Skip to main content

Global stocks decline on virus worries, Wall St decline

Wednesday, March 24, 2021 | Joe Mcdonald, AP Business Writer

People walk past a bank's electronic board showing the Hong Kong share index at Hong Kong Stock Exchange Wednesday, March 24, 2021. Asian stock markets have followed Wall Street lower after European governments extended anti-coronavirus lockdowns, clouding the outlook for economic recovery. (AP Photo/Vincent Yu)

BEIJING (AP) — Global stocks and fell Wednesday after Wall Street declined and European governments extended anti-coronavirus lockdowns, clouding the outlook for economic recovery.

London, Shanghai and Tokyo retreated. Frankfurt was little-changed. U.S. futures were modestly higher.

Overnight, Wall Street gave up most of the previous day's gains as technology, industrial and bank stocks fell.

Investor confidence was shaken after Germany, Europe's biggest economy, and the Netherlands extended lockdowns and imposed new travel and business curbs in response to spikes in infection.

The World Health Organization said the weekly global death toll from the virus is rising again following six weeks of declines. It said the number of new reported cases rose in four of six global regions.

“Investors were left scrambling for life jackets, as it seems we are back navigating the stormy sea of the coronavirus pandemic,” said Stephen Innes of Axi in a report.

In early trading, the FTSE 100 in London fell 0.4% to 6,670.55 while Frankfurt's DAX was up less than 0.1% at 14,662.02. The CAC 40 in Paris lost 0.4% to 5,945.30.

On Wall Street, the future for the benchmark S&P 500 index rose 0.1% and the contract for the Dow Jones Industrial Average future rose 0.2%.

On Tuesday, the S&P 500 fell 0.8% to 3,910.52. The Dow Jones Industrial Average fell 0.9% to 32,423.15.

The Nasdaq, dominated by tech stocks, sank 1.1% to 13,227.70.

In Asia on Wednesday, the Shanghai Composite Index fell 1.3% to 3,367.63 and the Nikkei 225 in Tokyo gave up 2% to 28,405.52. The Hang Seng in Hong Kong sank 2.2% to 27,883.02.

The Kospi in South Korea retreated 0.3% to 2,996.35. The S&P-ASX 200 in Australia gained 0.5% to 6,778.80.

India's Sensex lost 1.2% to 49,443.18. New Zealand and Southeast Asian markets retreated.

Investors are wavering between optimism about coronavirus vaccines that might allow business and travel to return to normal and concern about the pace of recovery.

In Europe, Germany on Tuesday extended anti-virus restrictions by three weeks to April 18 and said travelers arriving from abroad by air must undergo virus tests before boarding their flight. The Netherlands extended its lockdown by three weeks.

That followed similar moves earlier by Italy and France.

Traders also are watching the potential for inflation pressures to pick up after struggling economies were flooded with credit and government spending. That has depressed U.S. bond prices, prompting some to shift money out of stocks.

In Washington, Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell told Congress more must be done to limit economic damage. Powell stressed that he does not expect stimulus programs to trigger inflation.

Bond yields, or the difference between the market price and the payout at maturity, narrowed as prices rose. The yield of the 10-year Treasury note fell to 1.62%, down from last week's level above 1.70%.

That weighed on banks and other financial companies which look to yields as a benchmark for the interest rates they charge on mortgages and other loans. Bank of America fell 2.0% and Wells Fargo dropped 1.9%. American Express slid 2.8%.

In energy markets, benchmark U.S. crude rose 59 cents to $58.35 per barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $3.79 on Tuesday to $57.76 after Germany's lockdown announcement triggered concern demand for industry and travel would decline.

Brent crude, used to price international oils, gained 71 cents to $61.57 per barrel in London. It lost $3.83 the previous session to $60.79.

The dollar declined to 108.53 yen from Tuesday's 108.75 yen. The euro retreated to $1.1821 from $1.1853.

Featured Article: What does a market perform rating mean?

7 Stocks That Still Have Upside For Investors to Buy

It can be fun to invest in some speculative stocks. But it should go without saying that those stocks shouldn’t make up the bulk of your portfolio. In fact, it’s important to find a few good stocks that make up the base of your portfolio. These are momentum stocks that are in a strong uptrend.

One way to find such stocks is to look at the most active stocks (or volume leaders). Shares of these companies are among the most traded or have the highest dollar volume of shares traded in a given trading day.

Any stock may crack this list from time to time (for example, when there’s new news about the company). However, stocks tend to find their way on this list consistently that bear watching. That’s because this list indicates that there is pressure among investors to buy or sell the stock. And that makes an investor’s decision very simple.

And that’s the reason we created this special presentation. The stocks on this list are among the most actively traded stocks on the market today. They also share a similar quality. They are coming off strong years in 2020 and seem to be showing some consolidation for another leg up.

View the "7 Stocks That Still Have Upside For Investors to Buy".

Companies Mentioned in This Article

CompanyMarketRank™Current PricePrice ChangeDividend YieldP/E RatioConsensus RatingConsensus Price Target
Bank of America (BAC)2.4$42.36flat1.70%20.97Buy$37.84
Wells Fargo & Company (WFC)2.0$46.96flat0.85%126.92Buy$40.45
Compare These Stocks  Add These Stocks to My Watchlist 

MarketBeat - Stock Market News and Research Tools logo

MarketBeat empowers individual investors to make better trading decisions by providing real-time financial data and objective market analysis. Whether you’re looking for analyst ratings, corporate buybacks, dividends, earnings, economic reports, financials, insider trades, IPOs, SEC filings or stock splits, MarketBeat has the objective information you need to analyze any stock. Learn more about MarketBeat.

MarketBeat is accredited by the Better Business Bureau

© American Consumer News, LLC dba MarketBeat® 2010-2021. All rights reserved.
326 E 8th St #105, Sioux Falls, SD 57103 | U.S. Based Support Team at [email protected] | (844) 978-6257
MarketBeat does not provide personalized financial advice and does not issue recommendations or offers to buy stock or sell any security.

Our Accessibility Statement | Terms of Service | Do Not Sell My Information

© 2021 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer. Fundamental company data provided by Zacks Investment Research. As a bonus to opt-ing into our email newsletters, you will also get a free subscription to the Liberty Through Wealth e-newsletter. You can opt out at any time.