Monday was rightfully one of those days when the market faced a massive collapse. As per estimates, the global market lost around $1.7 trillion on this day but still at the end of the day the DOW futures did show a sign of rebound which raises positive hopes for Tuesday.
Here’s a timeline of the events –
The DOW Jones futures showed a sign of rebound with 139 points in the positives. As overnight trading remains light, the upward trend was only an early sign of what to expect on Tuesday.
Japan’s major stock index, the Nikkei 225 went down by 3.7% in its early trading session for Tuesday. The market in Japan was closed on Monday but it is soon catching up with the international indexes and it is down by at least 4.7% as of yet.
The final numbers emerge from S&P DOW Jones indices for the day at this time. The numbers took everyone by a shock as the global market lost around $1.7 trillion on just Monday itself. According to S&P DOW Jones, around $900 billion of the value lost was from the S&P 500 index for the day. The global markets have lost around $2.44 trillion since last Wednesday when it closed on a high.
Larry Kudlow, the director of the National Economic Council stated that this is the best opportunity for the investors and they should buy the dip. As per him, the Coronavirus will not have much impact on the US Economy and it is fundamentally in a positive position at this moment. This is why investors should buy the stocks at a lesser rate now so that when the market takes an upswing, they can reap benefits of it.
The shares of Mastercard took a slip on this Monday after the credit card giants issued a notice that the revenue could take a hit due to the spreading Coronavirus in China. Cross border e-commerce growth and cross border travel are being hit by the Coronavirus and this, in turn, is hurting their profits for this quarter of the year. The estimates from the company informed that they may fall 2%-3% short of the expected revenue in the first quarter of 2020. In extended trading, the shares of Mastercard fell by 3% on the day.
Just post the closing bell, Trump posted a tweet saying that the Coronavirus is very much under control and the stock market does look better now after the deep sell-off.
This is a brief timeline of the major events that took place. For detailed information sign up with us today and stay updated every time!