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Redwood Capital Management Limited: Fear on coronavirus thickened and threatens Economy reopening
As numbers of coronavirus cases grew by the day in all states of America, anxious investors panic that this may alter the upcoming economy's reopening
Example is Apple. Apple is set to re-close seven of its stores in Texas as confirmed cases spikes along the mentioned state.
Apple in a statement said, "Due to current Covid-19 conditions in some of the communities we serve, we are temporarily closing stores in these areas," and added, "We take this step with an abundance of caution as we closely monitor the situation and we look forward to having our teams and customers back as soon as possible."
Below are the latest movements in today's Market:
- The S&P 500 Index declined 2.6% to 3,050.33 as market closes Wednesday afternoon, the lowest and largest drop in almost two weeks.
- The Dow Jones Industrial Average decreased by 2.7% or 710 points to 25,445.94, its lowest declined in about two weeks' time.
- The Nasdaq Composite Index depreciates a bit by 2.2% to 9,909.17, a day after hitting an all-time high since December last year.
- The yield on the benchmark 10-year Treasury note fell 2 basis points to 0.69%, the lowest in almost two weeks on the biggest drop in almost two weeks.
- The yield on two-year Treasuries declined less than one basis point to 0.184%, its first movement this week.
- The yield on the 30-year Treasury bond was also lower at 1.44%.
- West Texas Intermediate crude record another set of loss by -5.85% to $38.01 a barrel.
- Brent crude also declined by -5.44% to $40.31 a barrel, its 2nd day loss.
- Gold is down a bit and is down by -0.39% to $1,763.05 an ounce.
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