Stocks extend losses after Senate fails to advance stimulus billDow -582.05 at 18591.99, Nasdaq -18.84 at 6860.03, S&P -67.52 at 2237.40 [BRIEFING.COM] The S&P 500 fell 2.9% on Monday in another volatile session, as disappointment over the Senate's inability to advance its stimulus bill outweighed the unprecedented stimulus measures announced by the Fed. The Dow Jones Industrial Average declined 3.0%, the Russell 2000 declined 1.1%, and the Nasdaq Composite declined just 0.3%. Selling was mostly broad-based with ten of the 11 S&P 500 sectors finishing lower, particularly the energy (-6.7%) and financials (-6.1%) sectors. The exceptions were the S&P 500 consumer discretionary sector (+0.4%) and Philadelphia Semiconductor Index (+3.4%). Today's action started last night when futures hit limit down after the Senate failed to gather enough procedural votes for its stimulus bill. Losses were later trimmed on some cautious optimism that another vote for a revised plan would fare better today, but the real move came after the Fed's stimulus announcement sent futures into the green. Briefly, the Fed lifted the $700 billion cap on its purchases of Treasury and agency mortgage-backed securities and said it will buy "in the amounts needed." In addition, the central bank established new credit facilities and said it will be buying investment-grade corporate bonds, municipal debt, and U.S.-listed exchange ETFs for investment grade corporate bonds. Despite the Fed's efforts to support the system and prevent confidence from eroding further, investors continued to sell into strength, leaving the S&P 500 down 4.9% at its low. The disappointing price action suggested that the market was signaling Washington to get its act together and approve a long-awaited stimulus plan for Americans and businesses. The S&P 500 did battle back to just below its flat line heading into the second procedural vote in the afternoon, but the rebound effort was squandered after it failed again. Senate Majority Leader McConnell (R-KY) said that procedural delays could push another vote out to Friday, which is a long time for an impatient market. In the meantime, confirmed cases of the coronavirus continued to surge while more states enacted stay-at-home orders to curb its spread. General Electric ($GE 6.11, -0.41, -6.3%) was among the latest high-profile companies to announce temporary layoffs, specifically 10% of its aviation workforce, due to the virus sapping demand for its business. Boeing ($BA 105.62, +10.61) shares rose 11.2% in a reprieve from the heavy selling endured over the past month. Today, the company suspended production operations at its Puget Sound area facilities for 14 days, suspended its dividend, and extended its pause of any share repurchasing until further notice. Before the open, though, Goldman Sachs upgraded BA to Buy from Neutral. U.S. Treasuries finished higher amid the continued weakness in equities and the latest actions from the Fed. The 2-yr yield fell eight basis points to 0.29%, and the 10-yr yield fell 17 basis points to 0.76%. The U.S. Dollar Index declined 0.3% to 102.48. WTI crude rose 3.8%, or $0.86, to $23.49/BBL. Investors did not receive any notable economic data on Monday. Looking ahead, investors will receive New Home Sales for February on Tuesday. Nasdaq Composite: -23.5%S&P 500: -30.8%Dow Jones Industrial Average: -34.9%Russell 2000: -39.9% Market Snapshot Dow18591.99-582.05(-3.04%)Nasdaq6860.03-18.84(-0.27%)SP 5002237.40-67.52(-2.93%)10-yr Note +8/320.770NYSEAdv 665 Dec 2263 Vol 1.6 blnNasdaqAdv 1322 Dec 1998 Vol 4.3 bln Industry Watch Strong: Consumer Discretionary, Communication ServicesWeak: Financials, Energy Moving the Market -- Stocks extend rout after Senate fails to get enough votes to advance stimulus bill; another vote might be delayed to Friday-- Fed announces extensive stimulus measures, including unlimited purchases of Treasury and agency MBS if needed-- Broad-based selling, although consumer discretionary sector did close higherECONOMIC EVENTS: The Federal Reserve said it is "committed to using its full range of tools to support households, businesses, and the U.S. economy overall in this challenging time." In order to "provide powerful support for the flow of credit to American families and businesses," the Federal Open Market Committee will purchase Treasury securities and agency mortgage-backed securities "in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy," the central bank committed. In addition, the FOMC will include purchases of agency commercial mortgage-backed securities in its agency mortgage-backed security purchases and is establishing new programs that, taken together, will provide up to $300B in new financing for employers, consumers, and businesses. In U.S. data, the Chicago Fed national activity index rose 49 points to 0.16 in February. In Capitol Hill news, the Senate failed to gather enough votes to advance an economic stimulus bill, according to media reports. Senate Minority Leader Chuck Schumer has warned that a deal would not pass until Republicans agreed to key changes, noting that talks would continue even while the Senate took the procedural vote. CNBC noted that Senate Democrats have criticized the $500B fund that the Republican proposal sets aside for distressed companies, referring to it as a bailout fund "with no strings attached." Meanwhile, the latest data from the Johns Hopkins Whiting School of Engineering shows there are now 372,563 cases of COVID-19 and 16,381 deaths. Additionally, the governors of Maryland, Wisconsin, and Massachusetts all issued stay-at-home orders for non-essential workers amid the coronavirus pandemic. The moves follow similar decisions made in recent days by the governors of New York, California, New Jersey and several other states. TOP NEWS: Boeing (BA) shares closed 11.2% higher after the company announced the temporary suspension of production operations at its Puget Sound area facilities in light of the coronavirus pandemic. The news comes after the company said on Friday that it would suspend its dividend until further notice and will extend its pause of any share repurchasing until further notice. Of note, Boeing said that 32 of its employees have tested positive for the virus, including 25 in the greater Seattle area. General Electric (GE) Chairman and CEO H. Lawrence Culp, Jr. said GE Aviation is "announcing several steps that, while painful, preserve our ability to adapt as the environment continues to evolve." GE Aviation will reduce approximately 10% of its total U.S. workforce and there will be a temporary lack of work impacting approximately 50% of its U.S. maintenance, repair and overhaul employees for 90 days. Meanwhile, Culp and some other executives will forgo pay and other GE businesses and Corporate "will need to adjust," the executive said in message to employees that was also shared publicly. CVS Health ($CVS) said it is "embarking on the most ambitious hiring drive in the company's history," with plans to immediately fill 50,000 full-time, part-time and temporary roles across the country. Many roles will be filled by existing CVS Health clients who have had to furlough workers, including Hilton ($HLT) and Marriott (MAR), the company noted. Moderna's ($MRNA) CEO Stephane Bancel said that its experimental vaccine for COVID-19 could be available to a select few, such as healthcare workers, in the fall of 2020. This comes as the Food and Drug Administration and the National Institutes of Health slash red tape to expedite research as the deadly outbreak of the novel coronavirus continues worldwide. Over the weekend, Stephen Hoge, President of Moderna, appeared in an interview on the television program "60 Minutes" and discussed the company's work on mRNA-1273. Also present during the "60 Minutes" interview, Senior Vice President of Research and Development at Inovio Pharmaceuticals ($INO) Kate Broderick said that, "We're hoping to have our vaccine tested in what we call a large, phase two trial by the end of the year, which would be potentially hundreds, if not thousands, of subjects being treated. But to have it rolled out to the public is likely to take longer than that." Meanwhile, shares of Comcast ($CMCSA) closed 2.4% lower after Veteran International Olympic Committee member Dick Pound told USA TODAY Sports that the 2020 Tokyo Olympic Games will be postponed, likely to 2021, in light of coronavirus concerns. Comcast previously has said that its upcoming streaming service Peacocok would feature live coverage of the 2020 Olympics. MAJOR MOVERS: Among the noteworthy gainers was Latam Airlines ($LTM), which rose 4.9% after Raymond James analyst Savanthi Syth upgraded the stock to Outperform from Market Perform. Also higher was Hasbro (HAS), which gained 12.5% after CEO Brian Goldner said in an interview on CNBC that the company is in "really good financial position" and that he doesn't foresee making any layoffs due to the coronavirus outbreak. Among the notable losers was Signet Jewelers ($SIG), which slid 24.5% after it said it would temporarily close all North America stores and said it would not provide Q1 or FY21 guidance. Also lower was Altria Group ($MO), which fell 8.5% after the tobacco giant said in a note to employees dated Thursday that CEO Howard Willard has been diagnosed with the coronavirus. Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. 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