Stock market live updates: Dow’s worst first quarter ever, S&P 500’s worst month since ’08


View of New York Stock Exchange, Wall Street on March 23, 2020 in New York City.

Angela Weiss | AFP | Getty Images

This is a live blog. Check back for updates.

8:21 am: Payment volume falls in March for U.S. and cross-border, Visa says

Shares of Visa moved slightly lower on Tuesday morning after the company released updated information for its first and second quarters. U.S. payments volume was down 4% for the first four weeks of March, compared with last year, but the volume for the first quarter was still up 9%. Cross-border volume has taken a much bigger hit during the coronavirus crisis, down 19% in March. The payments company said it expects net revenue to grow in the mid-single digits in the second quarter. The stock has held up better than the broader market during 2020, down just 11% for the year. —Pound

8:12 am: Domino’s Pizza withdraws 2020 guidance

Shares of the pizza chain Domino’s sunk more than 7% in premarket trading on Tuesday after the company withdrew its 2020 financial guidance. “Due to the current uncertainty surrounding the global economy and the Company’s business operations considering COVID-19, the Company is withdrawing its fiscal 2020 guidance measures related to general and administrative expenses, capital expenditures, store food basket pricing and the impact of foreign currency on royalty revenues,” the company said. Domino’s has kept many U.S. locations open during the pandemic but many international stores remain closed. —Fitzgerald

8:04 am: Coronavirus update: Global cases exceed 800,000

The coronavirus continues to spread across the globe, with cases worldwide topping 800,000, according to Johns Hopkins. Global deaths reached more than 38,000. Infections in the U.S. amount to more than 164,000 and deaths in America rose about 3,000. Spain’s death toll reached 8,189, up from 7,340 the day before, the country’s health ministry said. Iran’s death toll from coronavirus has reached 2,898, with 141 deaths in the past 24 hours, the country’s health ministry spokesman Kianush Jahanpur told state TV, Reuters reported. —Fitzgerald

7:45 am: Oil jumps after falling to lowest level in nearly two decades

Oil prices jumped on Tuesday, one day after dropping to the lowest level since 2002. U.S. West Texas Intermediate crude gained 7.8%, or $1.57, to trade at $21.66 per barrel, while international benchmark Brent crude rose 4.22% to $23.72 per barrel. WTI is on track for its worst month ever after falling 55%, as crude continues to get hit on both the demand and supply side. The coronavirus outbreak, which has halted travel and slowed business activity, has weighed on demand, while a price war between Saudi Arabia and Russia means the market could soon be flooded with excess oil. The OPEC+ production cuts currently in place expire today, and Saudi Arabia is among the nations that has said it will ramp up production. Amid oil’s decline, on Monday U.S. President Donald Trump and Russian President Vladimir Putin held a phone call in which they agreed to have top officials from both countries discuss slumping prices, according to a report from Reuters. —Stevens

7:40 am: Futures are flat as Dow wraps up worst first quarter in its history

U.S. stock futures rested along the flatline on Tuesday as Wall Street took a breather following strong gains in the previous session. Dow Jones Industrial Average futures were down 24 points, or 0.1%. S&P 500 futures were also down slightly while Nasdaq 100 futures traded marginally higher. The major stock averages rallied more than 3% each on Monday amid optimism around extended social distancing guidelines in the U.S. and Johnson & Johnson identifying a vaccine candidate for the coronavirus. Despite the recent comeback, the market is on pace to end the month and quarter with big losses:

  • The Dow is down 12% in March, on pace for its worst month since October 2008.
  • The S&P 500 is down 11% in March, also on pace for its worst month since 2008.
  • The Dow is down 21.8% this quarter, on track for its worst quarter since 1987 and its worst first quarter ever.
  • The S&P 500 is off 18.7% this quarter, on track for its worst quarter since 2008 and its worst first quarter since 1938.


—CNBC’s Jesse Pound contributed reporting.

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