Fresh measures by the Federal Reserve failed to stem the bleeding on Wall Street - Dow fell -582-points or -3.04% to 18,591.93, its lowest level since 9 November, 2016 – the day of President Trump’s election. Boeing Co rebounded +11.2% despite the aerospace giant announcing that it would suspend production at its Puget Sound facilities due to the coronavirus, with the halt is intended to last two weeks beginning 25 March. Goldman Sachs penned a note saying that the company had enough cash to survive the coronavirus downturn and that air travel would eventually return. The broader S&P500 lost -2.93% . General Electric Co fell -6.3% to a 28-year low after the industrial conglomerate said its GE Aviation unit is planning to cut 10% of its US workforce, as the COVID-19 pandemic has led to a “rapid contraction” of air travel. NASDAQ slipped -0.36%. Apple Inc fell -2% to relinquish its title as a trillion US dollar market capitalisation company, leaving Microsoft Inc as the only company to hold the mantle. Applied Materials Inc dipped -0.4% in extended trading (after settling +6% higher in the regular session) after withdrawing its fiscal second quarter guidance because the COVID-19 outbreak is impacting the company’s supply chain and manufacturing operations. All three key index futures had hit their 5% daily limit at the open of trade. The New York Stock Exchange went all-electronic on Monday (23 March), marking the first time the exchange has operated without floor traders.
