Financial Daily Dose 3.11.2020 | Top Story: US Markets Officially Hit Bear Territory as COVID-19 Fallout Continues

Demolition of an old house

Go ahead and put Tuesday, March 11th in the history books. The same day the WHO declared the COVID-19 outbreak as an official pandemic, the US stock market’s 11-year bull run officially came to an end, with the Dow closing 20% below its high from just a month ago. The S&P 500 was right on its heels, down 19% from its own February high – NYTimes and WSJ and Bloomberg and MarketWatch and Marketplace

If Dow futures are any indication, that bear’s going to roar again today – Bloomberg and NYTimes and WSJ

Britain’s response to the crisis has been notable for its near-total abandonment of the austerity ushered in by Margaret Thatcher and embraced by recent Tory governments like David Cameron’s. Instead, PM Johnson appears to be “embracing public money as the pathway to improved fortunes” – NYTimes and WSJ

Here at home, the government has yet to coalesce around a comprehensive economic (or epidemiological) approach, though the White House has added delaying the April 15th tax deadline for most individuals to its list of ad hoc measures to stimulate the troubled economy – WSJ

Boeing will reportedly draw down the “full amount of a $13.8 billion loan as early as Friday” as the planemaker deals with virus-related travel disruptions on top of its ongoing 737Max troubles – Bloomberg and MarketWatch

The Journal dives deeper into Saudi Arabia’s weekend move to tank global oil markets, tying the strategy to international relations (a faltering Saudi relationship with Russia) and political intrigue (the crown prince’s consolidation of power at home) – WSJ

The result? Saudi’s newly promised increase in oil production “to help fight a price war with Russia,” even as other producers “launched attempts to mediate a truce” – WSJ and Bloomberg

Meet Raj Subramaniam, the likely successor to Fred Smith at the helm of FedEx, and the man behind recent decisions at the company to end its relationship with Amazon and “fully embrace online shopping”—all part of his strategic reports that run hundreds of pages long and outline “a new playbook for FedEx” – WSJ

Activist investor Starboard Value LP has nominated a minority slate of directors to the EBay board, the latest move in its battle with the company over its failure to move “quickly enough to sell its online-classified-ads business or make changes to its board” – WSJ

Kudos to the Prado, Madrid’s premiere art museum, which has turned its Instagram feed over to “curatorial superstars and uniformed guards in red scarves” alike for their takes on the priceless masterpieces they observe every day on the job – NYTimes

Be smart and safe out there. And do your part to flatten the curve – NYTimes


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