Last week: Global markets remained volatile this past week as investors continued to monitor developments of the coronavirus. The S&P 500 Index ended the week 1.2% lower. International stocks retreated as well, with developed countries (MSCI EAFE) down 1.2%, and emerging markets (MSCI EM) down about 2% for the week. The minutes from the latest meeting of the Federal Reserve were released last Wednesday. Fed minutes in January cited improving economic activity, continued hiring, and firming inflation. Officials indicated that rates would remain on hold for the time being. This week is full of economic data, highlighted by the U.S. gross domestic product (GDP) report on Thursday, and personal income and consumer spending report on Friday.
Update February 20, 8 a.m. CST. The escalation in cases and the spread of the coronavirus has heightened concerns about an impact on the global economy. Markets across the globe sold off over the weekend on the news. U.S. stock futures indicate an opening of down about 2.5% from the close of last week. Meanwhile, bonds are rallying in a flight-to-safety trade, with the U.S. 10-year Treasury trading at a yield of 1.39%.
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