Fed will not allow liquidity to dry up,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a note.“This is a full-blown crisis response operation, intended to make it abundantly clear that the Fed will not allow liquidity to dry up,” Ian Shepherdson, chief economist at Pantheon Macroeconomics, wrote in a note.
Airlines around the world on Thursday scrambled to cancel flights, lay off workers and reassure anxious travelers, capping a dizzying period in which bookings have evaporated and investors have lost confidence in the industry.Airlines around the world on Thursday scrambled to cancel flights, lay off workers and reassure anxious travelers, capping a dizzying period in which bookings have evaporated and investors have lost confidence in the industry.
The latest frenzy was touched off by President Trump’s announcement on Wednesday that, beginning Friday night, most travelers from 26 European countries would be barred from visiting the United States for 30 days, news that sent airline stocks tumbling. Shares of United Airlines and Delta Air Lines closed down by more than 20 percent, and American Airlines was down about 17 percent. Earlier, shares of the parent company of British Airways closed down 16 percent in London.The latest frenzy was touched off by President Trump’s announcement on Wednesday that, beginning Friday night, most travelers from 26 European countries would be barred from visiting the United States for 30 days, news that sent airline stocks tumbling. Shares of United Airlines and Delta Air Lines closed down by more than 20 percent, and American Airlines was down about 17 percent. Earlier, shares of the parent company of British Airways closed down 16 percent in London.
Already reeling from a steep decline in bookings because of the coronavirus outbreak, airlines now stand to lose millions of dollars in revenue from a substantial decline in trans-Atlantic flights, which account for a big chunk of their business.Already reeling from a steep decline in bookings because of the coronavirus outbreak, airlines now stand to lose millions of dollars in revenue from a substantial decline in trans-Atlantic flights, which account for a big chunk of their business.
Over the next four weeks, the ban would affect more than 6,700 flights in each direction, according to an analysis by OAG, an aviation data provider. Delta is the airline most affected, operating 17 percent of those flights, according to OAG. United is next, with 14 percent, followed by Lufthansa, with 13 percent. American ranked fourth, operating about 8 percent of the affected flights.Over the next four weeks, the ban would affect more than 6,700 flights in each direction, according to an analysis by OAG, an aviation data provider. Delta is the airline most affected, operating 17 percent of those flights, according to OAG. United is next, with 14 percent, followed by Lufthansa, with 13 percent. American ranked fourth, operating about 8 percent of the affected flights.
Most Americans surveyed are worried about the economic impact of the coronavirus outbreak, with concern greatest among Democrats and independent voters, according to a nationwide poll conducted by the online research firm SurveyMonkey for The New York Times.Most Americans surveyed are worried about the economic impact of the coronavirus outbreak, with concern greatest among Democrats and independent voters, according to a nationwide poll conducted by the online research firm SurveyMonkey for The New York Times.
The partisan gap in attitudes in the survey, which was begun last week and completed on Sunday, may reflect Republicans’ greater receptivity to President Trump’s assurances that the economy remains strong and that the virus is under control in the United States.The partisan gap in attitudes in the survey, which was begun last week and completed on Sunday, may reflect Republicans’ greater receptivity to President Trump’s assurances that the economy remains strong and that the virus is under control in the United States.
Updated May 28, 2020
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
More than 40 million people — the equivalent of 1 in 4 U.S. workers — have filed for unemployment benefits since the pandemic took hold. One in five who were working in February reported losing a job or being furloughed in March or the beginning of April, data from a Federal Reserve survey released on May 14 showed, and that pain was highly concentrated among low earners. Fully 39 percent of former workers living in a household earning $40,000 or less lost work, compared with 13 percent in those making more than $100,000, a Fed official said.
There is an uptick in people reporting symptoms of chilblains, which are painful red or purple lesions that typically appear in the winter on fingers or toes. The lesions are emerging as yet another symptom of infection with the new coronavirus. Chilblains are caused by inflammation in small blood vessels in reaction to cold or damp conditions, but they are usually common in the coldest winter months. Federal health officials do not include toe lesions in the list of coronavirus symptoms, but some dermatologists are pushing for a change, saying so-called Covid toe should be sufficient grounds for testing.
Yes, but make sure you keep six feet of distance between you and people who don’t live in your home. Even if you just hang out in a park, rather than go for a jog or a walk, getting some fresh air, and hopefully sunshine, is a good idea.
Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.
The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.
Charity Navigator, which evaluates charities using a numbers-based system, has a running list of nonprofits working in communities affected by the outbreak. You can give blood through the American Red Cross, and World Central Kitchen has stepped in to distribute meals in major cities.
Three-quarters of independents and more than 8 in 10 Democrats said they worried that the virus outbreak would hurt the economy. Two-thirds of Republicans expressed similar concern.Three-quarters of independents and more than 8 in 10 Democrats said they worried that the virus outbreak would hurt the economy. Two-thirds of Republicans expressed similar concern.
Political differences were even more pronounced on questions about the potential health effects of the coronavirus and personal precautions against it.Political differences were even more pronounced on questions about the potential health effects of the coronavirus and personal precautions against it.
Fewer than two in five Republican respondents in the poll said they were worried that they or someone in their family would be exposed to the virus. Nearly seven in 10 said they had made no changes, such as reducing travel, working from home or wearing medical face masks in public, in response to the virus.Fewer than two in five Republican respondents in the poll said they were worried that they or someone in their family would be exposed to the virus. Nearly seven in 10 said they had made no changes, such as reducing travel, working from home or wearing medical face masks in public, in response to the virus.
In both cases, Democrats and independents expressed significantly higher degrees of alarm.In both cases, Democrats and independents expressed significantly higher degrees of alarm.
The Walt Disney Company said on Thursday that it would close the Disneyland resort in Anaheim for the first time since the Sept. 11 attacks, and just the fourth time in its 65-year history, because of the coronavirus pandemic.The Walt Disney Company said on Thursday that it would close the Disneyland resort in Anaheim for the first time since the Sept. 11 attacks, and just the fourth time in its 65-year history, because of the coronavirus pandemic.
Disneyland Park and Disney California Adventure — two adjoining, but separately ticketed theme parks — will close on Saturday morning through the end of the month. Disney’s hotels in Anaheim will remain open until Monday.Disneyland Park and Disney California Adventure — two adjoining, but separately ticketed theme parks — will close on Saturday morning through the end of the month. Disney’s hotels in Anaheim will remain open until Monday.
Disney noted that there had been no reported cases of the virus at the resort.Disney noted that there had been no reported cases of the virus at the resort.
The company said it would continue to pay its employees while the resort is closed. Refunds will be given for hotel bookings during the closure period.The company said it would continue to pay its employees while the resort is closed. Refunds will be given for hotel bookings during the closure period.
CBS and NBC both canceled their annual spring showcases for advertisers, known as upfronts, on Thursday because of fears surrounding the coronavirus.CBS and NBC both canceled their annual spring showcases for advertisers, known as upfronts, on Thursday because of fears surrounding the coronavirus.
At the star-studded events, which take place in mid-May and are among the biggest in the television industry, entertainment executives unveil their new upcoming television series and do their best to persuade advertising agencies to buy commercial time.At the star-studded events, which take place in mid-May and are among the biggest in the television industry, entertainment executives unveil their new upcoming television series and do their best to persuade advertising agencies to buy commercial time.
“We’ll miss Carnegie Hall and our agency dinners this year, but the health and safety of our clients and the ViacomCBS team comes first,” said Jo Ann Ross, the chief advertising revenue officer at ViacomCBS.“We’ll miss Carnegie Hall and our agency dinners this year, but the health and safety of our clients and the ViacomCBS team comes first,” said Jo Ann Ross, the chief advertising revenue officer at ViacomCBS.
Both companies, along with others like Twitter, YouTube and Roku, said they would instead post video presentations online. WarnerMedia and Xandr, AT&T’s advertising unit, said on Thursday that they would scrap their joint live event in May in favor of “a unique video experience.” Cable outlets like Fox News and AMC Networks have also canceled events.Both companies, along with others like Twitter, YouTube and Roku, said they would instead post video presentations online. WarnerMedia and Xandr, AT&T’s advertising unit, said on Thursday that they would scrap their joint live event in May in favor of “a unique video experience.” Cable outlets like Fox News and AMC Networks have also canceled events.
The cancellations could cause havoc for the media companies at a time when they are already confronting diminished ratings and relevance as more people shift to commercial-free streaming video platforms like Netflix, Disney Plus and Amazon’s Prime Video.The cancellations could cause havoc for the media companies at a time when they are already confronting diminished ratings and relevance as more people shift to commercial-free streaming video platforms like Netflix, Disney Plus and Amazon’s Prime Video.
“The Tonight Show Starring Jimmy Fallon” and “Late Night With Seth Meyers” will suspend production next week, NBC said Thursday, making them the biggest daily American television series to go dark because of concerns surrounding the coronavirus pandemic.“The Tonight Show Starring Jimmy Fallon” and “Late Night With Seth Meyers” will suspend production next week, NBC said Thursday, making them the biggest daily American television series to go dark because of concerns surrounding the coronavirus pandemic.
Disney said it would postpone its live-action remake “Mulan,” which was supposed to arrive in theaters on March 27, and its already long-delayed X-Men movie “The New Mutants,” which had been scheduled for April 3. Searchlight, the art house studio now owned by Disney, will delay the release of “Antlers,” which had been set to arrive on April 17.Disney said it would postpone its live-action remake “Mulan,” which was supposed to arrive in theaters on March 27, and its already long-delayed X-Men movie “The New Mutants,” which had been scheduled for April 3. Searchlight, the art house studio now owned by Disney, will delay the release of “Antlers,” which had been set to arrive on April 17.
The European Central Bank stepped up its purchases of government and corporate bonds, but disappointed expectations that it would cut a key interest rate.The European Central Bank stepped up its purchases of government and corporate bonds, but disappointed expectations that it would cut a key interest rate.
President Trump’s travel ban will hit jet fuel consumption hard. Bjornar Tonhaugen, head of oil market research at Rystad Energy, estimated that jet fuel use will drop by 600,000 barrels a day, or about 9 percent of the total market.President Trump’s travel ban will hit jet fuel consumption hard. Bjornar Tonhaugen, head of oil market research at Rystad Energy, estimated that jet fuel use will drop by 600,000 barrels a day, or about 9 percent of the total market.
Reporting was contributed by Brooks Barnes, Jack Ewing, Peter S. Goodman, Jim Tankersley, John Koblin, Tiffany Hsu, Jeanna Smialek, Kevin McKenna, Stanley Reed, Keith Bradsher, Liz Alderman, Alexandra Stevenson, Isabella Kwai, Keith Bradsher, Nicole Perlroth, Matthew Goldstein, Geneva Abdul and Carlos Tejada.Reporting was contributed by Brooks Barnes, Jack Ewing, Peter S. Goodman, Jim Tankersley, John Koblin, Tiffany Hsu, Jeanna Smialek, Kevin McKenna, Stanley Reed, Keith Bradsher, Liz Alderman, Alexandra Stevenson, Isabella Kwai, Keith Bradsher, Nicole Perlroth, Matthew Goldstein, Geneva Abdul and Carlos Tejada.