Morgans Financial Limited

Morgans AM: Wednesday 26 February 2020


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Coronavirus concerns continued to rattle Wall Street  - Dow down -879-points or -3.10% after gaining ~180-points shortly after the opening bell. Major banks were under pressure amid another sharp drop in Treasury yields. The Dow notched its worst two-session stretch since 5 February, 2018 and posted back-to-back losses of at least 800 points for the first time ever. The broader S&P500 -3.08%, posting back-to-back declines of at least 3% for the first time since November 2008.  Mastercard Incorporated Inc fell -6.71% after the company said Chief Executive Officer Ajay Banga will step down at the start of the next year and be replaced by products head Michael Miebach. Listed rival Visa Inc dropped -5.2%. The technology-centric NASDAQ dropped -3.0%, retreating below <9,000 a day after posting its biggest one-day percentage decline (-3.71%) since 8 February, 2018. United Airlines Holdings Inc fell -6.5% after the carrier rescinded its full year guidance on coronavirus uncertainty.   Walt Disney Co fell -2.4% in extended trading after announcing that Chief Executive Bob Iger is stepping down, taking the role of executive chairman through 2021. Disney's board of directors named Bob Chapek the company's new CEO, effective immediately.
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