We have touched an intraday 20% decline in the S&P 500 that many associate with bear market territory. We also hit a bear market on the Dow Jones Industrial Average at Wednesday’s close. Typical metrics for a market bottom do not apply in this very unusual situation spawned by the novel coronavirus pandemic.
Among the winners is the Vanguard Mega-Cap Growth ETF, made up of large companies viewed as having the most reliable future growth and profitability in these uncertain times.
Global markets rose on Friday despite mounting economic damage from the coronavirus pandemic, as tensions eased between the White House and Beijing.
Share prices on Wall Street and in Europe ended the week on a high amid rising hopes that lockdown measures could be lifted soon to reboot growth and that a full-blown global trade war could be averted.
“If you’re in individual stocks and they can grow even in tough times, then you should be in much better shape than the index-fund investors, who are really stuck holding the bad with the good,” he said.
According to Hogan, there are too many unprecedented factors, including an intentional decision to freeze the economy, to suggest the market will follow a preset course based on historical trends.
Siemens Gamesa Renewable Energy is the latest wind turbine firm to suspend guidance.
The impact of the pandemic on the renewable energy sector is widespread.
Last week, the IRS began issuing stimulus payments to Americans. Individuals are eligible for $1,200, while married joint filers could collect $2,400. Households are entitled to $500 per qualifying child.
More than 200 public companies applied for at least $854.7 million from the government program that was billed as emergency funding for small businesses without access to other sources of capital, according to data analytics firm FactSquared.
Apple lost $100 billion in value on Monday, while Microsoft’s market cap plunged by $83.6 billion
The broader market had its worst day since the 2008 financial crisis, because of concerns about coronavirus and plunging oil prices.
Tesla dropped 14%.
Netflix reported its Q1 2020 earnings after the bell on Tuesday.
The company showed a huge uptick in new subscribers, which it attributed to people staying at home due to the coronavirus pandemic.
CEO Reed Hastings also praised rival Disney’s execution in launching its new streaming service, Disney+, last fall.
