Bargain Hunting, Possible Payroll Tax Cut May Lead To Rebound On Wall Street

[ADVFN]( [WorldDaily Markets Bulletin]( [Daily world financial news]( [Tuesday, 10 March 2020 11:30:41]( [Monitor]( [Quote]( [Charts]( [News]( [Toplists]( [Boards]( Need a financial advisor? Compare vetted experts matched to your needs. Compare credentials & fees. Choosing the right financial advisor is daunting, especially when there are thousands of financial advisors near you. We make it easy by matching you to vetted advisors that meet your unique needs. Matched advisors are all registered with FINRA/SEC. [Click Here to Find Out More..]( --------------------------------------------------------------- US Market Bitcoin [Bitcoin]( DAX [DAX]( Dow Jones [Dow Jones]( Nasdaq [Nasdaq]( The major U.S. index futures are currently pointing to a sharply higher open on Tuesday, with stocks likely to regain ground following the massive sell-off in the previous session. Bargain hunting may contribute to initial strength on Wall Street after the Dow and the S&P 500 experienced their biggest percentage drops since the 2008 financial crisis on Monday. Traders may look to pick up stocks at reduced levels following the sharp drop seen in recent weeks, which has dragged the Dow down to its lowest levels in over a year. Buying interest is also likely to be generated in reaction to President Donald Trump?s pledge to provide ?very substantial relief? amid the economic fallout from the coronavirus outbreak. Trump told reporters Monday evening that he would be meeting with House and Senate Republicans today to discuss a possible payroll tax cut or other stimulus measures. The president said he would also talk with GOP lawmakers about getting help for hourly wage earners, hinting at providing paid leave to those affected by the coronavirus. ?We?re going to be working with companies and small companies, large companies ? a lot of companies ? so that they don?t get penalized for something that?s not their fault,? Trump said. ?It?s not their fault, it?s not our country?s fault.? ?This was something that we were thrown into and we?re going to handle it, and we have been handling it very well,? he added. Trump indicated he plans to hold another press conference later today to discuss the economic steps being taken, although administration officials recently told CNBC the White House is not ready to roll out specific economic proposals. After moving sharply lower at the start of trading on Monday, stocks saw substantial weakness throughout the session. With the steep drop on the day, the Dow tumbled to its lowest closing level in over a year. In its worst day since 2008, the Dow plummeted 2,013.76 points or 7.8 percent to 23,851.02. The Nasdaq plunged 624.94 points or 7.3 percent to 7,950.68 and the S&P 500 tanked 225.81 points or 7.6 percent to 2,746.56. The sell-off on Wall Street came amid lingering concerns about the economic impact of the coronavirus outbreak as well as substantial decrease by the price of crude oil. According to reports, roughly 110,000 people have been infected with the coronavirus worldwide and more than 3,800 have died from the disease. The price of crude oil for April delivery plummeted $10.15 to $31.13 a barrel amid indications of a price war between Saudi Arabia and Russia. Saudi Arabia announced a massive cut to its official selling prices for April and reportedly plans to increase oil production. The move by Saudi Arabia comes after OPEC and its allies failed to reach an agreement on additional production cuts last week. Substantial weakness in overseas markets also generated selling pressure on Wall Street, with stocks across Europe and Asia moving sharply lower. Trading was halted for fifteen minutes shortly after the open, as the S&P 500 plunged more than 7 percent, triggering a key market circuit breaker. Energy stocks showed a particularly substantial move to the downside on the day amid the steep drop by the price of crude oil. Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index plunged 31.7 percent, the NYSE Arca Oil Index plummeted by 21.3 percent and the NYSE Arca Natural Gas Index tumbled by 18.8 percent. Considerable weakness was also visible among banking stocks, as reflected by the 13.9 percent nosedive by the KBW Bank Index. The index sank to its lowest closing level in over three years. Steel, brokerage, transportation and chemical stocks also saw significant weakness, moving sharply lower along with most of the other major sectors amid a broad based sell-off. --------------------------------------------------------------- How To Get An Early Piece Of The Next Big IPO Breakthrough in augmented reality could transform the cosmetic surgery industry. Now accepting Pre-IPO investors, sign up to receive exclusive access. [Click Here to Find Out More..]( --------------------------------------------------------------- U.S. Economic Reports CADUSD [CADUSD]( Oil [Oil]( Gold [Gold]( EURUSD [EURUSD]( The Treasury Department is scheduled to announce the results of its auction of $38 billion worth of three-year notes at 1 pm ET. --------------------------------------------------------------- Same Day Approval For Loans Against OTC Stock - We BUY blocks of OTC stock [Click Here to Find Out More..]( --------------------------------------------------------------- Stocks in Focus Shares of Dick?s Sporting Goods (DKS) are moving sharply higher in pre-market trading after the sporting goods retailer reported fourth quarter results that beat analyst estimates on both the top and bottom lines. Biotechnology Novavax (NVAX) is also likely to see initial strength after the Coalition for Epidemic Preparedness awarded initial funding of $4 million to support Novavax? efforts to develop a coronavirus vaccine. Shares of Occidental Petroleum (OXY), Marathon Oil (MRO) and Apache (APA) are also seeing substantial pre-market strength after falling sharply in the previous session. On the other hand, shares of Stitch Fix (SFIX) may come under pressure after the online clothing styling service reported better than expected fiscal second quarter earnings but provided disappointing guidance. --------------------------------------------------------------- --------------------------------------------------------------- Europe European stocks have risen sharply on Tuesday following the previous day's plunge, when markets saw their biggest falls since the 2008 financial crisis amid increased anxiety around the economic hit from the coronavirus outbreak and the oil price plunge to multi-year lows. Underlying sentiment improved somewhat as oil prices rebounded and U.S. President Donald Trump said he will seek a payroll tax cut and "very substantial relief" for industries that have been hit by the virus. Elsewhere, Japan is expected to approve a financial aid package worth 1.1 trillion yen ($10.7 billion) for small and medium-sized enterprises that need financing over the next two to three weeks. While the German DAX Index has jumped by 2.2 percent, the French CAC 40 Index and the U.K.?s FTSE 100 Index are up by 2.6 percent and 2.7 percent, respectively. Geberit has risen after the Swiss multinational group specializing in manufacturing and supplying sanitary parts and related systems reported fiscal 2019 net income of 646.9 million Swiss francs compared to 597.2 million francs, previous year. Bakery business Aryzta has also shown a strong move to the upside after reporting a rise in its first half core earnings. Chipmaker Infineon Technologies has soared after U.S. officials found no national security concerns with its proposed $10 billion takeover of U.S. firm Cypress Semiconductor Corp. Energy generation and energy trading company Uniper SE, a subsidiary of E.ON SE, has also moved higher. The company posted net income of 610 million euros for fiscal year 2019, compared to a net loss of 401 million euros in the prior year. Deutsche Post DHL Group has also rallied after its net profit for fiscal year 2019 increased 26.4 percent. Informa shares have surged after the world's largest exhibitions group reported that its fiscal 2019 profit before tax grew 13 percent to 318.7 million pounds from 282.1 million pounds. Domino's Pizza Group has also soared. The company announced the appointment of Matt Shattock as a Director and Chairman with effect from March 16. --------------------------------------------------------------- --------------------------------------------------------------- Asia USDCAD [USDCAD]( USDEUR [USDEUR]( USDGBP [USDGBP]( USDJPY [USDJPY]( Asian stocks recovered from an early slide to end higher on Tuesday after U.S. President Donald Trump said he would seek measures to help virus-hit businesses. Trump said he will meet with Senate and House Republicans later today to discuss a possible payroll tax cut or "substantial relief" to offset the economic impact of the coronavirus outbreak. China's Shanghai Composite Index jumped 53.47 points, or 1.8 percent, to 2,996.76 as new virus infections slowed in China and authorities shifted focus to preventing imported infections from overseas hot spots such as Iran, Italy and South Korea. President Xi Jinping visited Wuhan, the epicenter of the coronavirus outbreak, today as the spread of coronavirus in mainland China sharply slowed in the past week. Hong Kong's Hang Seng Index gained 1.4 percent to finish at 25,392.51. Chinese consumer price inflation slowed slightly in February on slowing non-food price growth, while producer prices returned to deflation as factory shutdowns after the coronavirus outbreak lowered demand, data published by the National Bureau of Statistics showed today. Consumer prices advanced 5.2 percent on a yearly basis in February, slower than the 5.4 percent increase seen in January. The rate came in line with expectations. On a monthly basis, consumer prices gained 0.8 percent, slower than the 1.4 percent rise in January. Producer prices declined 0.4 percent annually in February in contrast to a 0.1 percent rise in the previous month. Prices were forecast to fall 0.3 percent. Month-on-month, producer prices fell 0.5 percent in February. Japanese shares advanced on expectations that governments within the Group of Seven nations will announce stimulus measures to combat the global coronavirus outbreak. Closer to home, Finance Minister Taro Aso said the government will consider more steps if the virus spreads further. The Nikkei 225 Index ended up 168.36 points, or 0.9 percent, at 19,867.12, after touching its lowest level since April 2017 earlier in the day. The broader Topix closed 1.3 percent higher at 1,406.68. Automakers Honda Motor, Toyota and Nissan rose 2-3 percent as the yen weakened on hopes for U.S. economic stimulus. Market heavyweight SoftBank Group jumped 2.4 percent. Australian markets reversed early declines to end sharply higher. The benchmark S&P/ASX 200 Index fell into bear territory before recovering to end the session up 179.00 points, or 3.1 percent, at 5,939.60. Australian stocks suffered their worst single day loss in almost 12 years on Monday. The broader All Ordinaries Index rallied 173.40 points, or 3 percent, to 5,995.80 after Prime Minister Scott Morrison said his government will deliver a stimulus package this week to help overcome the impact of the coronavirus on the Australian economy. The big four banks climbed 4-6 percent, while miners BHP, Fortescue Metals Group and Rio Tinto surged 4-7 percent. Woodside Petroleum, Origin Energy and Oil Search rallied 2-4 percent as oil prices bounced back from a record-setting fall. Beach Energy shares jumped 7.9 percent. Australian business confidence and conditions weakened in February, although it appears too early to fully quantify the effect of the coronavirus, survey data from the National Australia Bank showed today. The business conditions index fell two points to zero in February, led by a decline in profitability and a small decline in trading conditions. At the same time, the business confidence index dropped to -4, signaling that businesses see further deterioration in conditions in the short - term. Seoul stocks rebounded from six-week lows sparked by oil's record-setting plunge and growing fears over the potential global economic damage from the coronavirus. The benchmark Kospi inched up 8.16 points, or 0.4 percent, to 1,962.93 as China and South Korea both reported a slowdown in new virus infections. Before the opening bell, Vice Finance Minister Kim Yong-beom and Bank of Korea Gov. Lee Ju-yeol made a verbal intervention, saying financial authorities will take timely measures to stabilize the foreign exchange market if there is an excessive one-sided movement. --------------------------------------------------------------- --------------------------------------------------------------- Commodities Crude oil futures are spiking $2.60 to $33.73 a barrel after plummeting $10.15 to $31.13 a barrel on Monday. Meanwhile, after rising $3.30 to $1,675.70 an ounce in the previous session, gold futures are sliding $11.30 to $1,664.40 an ounce. On the currency front, the U.S. dollar is trading at 104.21 yen compared to the 102.36 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1377 compared to yesterday?s $1.1450. --------------------------------------------------------------- To unsubscribe from this news bulletin or edit your mailing list settings click [here](. Registered Office/Accounts Dept: Suite 27, Essex Technology Centre, The Gable, Fyfield Road, Ongar, CM5 0GA. Customer Support +1 888-992-3836. Company registered in England and Wales: Number 2374988 VAT No. GB 549 2130 49