Fubotv earnings beat by $0.10, revenue topped estimates
(Updates to midday U.S. trading)
By David Randall
NEW YORK, March 31 (Reuters) - Global stock markets edged
higher on Tuesday as investors assessed the economic damage from
the coronavirus pandemic, while the MSCI benchmark of world
equities was on pace to finish its worst quarter since the
financial crisis of 2008.
Stocks have rallied since the start of last week but remain
down more than 20% since the start of the year. European
equities finished their worst three months since 2002, while
Britain's FTSE index posted its largest quarterly drop since
1987.
The U.S. benchmark S&P 500 is set for its worst first
quarter since 1938.
MSCI's gauge of stocks across the globe .MIWD00000PUS
gained 0.64% following modest gains in Europe and steep declines
in Asia. The index is down 21% for the quarter.
In mid-day trading on Wall Street, the Dow Jones Industrial
Average .DJI rose 84.68 points, or 0.38%, to 22,412.16, the
S&P 500 .SPX gained 7.59 points, or 0.29%, to 2,634.24 and the
Nasdaq Composite .IXIC added 54.03 points, or 0.69%, to
7,828.18.
The Dow had been down by more than 200 points earlier in the
day, suggesting that some investors were bargain-hunting or were
rebalancing their portfolios at quarter's end.
"Stocks have been on a wild ride ... (and) not surprisingly,
investors are split on whether to lean into or fade the current
rally," said Jonathan Golub, chief U.S. equity strategist at
Credit Suisse Securities in New York.
The number of coronavirus infections globally is heading
toward 800,000. Deutsche Bank analysts noted, however, that for
two consecutive days, the global growth in new cases was below
10%, after exceeding that for most of the past two weeks.
Health officials are much more cautious. A World Health
Organization official warned on Tuesday that even in the
Asia-Pacific region, the epidemic was "far from over."
Government bond yields rose slightly, with U.S. benchmark
10-year notes US10YT=RR down 5/32 in price to yield 0.6852%,
from 0.671% late on Monday.
"In spite of the significant sell-off of most
growth-oriented assets since mid-February, we are concerned
there is further downside ahead," said Salman Baig, an
investment manager at Unigestion.
"The violent market action should not be understated, but
the underlying cause – an accelerating pandemic requiring large
parts of the economy to shut down – is still with us."
Oil prices rose off the 18-year lows hit on Monday after the
United States and Russia agreed to talks to stabilize energy
markets.
Crude prices have been hit by a double whammy, with U.S.
crude at one point falling below $20 a barrel on Monday, as a
results of the virus outbreak cutting demand worldwide and Saudi
Arabia's price war with Russia.
Brent crude LCOc1 was up 65 cents, or 2.86%, at $23.41 a
barrel, after closing on Monday at $22.76, its lowest finish
since November 2002. nL4N2BO131
U.S. crude Clc1 climbed 5.6%, to $21.38 a barrel, after
closing Monday at $20.09, its lowest since February 2002.
The dollar, measured against a basket of currencies,
strengthened 0.4% to 99.652 =USD .
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