U.S. stocks edged lower; Q2 GDP rose more than expected, Nvidia disappoints
March 16 (Reuters) - The S&P 500 tumbled 8% at opening on
Monday, triggering an automatic 15-minute halt of Wall Street's
three main indexes for the third time in six days, as traders
reacted to drastic weekend measures from the Federal Reserve to
stave off a global recession.
The second emergency cut in interest rates by the U.S.
central bank in a fortnight only added to the sense of panic
among investors, worried that the coronavirus pandemic is
paralyzing supply chains and squeezing company finances.
Latest economic figures from China earlier on Monday showed
factory data plunging at its sharpest pace in three decades,
underscoring the damage on the world's second biggest economy.
At 9:30 a.m. ET the Dow Jones Industrial Average .DJI was
down 2,250.46 points, or 9.71%, at 20,935.16, the S&P 500 .SPX
was down 220.55 points, or 8.14%, at 2,490.47 and the Nasdaq
Composite .IXIC was down 482.15 points, or 6.12%, at 7,392.73.
If the S&P 500 falls 13% once trading resumes, it will
trigger a level-2 circuit breaker and halt trading again for 15
minutes.