Stock market live updates: Dow down 400, Fed goes all-in, waiting on Congress

Hasbro stock was soaring Monday morning after CEO Brian Goldner said the company was experiencing strong demand during the coronavirus pandemic. “Overall we are seeing great demand in our products,” Goldner said on “Squawk Box.” “In fact, our supply chains are back up and running in China,” he added. Shares of Hasbro were up more than 17% on Monday to around $54 per share. The stock was trading above $100 per share in early February. — Stankiewicz, Pound

Zoom Video rose almost 18% in morning trading, hitting a new intraday all-time high and on pace for its 6th straight positive day and its best day since June 7th. The video conferencing company went public on April 18, 2019 at $36 per share and is up over 327% from its IPO price. The company’s remote working tools have made it a favorite of investors as workers stay home during the pandemic. — Francolla, Pound

A series of tweets on Sunday as well as multiple administration sources revealed President Donald Trump’s fears about economic damage from the coronavirus shutdown. In several posts, the president suggested that he was looking to ease the coronavirus-related guidelines that the White House imposed last week for a 15-day period that will end next Tuesday. “WE CANNOT LET THE CURE BE WORSE THAN THE PROBLEM ITSELF,” Trump wrote in a tweet posted near midnight on Sunday. “AT THE END OF THE 15 DAY PERIOD, WE WILL MAKE A DECISION AS TO WHICH WAY WE WANT TO GO!”  Investors worried Trump’s tweet may indicate the president is weighing sending the country back to work before the health system has a handle on the pandemic, leading to greater long-term economic damage.

After the initial all-caps message, the president retweeted a number of accounts suggesting that future guidelines from the White House will call for isolating high-risk groups only. NBC reported that creating a separate set of rules and restrictions for the hardest-hit states – notably, CA, NY, and WA – while allowing other states to return to business is a possibility. — Fitzgerald, Higgins 

Following the coronavirus-induced sell-off, Apple is no longer part of the trillion dollar club. Shares have slid 28% in the last month, cutting the tech giant’s valuation to just over $981 billion. Apple was the first U.S. company to top the $1 trillion mark, hitting that milestone in August of 2018. Amazon, Microsoft and Google parent-company Alphabet all later topped $1 trillion, although Microsoft is the only one still worth more than $1 trillion. That said, amid the broad market sell-off, all four names have held up better than the S&P 500. – Stevens, Bursztynsky

The Nasdaq Composite erased early losses and traded in the positive territory in morning trading, as gains in big tech companies including Amazon, Netflix, Microsoft and Facebook dragged the tech-heavy index higher. Netflix, a popular stay-at-home bet, jumped 5.6%, leading the advance in the so-called FANG stocks. —Li

Source: https://www.cnbc.com/2020/03/23/stock-market-live-today.html

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