Photo: Bryan R. Smith/AFP via Getty Images

Stocks fell more than 8% on Thursday morning, after reopening from a 15-minute trading halt for the second time this week.

Why it matters: The S&P 500 followed the Dow into bear market territory after days of market carnage. The coronavirus' economic toll, initially shrugged off by the stock market, looks set to end Wall Street's longest bull market in U.S. history.

  • At its session low, the Dow plunged more than 2,000 points.

What they're saying: "The market is having a crisis of confidence," Joseph Trevisani, senior analyst at FXStreet, tells Axios.

Driving the news: President Trump addressed the nation from the Oval Office, but his speech only increased Wall Street's panic.

  • Futures trading on all three major U.S. indexes had to be halted after falling by 5% ahead of the market open today.
  • In contrast to a joint stimulus package from the Bank of England and U.K. Treasury for around $400 billion of tax breaks, government-funded sick pay and worker benefits announced earlier in the day, Trump's authorization of $50 billion of loans to certain companies looked weak and disjointed, investors said.

Between the lines: Worse, Trump's proposal to ban European travelers from entering the U.S. for 30 days likely worsens the economic outlook, Stephen Innes, global chief markets strategist at AxiCorp, told Bloomberg.

  • "By criticizing Europe and not announcing stricter domestic travel measures in the U.S., President Trump is treating COVID-19 as a European and Asian problem. Clearly, the market doesn’t like this."
  • "Now the 'no endgame in sight' risk-off trade takes over as traders are hammering the sell button now thinking the U.S. government has fallen well behind the curve in its Covid-19 response."

Flashback: Traders were underwhelmed by the Trump administration's lack of concrete stimulus proposals to offset the economic damage expected from the coronavirus outbreak Tuesday night and began selling S&P 500 futures.

  • The market opened Wednesday morning nearly 2% below its previous closing level and proceeded to fall by another 3% throughout the day.
  • The World Health Organization's decision to declare the coronavirus outbreak a pandemic, a Congressional doctor predicted the U.S. would see 70 million-150 million coronavirus cases, and lockdowns and quarantine measures ordered in countries around the world added fuel to the selloff's fire.

The big picture: Markets in Europe and Asia sank, with Australia's benchmark ASX index again falling by more than 7%, India's Sensex 8% lower, and Thailand's SET losing more than 10% overnight.

  • Benchmarks in Hong Kong, Japan and South Korea all fell to multiyear lows.
  • The pan-European Stoxx 50 index is down 9%, with some euro area indexes lower by as much as 10%.

What to watch: The Washington Post reported Wednesday that Trump also was working to pressure Fed chair Jerome Powell to "figure out a way to stimulate the economy," citing three White House officials with knowledge of the matter.

  • Of note: The European Central Bank did not lower its main interest rate on Thursday, which is already at -0.5%, but it announced a package of other measures to shield the eurozone economy, including upping bond purchases and offering cheap loans for banks.

Go deeper: Stocks sink 4% as Dow closes in bear market

Go deeper

Updated 56 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 31,778,331 — Total deaths: 974,436 — Total recoveries: 21,876,025Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 6,943,078 — Total deaths: 201,930 — Total recoveries: 2,670,256 — Total tests: 97,459,742Map.
  3. Health: CDC director says over 90% of Americans have not yet been exposed to coronavirus — Supply shortages continue to plague testing.
  4. Politics: Missouri Gov. Mike Parson tests positive for coronavirus — Poll says 51% of Republicans trust Trump on coronavirus more than the CDC.
  5. Technology: The tech solutions of 2020 may be sapping our resolve to beat the coronavirus
  6. Vaccines: Johnson & Johnson begins large phase 3 trial — The FDA plans to toughen standards.
  7. Sports: Less travel is causing the NBA to see better basketball.
  8. Future: America's halfway coronavirus response

Biden: Breonna Taylor indictment "does not answer" call for justice

Former Vice President Joe Biden. Photo: Leigh Vogel/Getty Images

Former Vice President Joe Biden on Wednesday condemned the grand jury indictment of a Louisville police officer who entered Breonna Taylor's home in March in a botched drug raid that led to her death, saying in a statement the decision "does not answer" for equal justice.

The big picture: Biden called for reforms to address police use of force and no-knock warrants, while demanding a ban on chokeholds. He added that people "have a right to peacefully protest, but violence is never acceptable."

Trump refuses to commit to peaceful transfer of power if he loses

President Trump repeatedly refused to say on Wednesday whether he would commit to a peaceful transition of power if he loses the election to Joe Biden, saying at a press briefing: "We're going to have to see what happens."

The big picture: Trump has baselessly claimed on a number of occasions that the only way he will lose the election is if it's "rigged," claiming — without evidence — that mail-in ballots will result in widespread fraud. Earlier on Wednesday, the president said he wants to quickly confirm a replacement for Justice Ruth Bader Ginsburg because he believes the Supreme Court may have to decide the result of the election.

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