Stocks deepen losses in brutal session despite central bank stimulus12-Mar-20Dow -2352.60 at 21200.72, Nasdaq -750.25 at 7201.81, S&P -260.74 at 2480.64 [BRIEFING.COM] Each of major indices dropped more than 9% on Thursday, as new stimulus measures from central banks failed to stir confidence among investors without a meaningful fiscal response from Washington. The Russell 2000 (-11.2%) led the retreat, followed by the Dow Jones Industrial Average (-10.0%), S&P 500 (-9.5%), and Nasdaq Composite (-9.4%) with each closing down more than 25% from prior highs. For the second time this week, the S&P 500 triggered a 15-minute trading halt after falling by 7.0% shortly after the open following more economic disruptions caused by the coronavirus. Notable ones included President Trump suspending travel from most European countries for 30 days and major sports leagues in the U.S. suspending their 2019-2020 seasons. Few asset classes were safe today. The S&P 500 sectors lost between 7.4% (health care) and 12.3% (energy). WTI crude fell 4.3%, or $1.43, to $31.57/BBL. Gold futures fell 3.2% to $1589.80/OZT. The 2-yr yield was unchanged at 0.49%, and the 10-yr yield increased three basis points to 0.85% amid selling pressure. The U.S. Dollar Index rose 0.8% to 97.25. Notably, the benchmark index cut its intraday decline to 2.9% after the New York Fed announced repurchase operations totaling more than $1.5 trillion, while stocks in Europe accelerated losses following a lackluster ECB response. The ECB didn't cut its key policy rates, and instead announced additional net asset purchases through the end of the year with additional longer-term refinancing operations. While it's encouraging that central banks are committed in ensuring ample liquidity in these disastrous trading conditions, it's unlikely that the measures will boost consumer confidence. Elsewhere, the reported disagreements within the White House regarding a stimulus plan only exacerbated the dire mood on Wall Street. Progress is reportedly being made, though, with the U.S. Senate to remain in session next week instead of going on recess. President Trump is expected to sign a declaration to unlock more funding to fight the COVID-19, according to Politico. The market wants strong and immediate action, as well as signs that the coronavirus situation will get better. The CBOE Volatility Index, which is commonly referenced as a fear gauge, surged 40.0% to 75.47-- its highest level since the financial crisis -- as investors rushed for more protection against further equity weakness. Reviewing Thursday's economic data: The Producer Price Index for February declined 0.6% m/m (Briefing.com consensus -0.2%) while core PPI, which excludes food and energy, declined 0.3% (Briefing.com consensus 0.1%). That left the yr/yr readings at 1.3% and 1.4%, respectively.The key takeaway from the report is that it was weighed down sharply by the decline in energy prices, which was prominent in final demand goods, processed goods for intermediate demand, and unprocessed goods for intermediate demand.Initial jobless claims decreased by 4,000 for the week ending March 7 to 211,000 (Briefing.com consensus 218,000). Continuing claims for the week ending February 29 decreased by 11,000 to 1.722 million.The key takeaway from the report is that the good news in it will be overlooked, as subsequent developments suggest there will be a tide of rising initial claims in coming weeks. Looking ahead, investors will receive the preliminary University of Michigan Index of Consumer Sentiment for March and Export and Import Prices for February on Friday. Nasdaq Composite -19.7% YTDS&P 500 -23.2% YTDDow Jones Industrial Average -25.7% YTDRussell 2000 -32.7% YTD Market Snapshot Dow21200.72-2352.60(-9.99%)Nasdaq7201.81-750.25(-9.43%)SP 5002480.64-260.74(-9.51%)10-yr Note -14/320.862NYSEAdv 75 Dec 2788 Vol 2.2 blnNasdaqAdv 187 Dec 3166 Vol 5.0 bln Industry Watch Strong: noneWeak: Energy, Industrials, Financials Moving the Market -- Stock market down nearly 8%-- New York Fed and ECB announce new stimulus measures, but investors still await fiscal stimulus -- Economic slowdown concerns heightened after President Trump suspends travel from Europe for 30 days, NBA suspends season-- 15-minute stoppage after S&P 500 falls 7.0% for second time this week-- Few asset classes safeECONOMIC EVENTS: In the U.S., initial jobless claims fell -4k to 211k in the week ended March 7. The headline Producer Prices Index dropped 0.6% in February, with the core rate sliding 0.3%, surprising on the downside. In Europe, the ECB announced what it called "a comprehensive package of monetary policy measures," but also decided the interest rate on its main refinancing operations and the interest rates on its marginal lending facility and the deposit facility will remain unchanged. TOP NEWS: Boeing ($BA) shares have continued to be hit by the news that has been hurting its end customers, with the latest being the European travel quarantine that President Trump has enacted on travelers from the region into the U.S. as well as Italy shutting down its borders to incoming visitors. Meanwhile, the shares may be seeing added pressure due to a downgrade as JPMorgan analyst Seth Seifman cut his rating on the stock to Neutral from Overweight with a price target of $210, down from $370. The analyst admits that his desire to "hang in" with Boeing until the return of the 737 MAX has worked out poorly, adding that without clarity on how COVID-19 will affect aircraft demand over the next year, he lacks conviction in recommending shares of Boeing. Airline shares themselves are being hit hard again today, as American Airlines ($AAL), Delta Air Lines ($DAL), JetBlue ($JBLU), Southwest ($LUV), Spirit Airlines ($SAVE) and United Airlines ($UAL) all see steep declines. Another hard hit group, the cruiselines, is suffering through additional pressure after Carnival's ($CCL) Princess Cruises announced that it will voluntarily pause global operations of its 18 cruise ships for two months, impacting voyages departing March 12 to May 10, due to the global spread of COVID-19. MAJOR MOVERS: Among the noteworthy gainers was Vir Biotechnology ($VIR), which rose 10% after it signed a letter of intent to collaborate with Biogen ($BIIB) on antibodies to treat COVID-19. Also higher was Inovio ($INO), which gained 13% after it received a $5M grant to accelerate a coronavirus vaccine delivery device. Among the notable losers was Sasol ($SSL), which declined 23% after it announced actions to strengthen its balance sheet following the sharp drop in oil prices. Also lower were Rubius Therapeutics ($RUBY) and Hudson ($HUD), which fell 45% and 24%, respectively, after reporting quarterly results. In addition, Zagg ($ZAGG) shares dropped 44% after the company reported downbeat quarterly results and suspended its review of strategic alternatives, saying it was unable to finalize a definitive offer at a price that was not significantly below the current trading levels. Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page.