Why did bank stocks plunge so low today? It has to do with what yields are doing. WilfredFrost breaks it down.
3:15 pm: Gundlach says 'things have to get worse' in the credit market
Stocks are slightly above their lows of the day as we begin the final hour of trading. The Dow is down more than 1900 points, or 7.4%, while the S&P 500 is down 7.2% and the Nasdaq Composite has fallen 6.6%. The Dow is currently on track for its biggest percentage loss since 2008. If the index closes down by more than 7.87%, it'll be the worst day since 1987.after tensions rose between Saudi Arabia and Russia over the weekend, prompting fears of an oversupply. U.S.
"We now expect a 50bp cut, in part because the bond market is already priced for a large move and the FOMC will likely be reluctant to risk further tightening in financial conditions by refusing to deliver. We are also penciling in a final 50bp cut at the April 28-29 meeting," Hatzius said.President Donald Trump said in a
briefly touched an all-time low of 0.318%. Low interest rates can hurt bank's net interest margins. —Stocks reopened after halting for 15 minutes following the S&P 500 hitting a threshold triggering the circuit breaker. The S&P 500 fell more 7%. The Dow Jones Industrial Average fell 1,980 points and the Nasdaq Composite fell 7.3%.
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