Weekly Market Snapshot: March 20, 2020
Market related news for the week ending March 20, 2020
- Gold prices soared Sunday night, hitting a 7-year high above $1,700.
- Trading on the New York Stock Exchange was halted for 15 minutes Monday as circuit breakers were activated in the wake of a precipitous drop in stock prices. The Dow opened 1,700 points lower and dropped as much as 2,000 points during the session.
- Monday oil prices plunged 24%, the worst drop since 1991, after Saudi Arabia slashed prices and ramped up production in the wake of last week’s failed OPEC meeting. In early trading BP was down 18%, Royal Dutch Shell 14%, and Exxon Mobil 11%.
- Tuesday stocks roared higher at the open after President Trump floated a payroll-tax cut to help calm financial markets. Later in the session stocks rolled over with the Dow reversing hard due to concerns on the timing of potential fiscal stimulus, however the Dow then reversed course again to end up over 1,100 points for the day.
- Oil rebounded 10% Tuesday on reports that Russia had not ruled out measures with OPEC to stabilize markets.
- Wednesday the Dow dropped 1,400 points, down 20% from February’s record high, to meet the definition of a bear market.
- Thursday WTI oil futures soared 24%. The Dow climbed 188 points, or nearly 1% in the first trading session in nine that it has swung fewer than 1,000 points.
- Thursday Mylan N.V. and Teva Pharmaceutical announced they would start producing hydroxychloroquine and chloroquine, two anti-malarial drugs in order to meet Covid-19 demand.
- Monday: Empire State Index for March was -21.5, much worse than expected.
- Tuesday: Retail Sales for February fell 0.5%. January data was revised up from 0.3% to 0.6%.
- Tuesday: Industrial Production for February was up 0.6% reversing drops in December and January.
- Tuesday: JOLT Survey for January showed that job openings rose by 400,000 to 7 million.
- Tuesday: NAHB Home Builder’s Index for March was 72, down 2 from February.
- Wednesday: Housing Starts for February were 1.599 million, higher than expected, but down from January.
- Thursday: Weekly Jobless Claims for week 3/14 were 281,000, around 60,000 higher than expected, due to coronavirus layoffs.
- Thursday: Philly Fed Manufacturing Index for March was -12.7, the lowest reading since 2012.
- Friday: Existing Home Sales for February were 5.77 million, up 6.5% year-on-year.
- Friday stocks ended their worst week since October 2008 with a sharp selloff into Friday’s close. The Dow and S&P 500 were more than 4% lower on the day after N.Y. Governor Cuomo ordered the state’s entire workforce to stay at home to combat Covid-19.
Looking ahead: Economic news for the week ending March 27, 2020
- Monday: Chicago Fed National Activity for February at 8.30am.
- Tuesday: Markit Manufacturing PMI (flash) for March at 9.45am.
- Tuesday: Markit Services PMI (flash) for March at 9.45am.
- Tuesday: New Home Sales for February at 10.00am.
- Wednesday: Durable Goods Orders for February at 8.30am.
- Thursday: Weekly Jobless Claims for week 3/21 at 8.30am.
- Thursday: GDP for Q4 at 8.30am.
- Friday: Consumer Spending for February at 8.30am.
- Friday: Core Inflation for February at 8.30am.
- Friday: Consumer Sentiment for March at 10.00am.
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