Fred Imbert, Jesse Pound, Eustance Huang
As of 7:39 a.m. ET, Dow Jones industrial Average futures indicated a drop of about 136 points at the open. Futures on the S&P 500 and Nasdaq 100 also pointed to a decline.
The G-7 said in a statement they will use policy tools to curb an economic slowdown. However, the statement contained no specific actions.
The Group of Seven industrial powers is expected to issue a statement on countering
Earlier, CNBC’s Steve Liesman had reported that Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin will lead a G-7 call on Tuesday at 7 a.m. ET. That will be a “coordinating call” for the financial and economic response to the
The Reuters report came as markets had gotten a boost earlier this week amid investor expectations of big central bank stimulus over the coming days to boost the economy and markets.
The Reserve Bank of Australia announced on Tuesday a cut in its cash rate by 25 basis points to 0.5%, a new record low.
In a statement announcing the decision, the Australian central bank’s governor acknowledged that the
Jeff Mills, the chief investment officer at Bryn Mawr Trust, said on “Power Lunch” that he was not advising clients to buy back into the market and that Monday’s rally was just a “technical
“I think the spectrum of outcomes is so wide here that one trading day is not going to resolve all of our issues, so we’re telling our clients just to sit tight for now,” Mills said.