After the Market’s Worst Day in Decades, Where Do We Go From Here?

The show won’t go on

Big meetings and live entertainment are increasingly being canceled or going online, as states, cities and companies clamp down on big gatherings.

New York indefinitely banned most gatherings of more than 500 people, a huge step that effectively meant the closure of Broadway theaters, Madison Square Garden and more. Cultural institutions like the Metropolitan Museum of Art independently decided to close.

Airlines are buckling under the strain, especially after President Trump’s ban on most visitors from Europe. The discount airline Norwegian said it would furlough half its staff, and most major American airlines capped fares and suspended change fees for many European itineraries.

Disney said that it would close all its theme parks starting this weekend for the first time since the Sept. 11 attacks. (The company said employees would continue to be paid.) Princess Cruises, which suffered coronavirus outbreaks on two of its ships, suspended operations for 60 days. And many of the top late-night talks shows will go dark for at least two weeks.

The sports world ramped up its responses. The N.C.A.A. canceled the men’s and women’s March Madness tournaments, Major League Baseball delayed the start of the 2020 season, the PGA golf tour shut down, and Formula One canceled its opening race. Pressure is mounting on pro soccer leagues to suspend matches after more teams entered quarantine.

Virtual gatherings are on the rise, including online-only annual shareholder meetings and digital investor pitches for stock and debt offerings. (One exception: Berkshire Hathaway’s annual meeting in Omaha, which packs 16,000 people into the CenturyLink Arena, is still scheduled for May 2.)

Article source: https://www.nytimes.com/2020/03/13/business/dealbook/coronavirus-markets-stocks.html