Traders work on the floor of the New York stock Exchange (NYSE) on on February 24, 2020 in New York City. Stocks fell over 1000 points on Monday as global concerns grow about the economic impact of the Coronavirus.
This is a live blog. Check back for updates.
7:24 am: Former Fed Governor Warsh says Fed should work with counterparts to ease market fears
Former Fed Governor Kevin Warsh told CNBC on Friday that the U.S. central bank should work with its partners around the globe in a coordinated effort to ease financial markets. Warsh, who spoke on “Squawk Box” ahead of the week’s final day of trading, compared the Fed’s ability to cut interest rates to having a knife in a global “gunfight.”
“I think it’s likely to be a gunfight out there. When I look at the world’s big central banks, not a lot of them have guns. Maybe the Fed has a bigger gun than everyone else, but the Fed probably has a knife,” he said. “They’ve got a knife, there’s a gunfight, [so] you might as well find some friends that also have knives and see if you can’t do it together. And there’s some knives out there at the other big central banks.” — Franck
7:16 am: Futures bounce off worst levels as Warsh predicts global coordinated action
Dow futures are off their worst levels of the morning and now down just 225 points after Former Federal Reserve Governor Kevin Warsh said on CNBC that he expects the Federal Reserve and other central banks around the world to act soon in response to the coronavirus outbreak. –Melloy
6:53 am: Seeing indiscriminate selling in the premarket
We’re seeing a really active premarket already. Normally at this time of the morning, there are a handful of S&P 500 stocks trading. Right now, there are 334 S&P 500 stocks trading in the premarket, according to FactSet, and 326 of those are lower. Coronavirus related names like MGM Resorts are among the hardest hit. MGM is down 4% in premarket. One of the few up stocks is Clorox, up nearly 4% in the premarket. -Melloy
6:30 am: Here’s where things stand for stocks
It’s been a dismal week for stocks, and futures suggest there may not be a reprieve just yet. Here’s where things stand. —Fitzgerald
- Dow: dropped 3,225 points in the last 4 sessions, down 11.1% this week, putting it on track for its worst weekly performance since Oct. 2008.
- S&P 500: coming off six straight negative sessions, down 10.8% for the week, on track for its worst weekly performance since Oct. 2008.
- Nasdaq Composite: down 10.6% on the week, also on pace for its worst week since the financial crisis.
6:20 am: 10-year yield drops to fresh all-time low
The 10-year U.S. Treasury note yield fell to a fresh record low as investors sought out a safe haven from the stock market’s volatile downside moves. The benchmark rate broke below 1.2% for the first time ever, last trading around 1.18%. Yields move inversely to prices. It ended last week above 1.47%. Friday’s move come as U.S. stock futures pointed to another sell-off in equities. —Imbert
6:15 am: U.S. stock futures point to losses at the open, Dow set for more than 400-point drop
U.S. stock futures are pointing to losses across the board at the open on Friday. The looked set to open nearly 400 points lower, with the and also pointing to losses. The sharp drop came after California Gov. Gavin Newsom said the state is monitoring 8,400 people for coronavirus.
The Dow plunged nearly 1,200 points on Thursday, the benchmark’s biggest one-day point drop ever, as worries over the coronavirus possibly spreading and denting global growth sent stocks in tailspin. The Dow, S&P 500 and Nasdaq all closed in correction territory, down at least 10% from its most recent high.
The Dow has lost more than 3,200 points this week, on pace for its worst week since the financial crisis. —Fitzgerald
—CNBC’s Tom Franck contributed reporting.
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