A trader works on the trading floor at the New York Stock Exchange, March 5, 2020.
Andrew Kelly | Reuters
This is a live blog. Check back for updates.
8:57 am: A look at bull & bear markets throughout history
8:52 am: President Trump once again pitches payroll tax cut
While stocks have been pressured to the downside by the coronavirus outbreak, President Donald Trump has proposed a payroll tax. "If you want to get money into the hands of people quickly & efficiently, let them have the full money that they earned, approve a payroll tax cut until the end of the year, December 31," the President said Friday on Twitter. Earlier in the week CNBC reported that the President was in favor of a 0% payroll tax rate for the rest of the year, but Republican senators were reportedly skeptical of the cut. - Stevens
8:40 am: Airline stocks rebound
8:27 am: Warren Buffett says Berkshire's annual meeting will be held without shareholders in attendance
Warren Buffett announced Friday that Berkshire Hathaway's annual shareholder's meeting will not be held with shareholders present as the coronavirus continues to spread.
"I very much regret this action; for many decades the annual meeting has been a high point of the year for me and my partner, Charlie Munger," Buffett said in a letter to shareholders. "It is now clear, however, that large gatherings can pose a health threat to the participants and the greater community."
"Therefore, we will limit attendance to me, possibly Charlie, and several Berkshire employees who will deliver proxy votes," Buffett noted. Berkshire's annual meeting has become a staple in the global business community. In 2018, more than 40,000 people from around the world attended the event known by some as "Woodstock for Capitalists." - Imbert
8:23 am: Fed aid 'not stimulus' but 'band aids,' says Boockvar
On Thursday the Fed announced plans to pump up to $1.5 trillion into the financial system in an effort to combat potential freezes brought on by the coronavirus, but the Street didn't think it was enough and stocks posted their worst day since the Oct. 1987 crash. One part of the announcement saw the Fed widen the scale for its $60 billion a month worth of money the Treasury purchases, which to now had been confined to short-term T-bills. Under the new regime, the Fed will extend its purchases "across a range of maturities" to include bills, notes, Treasury Inflation-Protected Securities and other instruments. The central bank will begin purchasing coupon-bearing securities, something market participants have been clamoring for since late 2019. But many are saying it's not enough. "These steps are not stimulus, they are band aids as the Treasury market has clearly been malfunctioning over the past few days," Bleakley Advisory Group chief investment officer Peter Boockvar said. - Cox, Stevens
8:01 am: Apple jumps 6% after Wells Fargo upgrades stock to overweight
Shares of Apple jumped 6% during Friday's premarket trading after Wells Fargo upgraded the stock to an overweight rating and said that amid a sea of uncertainty one thing is for sure: now is the time for investors to buy Apple. "While it is still admittedly difficult (impossible) to gauge the fundamental impact Apple may realize from the COVID-19 outbreak, at current levels we think shares offer a compelling risk / reward for long-term patient investors," analyst Aaron Rakers said. Shares of the tech giant are down 24% from the all-time high level. - Stevens, Bloom
7:35 am: U.S. stock futures point to surge at the open, Dow set to jump nearly 1,000 points
U.S. stock futures are pointing to massive gains at the open, with the Dow set to rally nearly 1,000 points. The S&P and Nasdaq-100 are also set to open solidly in the green. A little more than two hours before the opening bell the "limit up" levels were reached after S&P futures jumped 5%. This is when trading is suspended at certain extreme price levels, and it acts as a protective measure during times of extreme volatility. The S&P 500 SPDR was up 5.1% in premarket trading.
Overnight trading initially indicated that the U.S. averages would open lower, but they reversed losses after House Speaker Nancy Pelosi said U.S. lawmakers and the White House were close to a deal on economic relief amid the coronavirus outbreak. "We've resolved most of our differences," Pelosi told reporters Thursday evening, noting it's about "testing testing testing."
Friday's surge follows the worst day for stocks since the Oct. 1987 crash known as Black Monday. The Dow fell 9.99% and posted its largest single-day point decline on record. The S&P 500 also posted its worst day since Black Monday, and is now in bear market territory. - Stevens
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2020-03-13 12:41:17Z
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