Stock market live updates: Dow down 700, Fed goes all-in, waiting on Congress

Cotton futures fell on Monday to their lowest level since April 2009, hitting a low of $50.68 per pound. The tumble takes place as most retailers around the world shut down, decreasing demand for clothes and, in turn, cotton. —Imbert, Francolla

  • Goldman Sachs upgraded Boeing to buy from neutral.
  • Morgan Stanley upgraded Colgate-Palmolive and Pepsi to overweight from equal weight.
  • JPMorgan upgraded Coca-Cola to overweight from neutral.
  • Cowen downgraded AT&T to market perform from outperform.
  • MKM downgraded Starbucks to neutral from buy.
  • Piper Sandler upgraded CyberArk and Palo Alto Networks to overweight from neutral.
  • Morgan Stanley downgraded Honeywell to equal weight from overweight.
  • Baird upgraded Netflix to outperform from neutral.
  • SocGen downgraded AbbVie to hold from buy.
  • JPMorgan added Dollar General to the focus list.
  • Wells Fargo downgraded Carnival Corp. to underweight from overweight.
  • Bank of America upgraded Southwest Airlines to buy from neutral.
  • Bank of America upgraded Charles Schwab to buy from neutral.
  • Needham upgraded Lululemon to buy from hold. — Bloom

Stock losses accelerated back toward session lows. The Dow lost about 740 points, the S&P 500 fell 3.5% and the Nasdaq dropped 2.4%. — Fitzgerald 

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

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

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