Stock market recap Monday: Global markets lose $1.7 trillion, Trump on sell-off, Dow futures bounce

Stocks drop sharply on coronavirus concerns—Here's what three experts are watching
Stocks drop sharply on coronavirus concerns—Here's what three experts are watching

7:49 pm: Dow futures are now up 139 points

Dow futures were up 139 points, extending their bounce. It was still early and overnight trading volume is typically light.

7:41 pm: Nikkei 225 slides following holiday

The Nikkei 225, Japan's main stock index, is down 3.7% in early trading for its Tuesday session. Japanese markets were closed on Monday for a holiday, so the index is catching up to its international peers. The index is down about 4.7% so far this year. — Pound

7:23 pm: Charles Schwab's Sonders recommends rebalancing amid sell-off

Charles Schwab Chief Investment Strategist Liz Ann Sonders said on CNBC's "Markets in Turmoil" special that investors should work to rebalance their portfolio during the market pullback. "We're really emphasizing not getting greedy, paring back your winners, making sure you're diversified," Sonders said. Sonders said that there were signs that the market was overbought even before Monday's sharp fall, and that investors should look at non-stock assets such as Treasurys to further diversify their holdings. — Pound

7:13 pm: Dow futures up 150

The bounce in overnight Dow futures has reached 150 points. Caution is warranted, however, as volume is often very thin in overnight trading and so futures trading this early will often send a cloudy signal as to what Tuesday's open may actually bring. Plus, there has not been any major news updates on coronavirus infection levels from China, South Korea and Italy yet.-Melloy

7:07 pm: Global stock markets lose $1.73 trillion

The final tally is in from S&P Dow Jones indices on market value lost on Monday. Global stock markets shed $1.73 trillion on Monday alone. Just over $900 billion of that was value lost on the S&P 500, according to S&P Dow Jones. Since Wednesday's closing high, global markets have lost $2.44 trillion. -Melloy

7:01 pm: Dip buying overnight pushes Dow futures up 100 points

Stock futures bounced in overnight trading with the Dow futures up about 100 points following the market's worst decline in two years on coronavirus fears. The gains in the Dow futures indicated a rise of about 110 points at the open. — Li

6:51 pm: Dow is set to gain 100 points at the open

Dow futures continue to rise, now up 78 points, implying a 100-point gain at the open. The S&P 500 futures are up 0.3%. The overnight gains follow a 1,000-point drop on the Dow. — Li

6:31 pm: Larry Kudlow says investors should "seriously consider" buying the dip

Stocks plunged the most in two years amid coronavirus fears on Monday, and National Economic Council Director Larry Kudlow believes it creates a good buying opportunity for investors as the epidemic won't disrupt the U.S. economy. "The coronavirus will not last forever. The U.S. looks well-contained and the economy is fundamentally sound," National Economic Council Director Larry Kudlow told The Washington Post in an interview late Monday. "If you're a long-term investor, you should seriously consider buying these dips," he said. -Li

6:30 PM: Programming note

CNBC will be airing a special on the sell-off. "Markets in Turmoil" airs at 7 pm ET.


6:11 pm: Futures add to their gains

Dow futures are now up 43 points, while the S&P 500 futures are up about 9 points. Stocks are bouncing slightly in overnight trading following an ugly Monday that saw the Dow tank more than 1,000 points. — Li

6:01 pm: Stock futures are flat following steep losses

Futures on the Dow Jones Industrial Average rose about 19 points, following a 1,000-point sell-off in Monday's session. The S&P 500 futures rose just 4 points after the benchmark suffered its worst decline in two years. Mastercard and United Airlines fell after hours.— Li

5:59 pm: Mastercard falls after company warns coronavirus may hit revenue

Shares of Mastercard fell on Monday after the credit card company issued a warning that the fast-spreading coronavirus could hurt its revenue this year. "Cross-border travel, and to a lesser extent cross-border e-commerce growth, is being impacted by the Coronavirus," the company said in a statement on Monday after the bell. The company said its first-quarter revenue growth will be about two to three percentage points lower than previous guidance. That would bring its guidance to a range of 9-10% revenue growth compared with the same quarter last year. Shares of Mastercard fell by nearly 3% in extended trading, following a 4.4% slide during the main trading session.— Li, Pound

5:42 pm: United Airlines pulls 2020 guidance amid coronavirus

United Airlines is withdrawing its full-year 2020 guidance due to the "heightened uncertainty" around the fast-spreading coronavirus. The airline said it's unsure about "its duration, its impact on overall demand for air travel and the possibility the outbreak spreads to other regions." Shares of United dropped about 1% in after-hours trading after falling more than 3% on Monday. — Li

5:19 pm: International markets key to how U.S. will open, Grasso says

The performance of international markets could signal how U.S. stocks will perform tomorrow, according to Steve Grasso of Stuart Frankel & Co. "We have to see what Asia does. We have to see what leads us into the markets. So the overnight markets are going to be very important, so you want to pay attention to that," Grasso said on CNBC's "Fast Money." he added that, if the U.S. market starts to rally tomorrow around the closer of European markets at roughly 11 a.m. Eastern, that could signal a strong run through the end of the day. — Pound

5:14 pm: Rebound Tuesday?

The S&P 500 sank 3.3% on Monday, suffering its biggest percentage drop since Feb. 2018. Monday was the 19th time the S&P 500 has shed more than 2% on a Monday, going back to March 2009, According to Bespoke Investment Group. Following a hefty slide, the benchmark has returned 1.02% on average the next day as these drops have "historically been bought with a vengeance in the near term," the firm said. — Li

4:48 pm: Trump says the stock market "starting to look very good" after deep sell-off

In a tweet after the closing bell, President Donald Trump reassured investors the coronavirus is "very much under control" in the United States, while endorsing the stock market after the worst sell-off in two years. "Stock Market starting to look very good to me!" Trump said.— Li


4:26 pm: The final assessment of Monday's damage

  • Dow closed down -3.56% for its worst day since Fe 8, 2018 when the Dow lost -4.15%
  • YTD: Dow is down -2.02% YTD
  • Sectors: 11 out of 11 sectors were negative today led by Energy down -4.73% for its worst day since Aug 24, 2015 when Energy lost -5.18%
  • Energy closed 23.76% below its April 23rd 52-wk high of 507.26 in bear market levels
  • The least negative sector today was Utilities down -1.16%
  • Sectors YTD: 6 out of 11 sectors are positive YTD led by Utilities up 7.06% YTD
  • The most negative sector YTD is Energy down -15.28% YTD
  • WTI (APR) settled down -3.65% at 51.43 hitting a low today of 50.45 its lowest level since Feb 12th when WTI traded as low as 49.95
  • YTD: WTI is down -15.77% YTD
  • WTI is 22.78% below its 52-wk high of 66.60 from April 23rd in bear market levels
  • Gold (APR) settled up 1.69% at 1,676.6, hitting a high today of 1,681.7 its highest level since Jan 23, 2013 when gold traded as high as 1,694.8 and its 8th straight positive day
  • YTD: Gold is up 10.08%
  • US 2-year note yielding 1.2557% vs. Friday's close of 1.321%, hitting a low today of 1.243% its lowest level since May 18, 2017 when the 2-yr yielded as low as 1.225%
    — Francolla

4:25 pm: Bond market calls for rate cuts in the next few weeks: DoubleLine's Jeffrey Sherman

"The bond market is telling me they need to cut in the next coming weeks," Jeffrey Sherman, deputy CIO at DoubleLine Capital, said on CNBC's "Closing Bell" on Monday. The 10-year Treasury yield tumbled to a three-year low as the S&P 500 dropped the most in two years. Traders are now pricing in a 53% chance of an interest rate cut at the Federal Reserve's April meeting, according to the CME. The market also assigns a 40% chance of three cuts before the end of 2020. "It's pretty horrible that Mr. Powell has to go on stage in two weeks and talk about how great the jobs number is. He thought everything was under control then due to the fears, the entire curve is melting down," Sherman said. The Fed will announce its next policy decision on March 18. "It's a one-day panic. You shouldn't be adjusting portfolio on that," he added.— Li

4:21 pm: Awaiting futures open

Traders will be watching closely when overnight futures open up 90 minutes from now. The SPDR S&P 500 ETF Trust was steady so far in after hours trading, down only a couple points. -Melloy

4:00 pm Not the close bulls wanted

Stocks went out near the session lows, with the Dow ending the day down by 1,031 points. It was down 1,079 points at the worst levels. The Dow turned negative for 2020, down 2% now year-to-date. The Dow's 3.5% drop was its worst fall since February 2018. UnitedHealth, American Express, Cisco, Visa and Apple were the Dow's worst performers, all down more than 4%.

3:40 pm: Comeback rally losing steam

The Dow is back down more than 900 points as the comeback rally noted earlier is failing. The so-called smart money in the final hour is voting 'no' on buying the dip right now. The Dow was down 1,079 points at the worst levels. It was last down 947 points. -Melloy

3:33 pm: A 3% drop on the S&P 500 doesn't happen often

The S&P 500 tanked more than 3% at its session low Monday, its biggest percentage drop since August, as coronavirus fears drove investors away from risk assets. Declines of this magnitude aren't very common for the equity benchmark, averaging about 1.5 per year since 1950, according to Ryan Detrick, senior market strategist for LPL Financial. The last time the S&P 500 suffered a drop more than 3% was in early December 2018, Detrick said. The S&P 500 was last down 2.8%. —Li


3:05 pm: Fed's Mester warns of virus risks but doesn't see lower rates

Cleveland Federal Reserve President Loretta Mester called the coronavirus a "downside risk" to her economic forecast, but does not see the need to cut rates yet. The central bank official cited worries about financial imbalances due to elevated stock and commercial real estate prices as arguing against further policy loosening. —Cox

2:54 pm: Dow attempts rebound

The Dow is about 200 points off the lows and trending upward with an hour to go of trading. Wall Street likes to say the 'smart money' comes in in the final hour of trading. Let's see if the Dow can keep going higher in the final 60 minutes when they arrive. —Melloy

2:52 pm: Oil slides into bear market territory after posting worst day in more than a month

Oil prices slid on Monday as investors feared that the growing number of coronavirus cases would lead to a global economic slowdown and therefore softer demand for crude. U.S. West Texas Intermediate crude shed 3.65%, or $1.95, to settle at $51.43 per barrel for its worst day since Jan. 8 and putting it back in bear market territory. International benchmark Brent crude fell 3.8% to settle at $56.30 per barrel. Earlier in the session WTI and Brent had each been down more than 5%, but recovered some of those losses after Saudi Aramco's CEO reportedly said that the coronavirus impact would be "short term," according to a report from Reuters. —Stevens

2:50 pm: Final hour of trading: Stocks headed for big losses on coronavirus fears

With roughly one hour left in the trading session, stocks were on track to post sharp losses as investors flee riskier assets in favor of traditional safe havens such as gold and U.S. Treasurys. The Dow plummeted more than 800 points. At its low of the day, the Dow was down more than 1,000 points. The S&P 500 slid 2.9% while the Nasdaq was down about 3.2%. —Imbert

1:52 pm: Central banks can't play savior around coronavirus, Peter Boockvar says

Low interest rates will prevent central banks from staving off the economic consequences of the coronavirus, Bleakley Advisory Group's Peter Boockvar said Monday. "They've expended so much ammunition already that people should not be looking at them for any type of savior-type behavior," the firm's chief investment officer said on CNBC's "The Exchange." The Federal Reserve funds futures market points to a 56% chance of at least a quarter-point rate cut at the Fed's April meeting, according to the CME FedWatch tool. That increases to a 76% chance at the Fed's June meeting. Investors continue to put faith in the Fed "because they've been conditioned for the last 10 years … in thinking that the Fed can cure every ill," Boockvar argued. "I'm telling you that they're not going to be able to cure this one." —Stankiewicz

1:43 pm: Oil & Gas ETF on track for worst day in nearly 4 years

As oil prices slid more than 5%, the S&P Oil & Gas (XOP) ETF fell 6%, putting it on track for its worst day since March 8, 2016. All components in the ETF are trading in negative territory, and the fund is more than 47% below its 52-week high level. —Francolla, Stevens

1:26 pm: 'FAANG' stocks get dragged down by market sell-off

The so-called FAANG stocks all fell on Monday as the major averages tanked amid coronavirus concerns. Facebook and Amazon both dropped at least 5% while Netflix, Alphabet and Apple were all down more than 4%. Facebook shares were on pace for their biggest one-day drop since Jan. 30, when they closed 6.1% lower. Amazon was headed for its worst day since Feb. 1, 2019. Netflix was on pace for its biggest loss since Oct. 22 while Alphabet suffered its biggest decline in about six months. Apple headed for its worst day since Aug. 23, when it slid 4.6%. —Imbert

1:24 pm: Some perspective on Monday's market drop

The Dow is on pace for its second biggest point drop ever, but today's percentage loss of 3.65% does not even fall in the top 50 daily percentage losses since inception (The Dow plunged 22.6% on Oct. 19 1987 for the worst drop ever). The Dow is currently on pace for its worst day by percentage since Feb. 8, 2018 when the Dow lost 4.15%. —Francolla

1:16 pm: Stocks at session lows, Dow down more than 1,000 points

The major stock averages hit their session lows in early afternoon trading as coronavirus fears continue to batter investor sentiment. The Dow was down about 1,050 points, or 3.6%. The S&P 500 also traded 3.6% lower while the Nasdaq lost 4%. —Imbert

12:40 pm: Nearly 11% of S&P 500 stocks are within 5% of a 52-week low

With stock losses accelerating midday, nearly 11% of S&P 500 stocks (or 54 out of 505 stocks) are now within 5% of a 52-week low. Chevron and Exxon were among the names hitting new lows today, along with cruise companies Royal Caribbean, Carnival Corporation and Norwegian Cruise Line. – Francolla, Stevens

12:32 pm: Declining NYSE stocks lead advancers by nearly 9 to 1

About nine stocks listed at the New York Stock Exchange traded lower on Monday for every one advancer, FactSet data showed. That large disparity between decliners and advancers came as investors were rattled by a spike in coronavirus cases outside of China. —Imbert

12:16 pm: Dow tanks 1,000 points at session low

The Dow plunged 1,000 points in midday trading to its session low amid the mounting fears about the coronavirus. Monday's drop would be the biggest one-day point drop for the 30-stock benchmark since Feb. 2018. The S&P 500 dropped 3.3%, with tech and energy leading the declines. — Li

12:08 pm: Goldman slashes US first-quarter GDP forecast to 1.2% due to coronavirus

Goldman Sachs cut its U.S. GDP growth forecast for the first quarter to just 1.2% from 1.4%, seeing a more severe drag from the coronavirus. That growth rate is drastically slower than the 2.1% increase in the fourth quarter and 2.3% for the full year 2019. "The risks are clearly skewed to the downside until the outbreak is contained," Jan Hatzius, Goldman's chief U.S. economist, said in a note on Monday. However, Goldman does see some of the activity lost coming back in the second quarter if the virus is contained. The firm expects second-quarter U.S. GDP to tally 2.7%. — Li

11:52 am: Markets at midday: Stocks plunge as coronavirus fears rattle investors

The major U.S. stock averages are tanking around midday ET, with the Dow plummeting more than 900 points. That would be the 30-stock average's biggest one-day point drop since February 2018, when it slid more than 1,000 points. The S&P 500 is down 3.1% — on pace for its worst day since October 2018 — while the Nasdaq Composite trades 3.7% lower. —Imbert

11:25 am: White House reacts to market sell-off

"Our initial reaction is that the Dow is still above 28,000 and nobody thought it would even get that high," a White House official told CNBC's Eamon Javers. "We understand that the market is reacting to the news of the day, as it should, but the actual economy itself is very strong." —Imbert


10:51 am: Emerging markets head for worst day in six months

The iShares MSCI Emerging Markets ETF (EEM) dropped 3.6%, putting the EM stocks fund on pace for its worst day since Aug. 5, when it closed 3.7% lower. EEM also dipped into correction territory, briefly trading 10% below its 52-week high. —Francolla, Imbert

10:49 am: Big decline pushes stock averages below key technical levels

Monday's sell-off in stocks led the Dow, S&P 500 and Nasdaq to trade below their 50-day moving averages. It was the first time that the Dow broke below its 50-day average since Feb. 3. The S&P 500 and Nasdaq, meanwhile, haven't closed below their 50-day moving averages since October. —Imbert, Francolla

10:30 am: Dow gives up gain for the year

Following Monday's decline, the Dow is now in the red for 2020. The average is now down 1.3% year-to-date. The S&P 500 is still clinging to a 0.4% gain for the year. The Nasdaq Composite Index is still up 3.3% for the year, even after Monday's slide. — Melloy

10:10 am: Cramer says to watch Micron for signs of a turnaround

CNBC's Jim Cramer said on "Squawk on the Street" that investors should watch the chip stock Micron to judge when the Chinese economy is rebounding from the coronavirus outbreak. Cramer said that Micron, which is down 3.5% and trading about $55 per share Monday morning, has several positive characteristics that should make it an attractive buy once the outbreak is contained. "It has a huge amount of business in China, so watch Micron. If Micron turns, then you can make a case that maybe things indeed are better," Cramer said. — Pound

9:53 am: Some stocks are winners from Coronavirus fears

Some stocks are seeing a benefit from the coronavirus fears. Clorox shares are up more than 1%. Zoom, a maker of video conferencing services, was up more than 5%. Gilead Sciences, which is working on a drug to treat the coronavirus, rose 5%, making it the biggest winner in the S&P 500. —Melloy

9:33 am: Dow opens down nearly 1,000 points

Stocks had a tumultuous open on Monday, with the Dow Jones Industrial Average dropping about 975 points. The fall in the 30-stock average is the third largest one-day point drop in the past three years. The S&P 500 and Nasdaq-100 were down by 2.3% and 4%, respectively. Alongside the market sell-off, bond yields and oil prices also fell. – Fitzgerald

9:17 am: Buffett says coronavirus is not changing his outlook on stocks, likes Apple and bank shares

Warren Buffett, chairman and CEO of Berkshire Hathaway, said Monday the recent outbreak of the coronavirus is not changing his outlook on stocks as the economy remains solid, albeit a little softer. "Business is down but it's down from a very good level," he said. Buffett also thinks Apple might be the "best business I know in the world," while noting that bank stocks are "very attractive compared to most other securities I see." For more on Buffett's three-hour interview with Becky Quick on "Squawk Box," click here. —Imbert

9:15 am: Volatility index spikes on coronavirus fears

Alongside the suffering stock averages, the Cboe Volatility Index, a gauge for investor fear, jumped more than 6 points above the 23 level on Monday, as investors worry about the deadly coronavirus' impact on global growth. The VIX, a measure of the 30-day implied volatility of U.S. stocks, soared nearly 40% before the market opened.

CNBC used Kensho, a hedge fund analytics tool, to track the top exchange-traded fund performers and best sectors to hide out in during times of uncertainty. – Fitzgerald

9:05 am: Down Monday, up Tuesday?

The Dow Jones Industrial Average is set to open down 800 points on Monday as a spike in cases of the coronavirus outside of China worried investors about a dent to global growth. The S&P 500 and Nasdaq futures were down by 2.7% and 2.9%, respectively. However, a big market sell-off on Monday could mean a rebound on Tuesday, according to Bespoke Investment Group. The firm looked at large gaps down on Monday's and how the market performed through the rest of the week and found that Tuesday normally brings a relief trade."While performance from the open to close on the day of a big gap down was generally weak, performance on the Tuesday after was 'very positive'," the firm said. –Fitzgerald

8:54 am: Here are Monday's biggest analyst calls of the day

  • UBS initiated Levi Strauss as buy
  • Bank of America downgraded First Solar to underperform from buy
  • Morgan Stanley downgraded Wayfair to underweight from equal weight
  • Baird downgraded L Brands to neutral from outperform
  • Cowen downgraded Tilray to market perform from outperform
  • Cowen downgraded Domino's Pizza to market perform from outperform
  • Evercore ISI initiated Chewy as outperform
  • Argus downgraded Norwegian Cruise Line to hold from buy

CNBC PRO subscribers can read more here. —Bloom

8:32 am: Chipmaker stock ETFs fall sharply

The VanEck Vectors Semiconductor ETF (SMH) and the iShares PHLX Semiconductor ETF (SOXX) were both down more than 3% in the premarket, putting them on pace to break below their respective 50-dayy moving averages for the first time since Feb. 3. AMD, Nvidia, Micron and Lam Research led the ETFs lower in the premarket. —Francolla, Imbert

8:07 am: Gold jumps to 7-year high

Gold futures gained more than 2% to around $1,680 per ounce, reaching its highest level since Jan. 23, 2013 as investors fled riskier assets such as stocks amid coronavirus concerns. The VanEck Vectors Gold Miners ETF (GDX) gained 3.5% in the premarket, putting it on pace for its best day since Aug. 23. —Francolla, Imbert

7:55 am: Oil tumbles as coronavirus outbreak dents global growth expectations

Oil prices are following U.S. stock futures lower as concerns over the coronavirus outbreak took a bite out of global economy growth expectations. West Texas Intermediate futures were down about 4%, on pace for their worst day since Jan. 8, when they dropped 4.9%. U.S. crude also hit its lowest level since Feb. 18. Brent futures were down 4.2% and reached their lowest level since Feb. 13. —Francolla, Imbert

7:39 am: Market now sees a Fed rate cut as soon as April

As fears over the coronavirus sent stock market futures spiraling lower Monday, traders increasingly looked to the Federal Reserve for a rescue. The market is now pricing in a better than even – 53% – chance of an interest rate cut at the central bank's April meeting, according to the CME Group's FedWatch tool. That's the most aggressive pricing during this cycle and reflective of how anxious Wall Street is getting over the disruptive threat the virus poses. The anticipation has gotten to the point now where traders are assigning a 39% of three cuts before the end of 2020. —Cox

7:34 am: How today's sell-off compares to recent history

Stock futures tumbled on Monday, with the Dow set to open about 700 points lower, as spiking coronavirus cases in Italy, South Korea and the Middle East spark fears of further spread beyond China. The S&P 500 is set to drop 2.4% at the open, which would be the biggest plunge since August 2019. —Li

7:23 am: Chart analysts saw weakening market before Monday's drop

Technical analysts saw some weak internals in this market at the end of last week, which could be why the decline Monday is a little more severe than expected. Stocks were vulnerable to a decline. "The market is becoming very narrow in terms of stocks that have outperformed the S&P 500 over the last three months," wrote JC O'Hara, chief market technician for MKM Partners, over the weekend. "Currently, this is the smallest group of winners since the 2007 market top." —Melloy

7:01 am: Coronavirus fears increase chances the Fed cuts interest rates

The Federal Reserve may be forced to cut interest rates this year as worries about the coronavirus keep spreading, according to an Evercore ISI note to clients on Monday. "With outbreaks of the Wuhan virus in South Korea and Italy suggesting that it may be on the brink of morphing into a global pandemic we raise our estimate of the likelihood that the Fed cuts interest rates this year to 45 per cent," strategist Krishna Guha said. "We would rather have a vaccine than a rate cut and fully recognize that monetary policy is not optimized for addressing this type of shock," he said. —Bloom

6:55 am: Coronavirus cases outside of China jump, spook markets

Headlines over the weekend about a surge in coronavirus cases reported outside of China dented market sentiment to start off the week. South Korea said the number of people infected now totals more than 750. In Italy, the government said more than 130 cases have been confirmed along with three deaths. Iran has also confirmed more than 40 cases and eight deaths stemming from the coronavirus. These reports sent not only U.S. risk markets tumbling; they also dragged down global markets. —Imbert

6:40 am: Risk-off mentality to markets

Stocks not directly tied to the coronavirus fears are also very weak in premarket trading as investors sell popular positions in a risk off move. Netflix shares were off 4%. Amazon, Microsoft and Disney all dropped more than 3%. —Melloy

6:27 am: Many stocks dropping on coronavirus fears

Stocks directly and indirectly hurt from the spread of the coronavirus were selling down big in the premarket. American Airlines and Delta were both down more than 4%. Carnival Corp was off by more than 6%. Las Vegas Sands and MGM Resorts were both off by 5%. Tech stocks, who could have the most to lose from a slowdown in global growth, were getting hit. Advanced Micro Devices, Micron and Nvidia were all down more than 6%. Apple was off by 4%. Global apparel maker Nike was down 4%. —Melloy

6:22 am: Dow futures tank by more than 800 points on coronavirus fears

U.S. stock futures are falling sharply on Monday morning as investors dump riskier assets amid a spike in coronavirus cases outside of China. Dow Jones Industrial Average futures were down more than 800 points. S&P 500 and Nasdaq 100 futures were down by 2.7% and 3.2%, respectively. South Korea raised on Sunday its coronavirus alert to the "highest level," with the latest spike in numbers bringing the total infected to more than 750 — making it the country with the most cases outside mainland China. Italy has also reported three deaths related to the coronavirus and more than 100 cases. —Imbert

With reporting from Yun Li, Jeff Cox, Gina Francolla, Pippa Stevens, Maggie Fitzgerald, Kevin Stankiewicz and Jesse Pound.

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