First two-day drop of this magnitude since 2008

THOR, Son of ODIN(2)

The S&P 500 is down more than 3% in the second day of the coronavirus market sell-off.


The 500 stock index fell 3.35% on Monday.


The last time the S&P 500 fell more than 3% two days in a row was in November of 2008 during the financial crisis.

SaveComment85Like
Comments (85)
Thank you for reporting this comment. Undo
Embothrium(Sunset Climate Zone 5, USDA Hardiness Zone 8)

Rename it the Flock Market because it's like a flock of skittish birds that darts this way and that with every perceived change in circumstances.

2 Likes Save     Thanked by THOR, Son of ODIN
Thank you for reporting this comment. Undo
kadefol

Not surprised. Trump claims the US is "in very good shape" re. the virus. Not true, and not an appropriate response to try to calm the situation.

7 Likes Save     Thanked by THOR, Son of ODIN
Thank you for reporting this comment. Undo
Embothrium(Sunset Climate Zone 5, USDA Hardiness Zone 8)

Not true, and not an appropriate response to try to calm the situation.

Yes: this is very typical for Trump.

6 Likes Save     Thanked by THOR, Son of ODIN
Thank you for reporting this comment. Undo
Nana H

Posted this on another thread better placed here

________________

I think the potential economic impact of this virus is just dawning
on some. We listen to the business channel every morning and there is a
very noticeable shift in the assessments lately.

What I am hearing most economic pundits say is that this is very
different than a normal correction , it's totally unpredictable what the
impact will be on the global economy and the markets do not like
uncertainty. Not hearing any saying this is a buying opportunity.

If this goes on until the summer the damage to supply chains may be
devastating to many companies 2020 earnings. PE ratios, they say, were
already too rich and can't sustain a serious global hit to supply and
demand.

Another bad day today........

6 Likes Save     Thanked by THOR, Son of ODIN
Thank you for reporting this comment. Undo
bfox254

How the heck did Trump let that happen? If he owns the stock market when it's doing well, he also owns it when it tanks. Seems fair, right?

In reality, a president has little to do with the swings of the market, but Trump set himself up for this.

15 Likes Save     Thanked by THOR, Son of ODIN
Thank you for reporting this comment. Undo
Annie Deighnaugh

So much winning!!

8 Likes Save    
Thank you for reporting this comment. Undo
Stan Areted

Yes, there is SO much winning.

If only China had a leader like Trump this would not have gotten out of hand.

2 Likes Save    
Thank you for reporting this comment. Undo
chipotle

Straight face?

22 Likes Save     Thanked by THOR, Son of ODIN
Thank you for reporting this comment. Undo
paprikash

It’s Obama’s fault

1 Like Save    
Thank you for reporting this comment. Undo
bfox254

Of course Stan, Trump could have singlehandedly contained the virus had it started in the US because he knows better than scientists and medical professionals : )

Reports today indicate that the US is not well prepared for the spread of the virus to our shores. There is bipartisan concern about our lack of preparedness. That's the reality of our situation.

14 Likes Save     Thanked by THOR, Son of ODIN
Thank you for reporting this comment. Undo
THOR, Son of ODIN(2)

"In 2018, the Trump administration fired the government’s entire pandemic response chain of command, including the White House management infrastructure."

13 Likes Save    
Thank you for reporting this comment. Undo
jerzeegirl (FL zone 9B)(9b)

This is not just the Coronavirus. There is something really wrong with this market. Commercial loans right now are at 3% - that is unheard of.

4 Likes Save     Thanked by THOR, Son of ODIN
Thank you for reporting this comment. Undo
arthurm2015(Micro-Climate, Zone 10b Sydney, Australia)

Jerzeegirl, I agree! Stan, you are having a joke? Business Genius, now Virus Guardian supreme!

15 mins till the little Aussie Battler Sharemarket opens. It is Wednesday morning here. After a bit of ratting around I expect it to open down.

2 Likes Save     Thanked by THOR, Son of ODIN
Thank you for reporting this comment. Undo
Jonnygun(zone 7)

If you can handle the vig 5 year commercial loans are really great.

Save    
Thank you for reporting this comment. Undo
Joaniepoanie

Brought to you from the land of never-a-bottom-well of RW conspiracy theories:

Limbaugh says the Coronavirus is being used to scare investors and to bring down Trump.

7 Likes Save     Thanked by THOR, Son of ODIN
Thank you for reporting this comment. Undo
Nana H

Heard him say that today........No doubt the bobble heads bobbled.

8 Likes Save     Thanked by THOR, Son of ODIN
Thank you for reporting this comment. Undo
THOR, Son of ODIN(2)

The universe of "alternative facts" now has truly serious consequences.

We need a functioning President.

5 Likes Save    
Thank you for reporting this comment. Undo
arthurm2015(Micro-Climate, Zone 10b Sydney, Australia)

Day 3, the market has been open 2.5 hours and is down another 2%.

Ironic, that shares in a funeral home operator are among the few rises.


3 Likes Save     Thanked by THOR, Son of ODIN
Thank you for reporting this comment. Undo
Iris GW

"In 2018, the Trump administration fired the government’s entire pandemic response chain of command, including the White House management infrastructure."

Not surprised. And I'm sure it wasn't the only move he made that will bite US in the behind during this virus outbreak.

4 Likes Save     Thanked by THOR, Son of ODIN
Thank you for reporting this comment. Undo
Joaniepoanie

From twitter:

Coronavirus spreads much faster among people that gather together for hours in close quarters. You know, like a "rally" or something....

5 Likes Save     Thanked by THOR, Son of ODIN
Thank you for reporting this comment. Undo
palisades_

My investments in equity markets gained over 40% by the end of 2019. The markets had been overbought. Since the start of the new year the markets had been up unrealistically so I am glad to see the corrections in the last couple days. Even before the COVID-19 pandemic, a survey last year from CFOs indicated the majority of them forecasted a recession in 2020. So I expect to see further market pullbacks to 20% or lower if we get there in the months ahead.

1 Like Save    
Thank you for reporting this comment. Undo
THOR, Son of ODIN(2)

I deleted it when I learned it was fake.

Save    
Thank you for reporting this comment. Undo
elvis

Iris GW

Wait, who flagged Thor's old Trump tweet about market drops?

THOR, Son of ODIN(2)

I deleted it when I learned it was fake.

Save    
Thank you for reporting this comment. Undo
THOR, Son of ODIN(2)

Gleeful Prog Leftist corrects mistake.

1 Like Save    
Thank you for reporting this comment. Undo
queenmargo

Confucius say: Gleeful Prog Leftist should look before he leaps

1 Like Save    
Thank you for reporting this comment. Undo
elvis

Or in this case, "she" leaps.

Save    
Thank you for reporting this comment. Undo
arthurm2015(Micro-Climate, Zone 10b Sydney, Australia)

The average dividend yield on the US market is 2.2%, on the Australian Market 4.1%.

I put the difference down to the fact that if you pick a winner on the US market, you win big.

As for the sex of the contributors here, over the years a few "Guys" turned out to be "Gals".

On the day of the first drop, my first thought was "what has the business genius said today?"


2 Likes Save     Thanked by THOR, Son of ODIN
Thank you for reporting this comment. Undo
Kathy

Trump blames drop of SM on Mon and Tues on last nights Dem Debate. He says he thinks it will boom if he’s re-elected. Who believes his lies?

1 Like Save    
Thank you for reporting this comment. Undo
numbersjunkie

Funny thing is that the market did better today after the debate! Trump is an idiot and expects his base to believe anything he says!

3 Likes Save    
Thank you for reporting this comment. Undo
bfox254

He doesn't get to blame the stock market drop on democrats. If he takes credit when it goes up, he shoulders the blame when it drops. What a whiny, incompetent moron of a president.

15 Likes Save    
Thank you for reporting this comment. Undo
Joaniepoanie

The market drops BEFORE the debate, yet it’s the Dems’ fault says Trump. And no doubt Trumpers believe. smh.

2 Likes Save    
Thank you for reporting this comment. Undo
Ann

Buying opportunities coming up, I think. Tough to figure out at what level, but it's certainly on my mind. Futures indicate a down opening tomorrow.

Save    
Thank you for reporting this comment. Undo
queenmargo

He says he thinks it will boom if he’s re-elected. Who believes his lies?

It boomed after he was elected in 2016, why would it not boom again. It is not a lie. How can you call something that has not happened yet a lie Kathy?

Save    
Thank you for reporting this comment. Undo
numbersjunkie

Margo, he lies about everything, makes up stuff to suit his own agenda. When he speaks, it's a lie. Most Americans have no confidence in his ability to govern.

4 Likes Save    
Thank you for reporting this comment. Undo
Kathy

The lie is the market dropped because a Dem might get elected. It doesn’t even make sense. He is playing politics blaming Dems instead of the harm the fears of how this virus could affect the economy.

2 Likes Save    
Thank you for reporting this comment. Undo
arthurm2015(Micro-Climate, Zone 10b Sydney, Australia)

Day 4. Aust. stock market down another 1%. Fears about the Coronavirus escaping the containment net to blame.


Save    
Thank you for reporting this comment. Undo
Nana H

Maybe Trump should change channels, you just have to listen to the business channel for 10 minutes to understand what is driving the sell off , it's clearly the virus. The two biggest factors I'm hearing are the disruption to the supply chain and worries about consumer spending.

The thing that is most worrisome seems to be that a sustained disruption could trigger a worldwide recession.


3 Likes Save    
Thank you for reporting this comment. Undo
Lisa

I'm so happy to read this rational, objective view of the US market. The discussion on whether the market had moved into "expensive" territory or multiples was very refreshing. The commentary on negative earnings revisions was enlightening.

Save    
Thank you for reporting this comment. Undo
Nana H

Ouch! Down 1200 approaching the closing bell. NASDAQ down over 400.

Goldman Sachs is saying American company earnings will be zero in 2020! That's seems extreme to me but who knows.

Save    
Thank you for reporting this comment. Undo
dandyfopp

My 409K remains untouched.

MAGA

4 Likes Save    
Thank you for reporting this comment. Undo
Kathy

Our economy is totally consumer driven. If consumers stay home and don’t travel as much or stop shopping our economy goes down. It doesn’t seem Trump instilled much confidence with his talk. Since the Feds lowered rates when times were good, we don’t have any leeway now either.

2 Likes Save    
Thank you for reporting this comment. Undo
Stan Areted

Meh.

Less for Bernie to take.

Save    
Thank you for reporting this comment. Undo
Iris GW

You can be sure that Trump is not saying 'meh.'

Save    
Thank you for reporting this comment. Undo
arthurm2015(Micro-Climate, Zone 10b Sydney, Australia)

Pre market ratting around says the Australian Market will open down.

Not a good week, but not too worry.

"Less for Bernie to take"

Long term the advice is not to try and time the market.


Save    
Thank you for reporting this comment. Undo
Ann

"The lie is the market dropped because a Dem might get elected. "

"Maybe Trump should change channels, you just have to listen to the business channel for 10 minutes to understand what is driving the sell off "

Well, I spent a great deal of time today watching CNBC since I'm working on getting more invested in the market and I pay close attention to down days and potential buying opportunities. On CNBC today there was, of course, endless talk about the virus but, additionally, there was no shortage of talk about the "Sanders surge" impact on the healthcare sector. This article is from Monday (prior to the most recent debate) and while a huge part of this week's market move is of course attributed to the spreading of the virus, don't think for a second that a potential Medicare for all (and other Dem proposals) nominee would not move the market and in a significant way.


https://www.reuters.com/article/us-usa-healthinsurers-stocks/health-insurer-shares-pummeled-by-sanders-surge-virus-worries-idUSKCN20I2A1

1 Like Save    
Thank you for reporting this comment. Undo
arthurm2015(Micro-Climate, Zone 10b Sydney, Australia)

Another gloomy day. Market down 3%. Never day traded my portfolio, so I find something of value if I have surplus molar and never worry too much about the level of the market.

How to improve the US Health System? Good Luck!

Save    
Thank you for reporting this comment. Undo
Ziemia(6a)

A surge in hospital stays and in other medical care directly hits the profitability of insurance companies.

Save    
Thank you for reporting this comment. Undo
Chi

Dow dropped 1,191 points today in its worst one-day drop in history. Good job, Trump! If he wants credit for the good stock market, he gets to take credit for these drops too.

3 Likes Save    
Thank you for reporting this comment. Undo
ingrid_vc so. CA zone 9

I don't see anyone celebrating here about either of those things. Whatever hate there is isn't coming from the Democrats.

7 Likes Save    
Thank you for reporting this comment. Undo
Nana H

I'm surely not celebrating either. Quite the opposite.

Save    
Thank you for reporting this comment. Undo
Chi

Celebrating and making sure everyone knows the magnitude of what's happening are two very different things.

1 Like Save    
Thank you for reporting this comment. Undo
haydayhayday

Obama Trend

Hay

Save    
Thank you for reporting this comment. Undo
Ann

"Dow dropped 1,191 points today in its worst one-day drop in history. Good job, Trump! If he wants credit for the good stock market, he gets to take credit for these drops too."

Trump created the virus? My goodness, he is powerful.


Save    
Thank you for reporting this comment. Undo
haydayhayday

"Trump created the virus? My goodness, he is powerful."

For some, everything is nothing more than an opportunity to bash Trump.

There's a name for that.

Hay

2 Likes Save    
Thank you for reporting this comment. Undo
haydayhayday

"It's like an addiction they can't break or contain."

There's a name for that.

Hay

Save    
Thank you for reporting this comment. Undo
Ann

"For some, everything is nothing more than an opportunity to bash Trump."

Exactly.

Save    
Thank you for reporting this comment. Undo
bfox254

This actually would have been a perfect opportunity for Dems to support the process and stand together with the administration to be helpful, but nope, they just couldn't help themselves

Who is the person that ridiculously attempted to blame the democrats for the stock market losses? This is an issue that shouldn't be politicized, but Trump went there. So stop with the pontificating. If you want to go with the anti-American theme, look no further than your dear leader who couldn't help himself.

8 Likes Save    
Thank you for reporting this comment. Undo
Ann

Regarding stock market losses, I always try to buy low or buy dips.

Save    
Thank you for reporting this comment. Undo
Ziemia(6a)

"This actually would have been a perfect opportunity for Dems to support the process..."

What is the current process that isn't being supported?

The WH process which initially downplayed the significance of Covid-19?

The process that puts Pence in charge?

The WH process which said cutting the related CDC funding was a smart move?


5 Likes Save    
Thank you for reporting this comment. Undo
Ziemia(6a)

sell high, buy low

Save    
Thank you for reporting this comment. Undo
Kathy

The Dems are asking for 8.5B to fight Coronavirus I think that’s very supportive considering Trump wanted 2.5B.

2 Likes Save    
Thank you for reporting this comment. Undo
arthurm2015(Micro-Climate, Zone 10b Sydney, Australia)

Market just closed for the week. One day to go in the USA.

You have to feel for some people,Just say you retired recently and you converted your superannuation into a pension plan or your rich aunt died and you invested all that cash into the market or even worse you took out a margin loan to buy some shares.

A bit sad really because now the numbers of risk averse in the community will increase.

More than 50 years since I bought my first share.

NO! I am not a second Warren Buffet.

Perils aplenty....

Dodgy directors

A US President who thinks Tariffs are a good idea

Brexit

Near zero interest rates

And now a nasty virus...


Save    
Thank you for reporting this comment. Undo
haydayhayday

Ann:

"Regarding stock market losses, I always try to buy low or buy dips."

How much do you figure that strategy has cost you since Trump was elected?

If you're able to buy low and buy dips, you should have made a small fortune by now.

It's a loser game to think you can beat the market.

The market, for essentially all of us, is, as if, there's a coin flip every day. A coin that is slightly biased to the upside. An "independent" flip of the coin every day....the coin has no memory. With that reality, why would you or anyone want to delay buying if the intent is to be more invested?

Hay


Save    
Thank you for reporting this comment. Undo
haydayhayday

The market is, right now, looking to open down about 1.3%.

A good site to see what's happening before the market opens.

https://www.cnn.com/business/markets/premarkets


A note to help you read it.

I think that the futures market and the actual stock market open and close at different times and that's why the S&P futures is showing that there's only a .58% drop (-17.25), but, "the difference" (-38.39) between the "level" and the "fair value" is the correct way to judge the actual "difference".

That's how I get my 1.3%.

38.39/2939.75 equals

0.01305893358278765201122544434051‬

Interesting too, MMM, the maker of masks, and CLX, the maker of germicides, have been, relatively speaking, outperforming the market.

Right now, masks are going for like $10 each. Right now, every store's prominent displays are Clorox and Purell products.


Hay

Save    
Thank you for reporting this comment. Undo
Nana H

I'm glad we rebalanced last Fall.

Save    
Thank you for reporting this comment. Undo
haydayhayday

"I'm glad we rebalanced last Fall."

I'm glad that I don't think I can beat the market.

I'm glad that it's so easy these days to have a well diversified portfolio that never really needs to be re-balanced.

Rebalancing costs money. Direct and tax wise.


Hay

Save    
Thank you for reporting this comment. Undo
Nana H

We have always held an equities heavy portfolio and are buy and "holders". Investing on a regular basis over the years. However, we felt that at this time in our life it made sense to rebalance. For us, there came a point where enough is enough , time to enjoy the fruits of our hard work while ensuring the money for our golden years is well protected. Works for us.


2 Likes Save    
Thank you for reporting this comment. Undo
haydayhayday

Nana:

"We have always held an equities heavy portfolio and are buy and "holders". Investing on a regular basis over the years. However, we felt that at this time in our life it made sense to rebalance. For us, there came a point where enough is enough , time to enjoy the fruits of our hard work while ensuring the money for our golden years is well protected. Works for us."

If that's the kind of re-balancing that you're doing, I don't really disagree with your underlying motivation. Our needs change over time.

I'm really addressing those who are, in one way or the other, "playing the market", thinking they can "beat the market".

That kind of re-balancing is a loser's game.

Hay




1 Like Save    
Thank you for reporting this comment. Undo
Cookie8

There is no denying that Trump doesn't have the support that some thinks he has. Wall Street believes the Coronavirus more than what the administration is feeding the public.

Now is not the time to downplay. Active information on symptoms, transmission and being proactive should be forefront. It is careless to pretend things are fine. Who knows what will come of this but being on the dismissive side is wrong.

Save    
Thank you for reporting this comment. Undo
Ann

Hayday, I actually think the strategy of buying dips is working out rather nicely. Yesterday, I made a tiny buy and today I'll make a bigger buy (depending on how it looks in 5 hours). I'd certainly rather buy at Dow 24,000 than Dow 29,000. I've tracked each buy and there are almost as many as monthly averaging would have resulted in - 11 buys since Nov. 2018. I'm buying large Fidelity funds that I'll now remain in for the long haul and the money I'll need and withdraw soonest (due to what will be required RMD withdrawals from IRAs), is in the lowest risk investments. The money I hope my kids will inherit is in more aggressive funds. The money in Roth funds is the most aggressively invested, since the gains will be tax free.

While I certainly wish I wouldn't have ever panicked as retirement approached and moved such a big percentage to stable value funds, what I'm doing now is working quite well, I think.

Save    
Thank you for reporting this comment. Undo
haydayhayday




The stock market is down, this moment, another 3%.

While the markets tank, while everyone is giving Trump a hard time about what the (gov) should be doing..blah, blah, blah...there's hard working people out there racing to find a way out of this mess.

These are the stocks that are up today.

Check out just the names. Tells us where our best hope exists.

And it's not the (gov)!

Hay

1 Like Save    
Thank you for reporting this comment. Undo
Kathy

Ann, do you think trump eliminating 37 of the 49 mini CDC centers in other countries including China helped this situation?


Obama set up these centers because pandemic type diseases are a sure thing in the future. Now we are behind the curve due to Trump.



2 Likes Save    
Thank you for reporting this comment. Undo
catkinZ8a


Cookie8

There is no denying that Trump doesn't have the support that some thinks he has.


Save    
Thank you for reporting this comment. Undo
Nana H

Answering " yes" to that question does NOT equal support for Trump.

Save    
Thank you for reporting this comment. Undo
THOR, Son of ODIN(2)

Pandemics are great money makers for the health care industry.

Save    
Thank you for reporting this comment. Undo
Ann

"Answering " yes" to that question does NOT equal support for Trump."

Maybe not, but it sure as heck doesn't indicate confidence that he'll have a strong or worthy opponent. That "wealth of riches" Dem field is a mess, IMO. Maybe what we see, from this poll, is that quite a number of people are questioning the ability of one of that Dem group to beat Trump.

Save    
Thank you for reporting this comment. Undo
haydayhayday

"Pandemics are great money makers for the health care industry."

Build a better defense against against a virus and the world will beat a path to your door. No doubt.


Or you can hand over all, (by force if necessary), that research money to Bernie and he'll make sure we all have insurance.

While he rants.

Does Bernie have a solution for this yet?


Hay

Save    
Thank you for reporting this comment. Undo
haydayhayday


"Does Bernie have a solution for this yet?"


I went looking.

https://www.marketwatch.com/story/sanders-blasts-trumps-coronavirus-response-this-great-genius-says-its-going-to-end-in-two-months-2020-02-25


Funny.

First things first:

Attack Trump:

‘This great genius has told us that this coronavirus is going to end in two months. April is the magical day that this great scientist we have in the White House has determined. I wish I was kidding. That is what he said.’


And sure enough, the solution to every problem is to take the money away from the productive people looking for a cure, give it to Bernie and he'll....


"... expand the World Health Organization and fully fund the Centers for Disease Control and Prevention and the National Institutes of Health."

Me, I'd just give it to FEMA. Bypass the middle men.

Bernie's solution to everything:

Take money from the productive. Give it to the unproductive.



Hay



Save    
Thank you for reporting this comment. Undo
haydayhayday

Bernie, you are a member of Congress.

When you were not preaching and campaigning, what were you doing to avert this crisis?

Hay

1 Like Save    
Thank you for reporting this comment. Undo
THOR, Son of ODIN(2)

Wars are great money makers for the defense industry.

Save    
Thank you for reporting this comment. Undo
Nana H

It won't be any loss if it is...totally devolved into carp.

Save    
Thank you for reporting this comment. Undo
haydayhayday


"Wars are great money makers for the defense industry."

The early bird gets the worm.

Hay

Save    
Thank you for reporting this comment. Undo
haydayhayday

"Wars are great money makers for the defense industry."

The rain in Spain stays mainly in the plain.

Hay

Save    
Thank you for reporting this comment. Undo
arthurm2015(Micro-Climate, Zone 10b Sydney, Australia)

This thread has been carpet bombed! Bernie's cure for the American uneven distribution of wealth has nothing to do with the subject.


1 Like Save    
Thank you for reporting this comment. Undo
Emily H(9)

Hey all, please keep your posts on topic, and that topic should not be each other or whether or not your post has been flagged. Do not keep reposting the same thing over and over again if it has been flagged. Wait for it to be reviewed and returned or not.

If you have other issues or questions, file a support ticket through http://help.houzz.com


Thanks

3 Likes Save    
Browse Gardening and Landscaping Stories on Houzz See all Stories
Most Popular First Things First: How to Prioritize Home Projects
What to do when you’re contemplating home improvements after a move and you don't know where to begin
Full Story
Product Picks Guest Picks: Romance for Two, Over Dinner at Home
No need to drop major bucks on dining out this Valentine’s Day. Set a sweet mood with tableware, accessories and love
Full Story
Holidays A Day in the Life of a Christmas Tree Grower
Ever wonder how your Christmas tree is nurtured, when to buy it and how to make it last? Meet two brothers in the know
Full Story