The biggest banks in the U.S. moved in unison to conserve cash through the first half of the year. The Financial Services Forum, which represents Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley, State Street, and Wells Fargo, said members would suspend stock buybacks for first quarter and the second quarter due to the virus outbreak.
MARKETS: Global stock markets are plunging as airlines cut service and public facing companies shut their doors. Stocks are down more than 6% after trading resumed on Wall Street following a temporary halt Monday morning. A precipitous decline at the open bell triggered circuit breakers meant to halt panic selling. Markets appear to have stabilized, though the are down by similar percentages around the world.
United Airlines has announced that it will slash 50% of its flying capacity in April and May and warned that the cuts could extend into the peak summer travel season. Even with thousands fewer flights every week, the airline expects its planes to be only 20% to 30% full at best, and March revenue will be down by $1.5 billion.
The international trade group for airlines is imploring governments to provide assistance to carriers. United and Delta have joined that request, but so far no major help has been announced from Washington. Instead, rumours spread over the weekend that the Trump administration was considering grounding all airline flights for up to 30 days to limit further spread of the virus.Shopping binges are out, social distancing is in.
They need to close the markets before panicked traders destroy the economy with short term fear.
Tell that to the bosses, cause we still gotta fuckin work
It's no business at all...