Markets remain volatile as coronavirus cases escalate

Yahoo Finance’s Jared Blikre joins the On The Move panel to break down how the markets are being impacted by the coronavirus outbreak.

Video Transcript

JULIE HYMAN: You're watching Yahoo Finance Live. I'm Julie Hyman. Just to bring you some of the latest headlines at this hour-- according to Johns Hopkins University, the latest count of coronavirus cases around the globe topping 353,000, deaths topping 15,000.

And we just heard from Governor Cuomo of New York a little while ago that cases in New York state have topped 21,000. New states added to the list of those that are doing, effectively, lockdowns, or closures, of non-essential businesses-- we've got Maryland, Michigan, and Massachusetts making those announcements today.

The Federal Reserve announcing new stimulus measures, effectively, basically saying it's having its third emergency meeting and figured out some of those measures. You'll hear about them in just a moment. This as Congress still is unable to come to an agreement on its own stimulus measures.

And stocks are falling again today. Right now, the S&P is down by about 3.5%. So we've got a lot to cover. To help me do that, I'm joined by my colleagues, Adam Shapiro, Rick Newman, Jared Blikre, and Melody Hahm. We're going to start with Jared at this hour. Jared, even in this early session, again-- like we've seen in recent days-- a lot of gyrations in the market.

JARED BLIKRE: Yeah, we saw the Dow give back its gains. We had stock futures rallying off that big fed announcement at 8:00 AM. And I'm going to dial up the YFi interactive here. We can see the Dow is off by 670 points here. It was hitting session lows about 10 minutes ago. And here's the S&P 500. It's down about 3.5%-- very similar in terms of percentage terms. NASDAQ is down about 2%, and the Russell is down 4.6%.

But let's take a longer-term look at the S&P 500 here. And we're going to-- this is a year-to-date chart. We're going to go to a five-year chart. Now, in the Dow, we've erased all the gains since President Trump's election. And we have a pretty strong support level at a similar place for the S&P 500. That's about 2130 to 2140. So we're going to keep an eye on this-- see if we hit that as well.

But some other markets, we need to take a look at. The 10-year T-note yield-- that is down 20 basis points right now. That's a huge move. Means there's money moving into bonds at a pretty healthy clip right now. And we can also see the 31-- the 30-year T-bond yield-- that's 1.37%.

Now, the dollar is upright-- excuse me, it's down for the day. We can see it's in this trend channel right here, and it broke to the upside above it recently. Got to keep an eye on that as well. It's near three-year highs. And also, we got to take a look at WTI crude futures. Those are down another 3.2%. And Friday, we had crude oil in the teens. Pretty-- pretty violent stuff here.

JULIE HYMAN: Yes, remains pretty violent stuff. Jared, thank you.