US Open: Wall Street opens lower after three-day rally

• US indices  opened sharply lower after three day gains • US might become the new epicenter of the pandemic
• GAP INC (GPS.US) downgraded by Moody’s

The United States reported 85,762 infected cases and become the most affected country in the world, surpassing China, according to the WHO.
Wall Street fell over 3% on Friday, a day after the US indices posted their best three-day run since the early 1930s, due to fears that US might become the next global epicenter of the coronavirus pandemic. It looks like unprecedented policy easing by the FED and hopes of a $2.2 trillion government stimulus aid bill were not enough to calm investor’s nerves.
Major US indices are still trading over 20% lower from their February record highs and most likely upside momentum will not last without evidence that the virus was being contained.   The Bank of Canada lowered interest rate by 50bps to 0.25 percent in an emergency meeting today in order  to support the economy and the financial system amid the coronavirus pandemic. Loonie depreciated against US dollar and the USD/CAD currency pair is currently trading around $1.41. S&P500 (US500) after strong gains from yesterday, profit-taking hits Wall Street today. The index is currently testing a strong support level at 2505. Breaking below this level may lead to further declines. Source xStation 5
Gap (GPS.US) - owner of brands like  Gap, Old Navy, and Banana Republic, withdrew its full-year forecast, which was published at the beginning of March, because all stores were closed due to the spread of the pandemic. The company also suspended its dividend and announced that it would use its entire $ 500 million credit facility. Moody's downgraded Gap rating to junk status. Gap (GPS.US) – share price bounced off the local resistance at $9.39 per share and is heading towards recent lows around $6.00 per share. Source:xStation5
Lululemon (LULU.US) - presented better results than expected. Quarterly profit of USD 2.28, which is 4 cents above consensus. Sales dropped significantly in the second week of March because the spread of corornavirus forced the company to close stores in the US and Europe. Lululemon (LULU.US) – share price failed to break above the support level at $196.18  and retraced  to the support located at the $186.52.  Breaking below these level may cause sharper declines. Source:xStation5
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Morning wrap
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