US equity markets slumped, shrugging off the Federal Reserve’s announcement of a huge monetary stimulus campaign - Dow tumbled 2,999-points or -12.93% - the worst session since ‘Black Monday in 1987 (when the index fell over >22%) and leaving the index 31.7% below its all time high. The broader S&P500 -11.98% to 2,386.13 and hitting its lowest level since December 2018. A circuit breaker was once again triggered shortly after the market open when the index fell -8%. NASDAQ -12.42%, logging its worst single day percentage decline ever. The major averages fell to their lows into the close after President Trump said the worst of the outbreak could last until July or August. Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, clarified President Trump’s remarks in saying that “The guidelines are a 15 day trial guideline to be reconsidering. It isn’t that these guidelines are going to be in effect until July. What the president was saying is that the trajectory of the outbreak may go until then.” President Trump was also asked by a reporter if the US was heading into recession and responded: "It may be. I think there is tremendous pent up demand in terms of the stock market and economy. Once we are done with it, you are going to see a tremendous surge".