(Bloomberg) --
The global financial meltdown that struck more than a decade ago was followed by the longest market expansion in U.S. history. On Monday, spreading fear in the wake of Covid-19 and Saudi Arabia's decision to launch a price war conspired to deliver a calamitous day for stocks, starting with a 7% plunge and concomitant trading halt. While indexes run red, plunging oil prices could trigger a shift in the economic order. The bull finally looks like he's being pulled offstage, and we all know who is waiting in the wings.
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Here are today's top stories
Goldman Sachs said it expects the Fed to slash interest rates as the U.S. economy stagnates. The bank also sees oil heading toward $20 a barrel.
Congress is crafting legislation aimed at stemming the U.S. economic fallout. Markets haven't been mollified by President Donald Trump's “business-as-usual” strategy, which includes fundraising and golfing while blaming the media.
This is how the new coronavirus can kill you.
Patients with hypertension appear to be at a higher risk of dying from it, according to a top Chinese intensive care doctor.
Governments across the globe are scrambling to beat it back as infections and deaths continue to climb.
Target joined Kroger in limiting purchases of items like hand sanitizer and disinfecting wipes in response to U.S. consumer stockpiling.
It was the Great Recession that taught airlines how to prepare for bad times. Now that Covid-19 is keeping people on the ground, the industry has built a fortress of cash to ride out the storm.
What you'll need to know tomorrow
- How Seattle's Patient Zero spread the disease.
- Monday's market mayhem from oil to credit, in charts.
- Investors are bracing for the bear market debut of ESG.
- Still, Ray Dalio and Lloyd Blankfein say there's opportunity ahead.
- Indeed, health stocks may offer shelter from the maelstrom.
- This hedge fund surged 77% as a short bet on the virus paid off.
- Bloomberg Economics: What the oil plunge means for global growth.
What you'll want to see in Bloomberg Graphics
Mapping the worldwide coronavirus epidemic. Covid-19 cases have surpassed 110,000. In just one month, the outbreak spread from the Chinese city of Wuhan to 100 countries on every continent except Antarctica. Almost 4,000 people have died. In the U.S., the number of infected topped 500 with at least 21 dead, though test kit delays by the federal government have hamstrung state and local assessments of the pathogen's spread across the country.
To contact the editor responsible for this story: Joshua Petri at jpetri4@bloomberg.net
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