Day Ahead: Top 3 Things to Watch for March 12
Investing.com
Published Mar 11, 2020 17:55
By Kim Khan
Investing.com - As the World Health Organization officially declared Covid-19 an epidemic, the Dow officially closed in bear market territory, down 20% from recent highs.
There was late buying to support the broader market slightly today, but there’s little doubt now stocks will keep sliding until investors can really get their arms around how much impact this disease will have.
That means virus-related headlines will be setting the tone of trading again, which are coming apace. Less than an hour after the close of trading Italy announced it would be closing all shops except groceries and pharmacies. In the U.S., the NCAA announced its March Madness basketball tournament would be played without spectators.
3. Wholesale Inflation on Tap
On the economic calendar there’s more inflation data to be had, although it's again looking a little stale for the current market-moving crowd.
The Labor Department will issue the latest producer price index (PPI) at 8:30 AM ET (12:30 GMT).
Economists expect that the February PPI fell 0.1%, compared with a rise of 0.5% the month before, according to forecasts compiled by Investing.com.
The core PPI, which excludes volatile food and energy prices, is expected to have risen 0.1%.
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Written By: Investing.com
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