Wall Street tumbles on lackluster earnings, economic data

Wall Street tumbles on lackluster earnings, economic data

Wall Street tumbles on lackluster earnings, economic data

Traders are also bracing for a sobering first look this week at how the outbreak has hurt corporate America.

Canada's main stock index resumed its climb in a broad-based rally despite another drop in crude oil prices since the USA brokered a supply cut deal. Hong Kong shares were little changed after reopening from a holiday. After market close, the U.S. Treasury announced preliminary agreements to provide at least 10 U.S. airlines with access to billions of dollars in funds to help support the carriers as demand - and revenues - drop off.

Shares of both banks gained early onTuesday, part of a broad-based rally that lifted all 11 sectors of the S&P 500.

European Union and USA federal officials are drafting plans to lift restrictions in an effort to mitigate the economic devastation, even as global virus infections edge closer to the 2 million mark.

With earnings season kicking off in earnest this week, investors will be hoping to get a better sense of how bad the hit to global profits could be as the coronavirus upends the world's economies.

"It's really going to be about forward guidance", Erin Gibbs, president and CEO at Gibbs Wealth Management LLC, said on Bloomberg TV.

"When you look at the facts, I think there's reason to be more hopeful than we have been", CNBC's Jim Cramer said.

While the number of cases of the coronavirus continues to mount, with data from Johns Hopkins University showing there are more than 1.9 million cases around the world, including over 582,000 in the USA, analysts and politicians are expressing a more optimistic perspective.

The S&P 500 Index pared losses after dropping as much as 2.5%, with gains in consumer discretionary, technology and communication companies offsetting declines in other major groups. NY time.The MSCI Asia Pacific Index fell 0.3%.The MSCI Emerging Market Index declined 0.5%.

Oil prices came under renewed pressure, with USA benchmark West Texas Intermediate falling below US$20 per barrel, the lowest level since 2002.

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