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S&P 500 plunges 7% in minutes, trading halted marketwide as financial contagion worsens – Business Insider

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5 years ago

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  • The US stock market plunged as much as 7% immediately after regular trading began on Monday, prompting the first halt since the depths of the financial crisis in December 2008.
  • The losses came amid a raging global oil-price war and continued fallout from the coronavirus.
  • All three major US indices tanked as investors mulled the oil markets chaos between Saudi Arabia and Russia.
  • The virus’s rising US death toll prompted new fears of an economic slowdown. Coronavirus is so far responsible for 21 deaths and 554 infections throughout the US.
  • Watch major indices update here.

Stocks plummeted 7% at Monday’s market open, prompting the first market-wide trading halt since the depths of the financial crisis in December 2008. The losses came as an oil price war and the escalating coronavirus hammered risk assets from all sides.

The three major US indices declined as equities investors digested the weekend’s oil market news for the first time. The commodity tanked the most since 1991 on Monday morning after Saudi Arabia’s surprise price cuts kicked off a production war with Russia. The move follows Russia’s refusal to curb oil production on Friday to prop up the coronavirus-rattled market.

Coronavirus concerns continued to weigh on investors as outbreaks grew in New York, California, and Florida, among other states. The US death toll now stands at 21 people, and the recent surge in confirmed cases could stifle economic activity by weakening consumer spending behavior.

The coronavirus has so far killed more than 3,800 people and infected more than 110,000.

Here’s where major US indexes stood as 9:50 a.m. ET:

Read more: ‚Much worse than 2008‘: An expert who foresaw the dot-com crash warns the stock market’s recent turmoil has kicked off another full-blown financial crisis

The negative open extends the stock market sell-off into its third week. Equities tanked for seven days in a row to close out February as fears of coronavirus‘ economic toll caught up with stocks‘ lofty valuations. Risk assets recovered in March’s first trading session before intense price swings saw the market close Friday having erased nearly all month-to-date gains.

Central banks around the world issued emergency stimulus to counteract any economic hit caused by the outbreak.

Now read more markets coverage from Markets Insider and Business Insider:

Stocks are fresh off their most chaotic week since 2011. Here’s why the market is so confused about what’s next.

Cruise giant Carnival has seen its market value plunge by nearly 50% since the coronavirus outbreak started

Internal memos from 2 major Manhattan brokerages reveal their coronavirus precautions. One isn’t seeing an impact on open houses – yet.

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Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

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November 5, 2024

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TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

The Canadian Press. All rights reserved.

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Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

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November 5, 2024

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ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

The Canadian Press. All rights reserved.

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Thomson Reuters reports Q3 profit down from year ago as revenue rises

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November 5, 2024

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TORONTO – Thomson Reuters reported its third-quarter profit fell compared with a year ago as its revenue rose eight per cent.

The company, which keeps its books in U.S. dollars, says it earned US$301 million or 67 cents US per diluted share for the quarter ended Sept. 30. The result compared with a profit of US$367 million or 80 cents US per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled US$1.72 billion, up from US$1.59 billion a year earlier.

In its outlook, Thomson Reuters says it now expects organic revenue growth of 7.0 per cent for its full year, up from earlier expectations for growth of 6.5 per cent.

On an adjusted basis, Thomson Reuters says it earned 80 cents US per share in its latest quarter, down from an adjusted profit of 82 cents US per share in the same quarter last year.

The average analyst estimate had been for a profit of 76 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:TRI)

The Canadian Press. All rights reserved.

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