Despite drastic action by the Federal Reserve on Sunday including slashing interest rates to zero and rolling out a huge $700 billion quantitative easing program, U.S. stocks cratered after the opening bell, immediately triggering a 15-minute trading halt due to the size of the losses.
After the halt was lifted, stock extended their losses. Late-morning Monday, the Dow was down 8.5%, the S&P 500 was down 7.9%, and the Nasdaq Composite was down 7.8%.
? The stock-market action indicates that institutional investors do not believe the Fed's actions, however drastic, will be effective at staving off a significant economic downturn due to the coronavirus.