B2 N THE NEW YORK TIMES, SATURDAY, APRIL 4, 2020Months36 2510 30
Years240250260270’16 ’18 ’20400500600700800 thousand’16 ’18 ’2090100110120130’16 ’18 ’20345%’16 ’18 ’20024$6 a bushel’12 ’14 ’16 ’18 ’20050$100 a barrel’12 ’14 ’16 ’18 ’200123456%’10 ’15 ’2090100110120’15 ’16 ’17 ’18 ’19 ’201.01.11.2$1.3’15 ’16 ’17 ’18 ’19 ’200123%0123%’19 ’20+1.5
+1.0
+0.5
0.0
–0.5
–1.0
–1.5
–2.0
–2.5
–3.0–3.5Consumer staples %
Real estate
Health care
Energy
Consumer discretionary
Industrials
Information technology
Communication services
Financials
Materials
Utilities+0.5
–0.8
–1.0
–1.3
–1.5
–1.6
–1.7
–2.2
–2.2
–2.3
–3.6- DFA Emerging Markets Core Equity I(DFCEX) –26.3% –2.8% $20.3
- Fidelity Series Emerging Markets Opps(FEMSX) –17.8 +0.7 16.9
- Invesco Oppenheimer Developing Markets Y(ODVYX) –18.2 +0.2 15.2
- DFA Emerging Markets Value I(DFEVX) –32.4 –3.7 12.2
- Vanguard Emerging Mkts Stock Idx Adm(VEMAX) –19.9 –1.6 11.4
- American Funds New World A(NEWFX) –17.2 +0.8 10.3
- DFA Emerging Markets I(DFEMX) –25.0 –2.3 4.8
- Virtus Vontobel Emerging Markets Opps I(HIEMX) –22.5 –2.1 4.7
- Lazard Emerging Markets Equity Instl(LZEMX) –27.1 –4.1 4.5
- DFA Emerging Markets Small Cap I(DEMSX) –30.1 –3.8 4.3
- Carnivl (CCL) $8.49 +6.5% $123.8
- Macy’s (M) 4.81 +8.1 99.5
- GE (GE) 6.73 –2.5 97.6
- Occidental (OXY) 13.00 +1.8 91.6
- Ford Motor (F) 4.24 –2.8 85.5
- American Airl (AAL) 9.39 –6.7 84.7
- A M D ( A M D ) 4 2. 5 9 – 4. 3 7 9. 0
- Marathn Oil (MRO) 3.65 +5.2 69.6
- BofAML (BAC) 20.03 –2.6 68.2
- Carrier Glob (CARR) 16.92 +27.4 66.6
- UTC (RTX) $49.93 –42.0%
- Paycom Softw (PAYC) 165.01 –9.0
- Xerox Hlngs (XRX) 16.90 –8.6
- Foot Locker (FL) 18.32 –8.2
- MGM Resorts I (MGM) 10.58 –8.1
- Discover Finc (DFS) 28.53 –7.9
- Wynn Resorts (WYNN) 48.50 –7.9
- Fortune Bran (FBHS) 35.42 –7.9
- Vulcan Matls (VMC) 99.21 –7.5
- Ralph Lauren (RL) 61.00 –7.5
- Arconic Corp (ARNC) $8.06 +29.8%
- Carrier Glob (CARR) 16.92 +27.4
- Apache (APA) 5.38 +14.7
- L Brands (LB) 11.34 +11.7
- MarketAxess (MKTX) 387.27 +11.5
- Diamondback (FANG) 31.59 +8.7
- Under Armour (UA) 7.48 +8.6
- Macy’s (M) 4.81 +8.1
- Devon Energy (DVN) 8.38 +7.6
- Otis Worldwi (OTIS) 47.32 +7.6
+ 5%0%- 5%
–10%–15%–20%2,2002,4002,6002,8003,0003,2003,400Feb. March+ 5%0%- 5%
–10%–15%–20%6,0007,0008,0009,000Feb. March+ 5%0%- 5%
–10%–15%–20%20,00022,00024,00026,00028,00030,000Feb. March2488.65 1.5% 7373.08 1.5% 21052.53 1.7%Shanghai –0.6%Tok yo + 0.0% Frankfurt –0.5%London –1.2%Toronto –1.2%New York –1.5%$1 = 108.52$1.0800 Unemployment RateNew-home salesConsumer confidenceIndustrial productionRegional and emerging marketsS&P 500 Nasdaq Composite Index Dow Jones industrialsBest performers Worst performers Most activeSector performanceBondsYield curveKey ratesBorrowing rateCrude oilCornSavings rateyen10-year Treas.YESTERDAY1-YE AR AGOFed Funds 2-year Treas.Currencies Consumer rates Commodities EconomyHow stock markets fared yesterday in Asia ... ... in Europe ... and in the Americas.CLOSES&P 500 SECTORSCLOSE CLOSE 1 YR 5 YRSTOTAL RETURNASSETSTOTAL
CHANGE CHANGE CHANGE IN MIL. IN BIL.VOLUMEPOWERED BY
What Happened in Stock Markets YesterdayWhat Is Happening in Other Markets and the Economy
Major stock market indexes6 p.m. E.T. 8 10 12 a.m. 2 4 6 a.m. 8 10 12 p.m. 2 4 6 p.m.Maturity1-year CDs30-year fixed mortgagesS&P 500 COMPANIES S&P 500 COMPANIES S&P 500 COMPANIESSource: Morningstar1 euro =The Digest
The stock market’s first reaction
to Friday’s stunningly bad jobs re-
port was to take it in stride. But
Wall Street slid through the day as
investors looked ahead to the like-
lihood that even worse numbers
are on the way.Stocks initially held steady af-
ter the government said employ-
ers cut 701,000 more jobs than
they added last month, the first
drop in nearly a decade. Many
businesses have been forced to
suspend operations amid at-
tempts to slow the spread of the
coronavirus outbreak, and invest-
ors were fully expecting to see
such abysmal numbers.
But the market headed lower as
the day progressed and, as has be-
come typical in recent Fridays, in-
vestors looked to get out of stocks
ahead of the weekend, which
could be filled with even more bad
news. The losses accelerated after
Gov. Andrew M. Cuomo of New
York announced the biggest daily
jump yet for deaths caused by the
coronavirus in the country’s hard-
est-hit state.
The S&P 500 fell 38.25 points, or
1.5 percent, to 2,488.65. The Dow
Jones industrial average fell
360.91 points, or 1.7 percent, to
21,052.53, and the Nasdaq was
down 114.23, or 1.5 percent, to
7,373.08. Small-company stocks
fell far more than the rest of the
market. The Russell 2000 index
lost 33.76 points, or 3.1 percent, to
1,052.05.
Potentially scary events on the
calendar include Thursday’s
weekly report on applications for
unemployment benefits, which
has been the closest thing to a
real-time measure of how fero-
ciously layoffs have swept the
country. Companies will also soon
begin reporting their profit results
for the first three months of the
year, with reporting season begin-
ning in earnest in two weeks. Next
month’s jobs report may even
show the economy has wiped
away the last of the 22.8 million
jobs created during its nearly dec-
ade-long hiring streak.
Friday’s jobs report likely didn't
fully capture the extent of the re-
cent job losses, which have beenaccelerating by the day, because it
collected data from before stay-at-
home orders were widespread.
“There is far worse to come,”
said Eric Winograd, a senior econ-
omist at AllianceBernstein.
Most of all, investors will be
watching the number of new coro-
navirus cases. Only the peak in
that can give some clarity on how
long the economic downturn will
last and how deep it will be.
The S&P 500 is down 26.5 per-
cent since its record set in Febru-ary, reflecting the growing as-
sumption that the economy is set
to slide into a sudden, extremely
sharp recession.
The panic selling that domi-
nated the first few weeks of the
sell-off has eased a bit since Wash-
ington unleashed massive
amounts of aid to help markets
and the economy. The Federal Re-
serve has promised to buy as
many Treasury securities as it
takes to keep lending markets
running smoothly, and Congress
approved a $2.2 trillion rescue
plan for the economy.
This past week, the S&P 500 lost
2.1 percent, a milder swing than
the 10.3 percent surge and 15 per-cent drop of the prior two weeks.
The number of confirmed coro-
navirus cases worldwide has
topped 1 million, led by the United
States with more than 236,000, ac-
cording to a tally by Johns Hop-
kins University. More than 58,000
people have died, but over 225,000
have recovered.
Businesses that were just hang-
ing on before the outbreak be-
cause of the then-strong economy
may not survive. Retail chains
and malls in particular are under
threat, said Peter Essele, the head
of portfolio management for Com-
monwealth Financial Network.
“It’s a bit of a brush fire that
we’re going to get,” he said. “The
strong will survive on the other
end of this.”
Markets got a bit of a lift on Fri-
day from another gain in oil
prices. Benchmark U.S. crude
climbed 11.9 percent to $28.34 per
barrel, adding on to its nearly 25
percent surge the prior day on ex-
pectations that Saudi Arabia and
Russia may dial back their price
war. Brent crude oil, the interna-
tional standard, rose $4.17 to
$34.11 a barrel.
The world is awash in oil as de-
mand for energy collapses, and
President Trump said on Thurs-
day that the rivals may be close to
cutting back on production to prop
up oil’s price. Whether oil-pro-
ducing countries actually follow
through only adds another layer
of uncertainty for the market.Investors Bail After an Abysmal Jobs Report
By The Associated PressThe S & P 500 Index
Position of the S & P 500 index at 1-minute intervals on Friday.Source: Reuters THE NEW YORK TIMES2,4602,5402,4802,5002,52010 a.m. Noon 2 p.m. 4 p.m.Previous close
2,526.90STOCKS & BONDSA labor market loses
more than 701,000
positions in March.
10-YEAR TREASURY YIELD0.62%
–0.01 pointsCRUDE OIL (U.S.)$28.34
+$3.02S&P 500 INDEX–1.51%
2,488.65DOW JONES INDUSTRIALS–1.69%
21 ,052.53NASDAQ COMPOSITE INDEX–1.53%
7,373.08GOLD (N.Y.)$1,633.70
+$8.00INTERNATIONAL
China to Look Into Claims
Of Fraud at Luckin Coffee
China’s securities regulator said
on Friday that it would investigate
claims of fraud at Luckin Coffee
and sources said some of the
banks involved in the Chinese
chain’s successful U.S. initial pub-
lic offering last year were review-
ing their work in the listing.
Shares of Luckin, which com-
petes in China with Starbucks,
sank 81 percent on Thursday after
it announced an internal investi-
gation had shown its chief operat-
ing officer and other employees
fabricated sales deals.
The company said it had sus-
pended its chief operating officer,
Jian Liu, and employees reporting
to him following initial recommen-
dations from a special committee
that was appointed to investigate
issues in its financial statements
for the fiscal year that ended Dec.
31, 2019.
The China Securities Regula-
tory Commission said on Friday
that it would investigate the case
in line with any international in-
vestigation and strongly con-
demned any financial misconduct.
Luckin shares tumbled to $6.40
by the end of Thursday trading
from $26.2 at Wednesday’s close,
wiping out about $5 billion in mar-
ket capitalization. The stock
closed down at $5.38 on Friday.
REUTERSINTERNATIONAL
JPMorgan to Raise Stake
In China Venture to 100%
JPMorgan has reached an agree-
ment with its Chinese partner to
increase its stake in its Chinese
mutual fund venture to 100 per-
cent, joining BlackRock and Neu-
berger Berman to grow its pres-
ence in the world’s second-biggest
economy.
The U.S. firm’s asset manage-
ment arm expects to proceed with
the required processes to com-
plete the transaction to take full
ownership of China International
Fund Management Co., including
seeking approval from the China
Securities Regulatory Commis-
sion, according to a statement
from JPMorgan Asset Manage-
ment on Friday. It did not provide
financial details of the deal.
The move comes as China con-
tinues to open its financial sector
to foreigners after its economy
was battered by the coronavirus
pandemic. The regulatory com-
mission said on Wednesday that it
has accepted applications from
BlackRock and Neuberger
Berman to set up fully-owned mu-
tual fund units in China as the
country scraps foreign ownership
caps in the sector on April 1 as
planned. REUTERSECONOMY
Service-Sector Growth
Slows Down in March
Growth in the U.S. service sector
slowed in March, with a much big-
ger decline expected in coming
months because of efforts to con-
tain the coronavirus.
The Institute for Supply Man-
agement said on Friday that its
service-sector index slowed to
52.5 in March from a reading of
57.3 in February. Any reading
above 50 indicates the service sec-
tor, where most Americans work,
is expanding. But with record lay-
offs over the past two weeks, econ-
omists believe the index will enter
contraction territory in April.
The March report said service
industries were already showing
signs of the impact of the virus.
Reports from the health care sec-
tor found major shortages of per-
sonal protective equipment and
other basic medical supplies. A.P.JASON LEE/REUTERS