Amidst all the ups and downs that you have been hearing throughout the last week regarding the stock market, here are the top 3 things to know as the market starts trading this week –
1. US Futures hint at positives
After the Federal Reserve pledged asset purchases without any limit, the US stock market futures did jump substantially. The futures hit “limit down” at a point on Monday when a crucial financial bill failed to pass the Senate due to lack of support. The NYSE will go completely electronic from Monday as the floor is closed in fear of the spread of the coronavirus. The 10-year Treasury that dipped more than 1% has somewhat come below the mark in the early hours of trading.
2. National Guard in three states
With more than 35,000 cases and 471 deaths, the US has the third most number of victims due to this virus spread. In New York, the number of death cases is at 153 which is 1/3 of the total death cases in the entire nation. Washington comes second with more than 2000 people already infected and the toll of death at 95. Trump has activated National Guard in New York, Washington, and California to curb the spread of the virus any further. A clinical trial is supposed to begin in New York this Tuesday where a drug combination of antimalarial hydroxychloroquine and azithromycin will be given to patients as this combination has proved to be of good effect in treating the virus.
3. Cisco’s major commitment to preventive measures in the nation
It is news that the Cisco system has committed to offer $225 million to ward off the deadly virus and along with it a host of other Silicon Valley leaders also come up to offer support. A company named 3M has announced that it will supply Seattle and New York with a half-million N95 masks to take care of the shortage in health equipment and handle the excess demand of such masks. Merck said it will supply New York City with another half-million mask. Jack Ma, the founder of Alibaba sent 5.4 million face masks, 40,000 sets of protective clothing, 60,000 protective face masks and over 1 million testing kits to Africa. On the other hand, a company named BlackRock is offering $50 million fund as a relief package for this Coronavirus. With all these set to happen in the market this week, the turbulent nature of stock indices will continue unless further stimulus arrives from the government. The US senate is yet debating over a new relief bill but due to its lack of effectiveness for the workers, it is being opposed by the Democrats. Investors and traders wait with bated breath to see what’s next and whether the spread of the virus finally stalls or not!