Stock market live updates: Dow drops 1,500, S&P 500 down 6%, virus cases jump

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Natural gas is down 7% today, and is now trading at its lowest level since Sept. 20, 1995. – Francolla, Stevens

Around midday, the major averages were down sharply once again as Wall Street continued its volatile streak during the coronavirus crisis. The Dow Jones Industrial Average was down more than 1,300 points, or 6.3%. The S&P 500 and Nasdaq fell 6% and 5%, respectively. Those losses offset a sharp bounce from the previous session, which was sparked by hopes of massive fiscal stimulus. —Imbert

The iShares U.S. Aerospace & Defense ETF is down 41% in March, on pace for its worst month ever back to its inception in 2006. The index is led lower in part by Spirit Aerosystems, Boeing, TransDigm, all on pace for their worst months ever.

  • Spirit Aerosystems is down almost 68% this month, on pace for its worst month ever back to its IPO in 2006
  • Boeing is down over 62% this month, on pace for its worst month ever through 1972
  • TransDigm is down almost 57% this month, on pace for its worst month ever back to its IPO in 2006 — Francolla, Fitzgerald 
  • Morgan Stanley downgraded Coca-Cola and Monster Beverage to equal weight from overweight.
  • Bank of America upgraded Tesla to neutral from underperform.
  • Bank of America downgraded Levi Strauss to neutral from buy.
  • Bank of America upgraded Ralph Lauren to buy from neutral.
  • Credit Suisse upgraded Hershey to outperform from neutral.
  • Telsey upgraded Kroger to outperform from market perform.
  • Bernstein upgraded Campbell Soup, General Mills, Conagra Brands and Kellogg to market perform from underperform.
  • Oppenheimer initiated Zynga as outperform.
  • Oppenheimer initiated Sony as outperform.
  • Credit Suisse named Constellation Brands a top pick.
  • JPMorgan upgraded D.R. Horton to overweight from neutral and downgraded Lennar and PulteGroup to neutral from overweight.
  • Credit Suisse upgraded Walmart to outperform from neutral.
  • BTIG upgraded Dunkin’ Brands to buy from neutral.
  • Goldman Sachs added O’Reilly Automotive to the conviction buy list.
  • Barclays downgraded American Airlines to equal weight from overweight.
  • Longbow upgraded Domino’s to buy from neutral.
  • Nomura Instinet initiated Stitch Fix and The RealReal as buy.
  • UBS upgraded Caterpillar to neutral from sell. 

Read more on the analyst calls of the day here. — Bloom


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