Stocks plunge | 10-year yield hits low | How low can bond yields go?

THU, MAR 05, 2020

EVENING BRIEF

AS OF THU, MAR 05, 2020 • 04:16 ET

DJIA		26121.28
		-3.58%	-969.58

S&P 500		3023.94
		-3.39%	-106.18

NASDAQ		8738.59
		-3.10%	-279.49

Most Active

DOW
NAME	LAST	CHG	%CHG
MSFT	166.27	-4.28	-2.51%
AAPL	292.92	-9.82	-3.24%
XOM	50.11	-2.31	-4.41%

S&P 500
NAME	LAST	CHG	%CHG
BAC	26.78	-1.43	-5.07%
GE	10.08	-0.87	-7.95%
AMD	48.11	-2.00	-3.99%

NASDAQ
NAME	LAST	CHG	%CHG
AMD	48.11	-2.00	-3.99%
MSFT	166.27	-4.28	-2.51%
AAPL	292.92	-9.82	-3.24%

EDITOR'S NOTE

If the coronavirus outbreak were more predictable, the stock market wouldn't be gyrating so violently.

The Dow Jones Industrial Average fell precipitously on Thursday, scrapping most of the gains it achieved Wednesday. The yield on the 10-year Treasury note fell to an all-time low as equity investors sought refuge in the bond market.

"For every hour, another group of people have it and it's in another state," said Tom Essaye, founder of the Sevens Report. "People are getting a bit nervous about this constant barrage of headlines."

Not even headlines about proactive relief efforts have helped. The Federal Reserve announced an emergency rate cut of 50 basis points on Tuesday, but stocks remain in correction territory.

DoubleLine CEO Jeffrey Gundlach called the Fed's action a panic move - although he opined that it was a necessary panic move with more cuts to come.

"If we look at history, once the Fed does a panic, intermeeting rate cut, particularly when it's 50 basis points ... they typically cut pretty quickly again," Gundlach said on CNBC's "Fast Money Halftime Report." "I'm in the camp that the Fed is going to cut rates again, perhaps even in two weeks" during its regularly scheduled meeting.

The roller-coaster ride may be far from over.

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