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U.S. stocks are still dropping sharply, a bearish market technically - Zeal Capital Market

U.S. stocks are still dropping sharply, a bearish market technically

12-03-2020 07:23

US stocks suffered another crazy sell-off. The Dow closed down more than 1400 points, a drop of 5.9%, technically a bear market signal. The Canadian and Brazilian stock markets triggered the market halt again, the second time this week.

The WHO announced Wednesday that the “new crown virus” is a global pandemic. Global experts said the announcement of a pandemic will have significant political and economic implications. It will further affect the world markets, resulting in much more travelling limitation and trade restrictions.

Trump has made a national speech in Asian session , but helplessly disappointed the market. Now, WTI futures plunged 5-6% to 31 USD per barrel, and the three major US index futures fell more than 4%. According to CME FedWatch,  in March meeting, the probability of the Federal Reserve cutting the interest rate by 100 basis points to 0% -0.25%, rise to more than 90%, which was about 50% earlier.

The global epidemic situation has further escalated, and risk aversion in financial market has reached another peak.