US equity markets shifted from risk-averse to panic mode amid the coronavirus pandemic. The S&P500 is currently down 7.7%, for a total loss since February of 19%. Circuit breakers briefly halted trading due to the speed of decline at the open. Oil fell another 25%, and the US dollar is lower, while US bond yields rebounded after making fresh record lows.

Sentiment deteriorated further amid ongoing concerns about the economic effects of the coronavirus pandemic. Strong US jobs data was overlooked by markets. The S&P500 fell 1.7%, the Eurostoxx 50 fell 3.9% to a one-year low, US bond yields made fresh record lows, the US dollar fell to a one-year low, and oil plunged 10%.

US equities fell sharply overnight as coronavirus fears intensified following a rise in US cases. The S&P500 is down 3.2%, US bond yields are lower, and the US dollar is lower.

US equities rose overnight following results favouring a more centrist candidate in the US Democratic Party elections. The Bank of Canada’s 50bp rate cut, following the Federal Reserve’s, also helped soothe markets, as did some solid US economic data. The S&P500 is up 2.6%, US bond yields are lower, and the US dollar is higher.

The US Federal Reserve surprised markets with an inter-meeting 50bp rate cut, saying the COVID-19 virus is an evolving risk to the economy. US bond yields and the US dollar fell in response. So too did US equities, the S&P500 currently down 2.7%, perhaps unnerved by the Fed’s emergency move.

Equity markets rallied on signals that major central banks were likely to ease in response to the coronavirus pandemic. The S&P500 is currently up 2.7%, for a two-day gain of 6.0%. Risky currencies and commodities also rose, but bond yields remained depressed given central bank expectations.

Market concern about the coronavirus intensified as the pandemic spread further. The S&P500 closed down 0.8%, although was down 4.1% at one point. Bond yields, risky currencies, and commodities all fell.

Markets remained in risk averse mode, driven by ongoing coronavirus concerns. The S&P500 is currently down 1.3%, but had shed 3.5% at one point. US bond yields fell further, while the US dollar is lower.

US and European equity markets stabilised overnight in the absence of any significant fresh news regarding the coronavirus pandemic. The S&P500 is currently unchanged on the day. US bond yields remained depressed, while the AUD and NZD currencies fell further.

US and European equity markets remained in a risk averse mood overnight, coronavirus uncertainty persisting. The S&P500 is currently down 2.3% on the day, 7.1% over the past four days. US bond yields are also lower, which in turn may have weighed on the US dollar.