U.S. Equity Markets slumped to a three-week low after Jerome Powell warned economic risks from the virus are significant and tensions with China flared. Treasuries and the US Dollar advanced. The S&P 500 briefly fell below 2,800 — a level that has provided support in the past month — after the Federal Reserve chairman said the threat of a lasting downturn can deepen without additional government spending. Equities also dropped after a federal savings plan delayed moving funds into an Index with Chinese stocks, adding to tensions stoked by President Donald Trump. After the close of regular trading, Cisco Systems Inc. gave a sales forecast that beat Wall Street expectations, sending shares higher. The S&P 500 headed for its worst week since March 20, the session before a furious 30% rally started. Goldman Sachs Group Inc. economists estimate that the Unemployment Rate will peak at 25%, up from a previous forecast of 15%. Famed investor Stanley Druckenmiller said equities are too high, while David Tepper called the stock market the most overvalued ever outside of the 1999 bubble. Traders of Fed Funds Futures pushed bets on a negative policy rate into next year. Powell acknowledged the speculation, but said such a move was not being considered — though he stopped short of completely ruling the tool out as an option in the future. Republicans universally rejected a $3 trillion stimulus measure drafted by House Democrats to bolster the U.S. economy, but the draft plan has the seeds for an eventual, smaller compromise. Elsewhere, oil fell as investors weighed stockpile declines against a darker outlook for demand and economic recovery.
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