US OPEN: Volatily remain on the markets

• US indices open lower
• BOE cuts interest rates 
• Marriott (MAR.US) withdrawn its 2020 guidance and is eliminating its dividend due to the coronavirus outbreak.

 

Financial markets in the US opened lower today as the widening shutdown of the U.S. and European economies focuses minds on the depths of the coming recession. Investors across the globe dumped risky assets and switched to dollars due to the spreading coronavirus pandemic. The New York Stock Exhchange has decided to close its trading floor after two employees tested positive, albeit electronic trading, which accounts for the vast bulk of turnover, will continue as normal.

Latest data showed claims for US unemployment benefits jumped to the highest level since 2017 as the Covid-19 crisis hurts businesses, demand and jobs.

The Federal Reserve announced it would be giving access to $450 billion in dollar swap lines to nine central banks, while the ECB launched new bond purchases worth €750 billion ($817 billion). Today the Bank of England lowered the key interest rate to 0.1 percent at a emergency meeting. The British pound went up 0.5 percent to $1.1690, recovering from its lowest level since 1985.

S&P500 (US500) found some support at 2319 pts level, which, at least for now, has stopped the downward movement. However sentiment still remains negative and this support may be broken if further disturbing information hits the market again. Source: xStation5

Marriott (MAR.US) –  has withdrawn its 2020 guidance and is suspending its dividend due to the spread of coronavirus. Company is planning to pay the final dividend on March 31. The hotel chain said occupancy has fallen below 25 percent in both North America and Europe.

Marriott (MAR.US) share price bounced off the key support level at $48.36 per share and is heading towards local resisttance level located at $74.33. Source:xStation5

 

JPMorgan Chase (JPM.US) – The bank will temporarily close about 1,000 branches, to help protect employees and reduce the spread of the coronavirus.

Williams-Sonoma (WSM.US) – Williams-Sonoma reported adjusted quarterly earnings of $2.13 per share, 8 cents above estimates, with the housewares retailer also seeing revenue beat forecasts as same-store sales jumped 7.6 percent. Similar to other companies Williams-Sonoma did not provide any forward guidance due to coronavirus-related uncertainty.

Darden Restaurants (DRI.US) – multi branded restaurant operator, which owns Olive Garden beat estimates by a penny with quarterly earnings of $1.89 per share, with revenue also above estimates. Companys sales increased by 2.3%, compared to the consensus Refinitiv estimate of a 1.2 % increase. The company withdraw its forward guidance due to the coronavirus outbreak, said it plans to review its dividend policy as developments warrant. Darden announced that sales for this quarter are down 5.9%.

Darden Restaurants (DRI.US) - after unsuccessful attempt of taking out the major support at $26.93 the share price rebound and is moving towards resistance located at $35.78. Source:xStation5

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