Dow futures drop 1,000 points as Trump speech disappoints investors [View all]
Futures contracts tied to the major U.S. stock indexes fell on Wednesday night after an address from President Donald Trump failed to quell concerns over the possible economic slowdown from the coronavirus.
The move comes after the Dow Jones Industrial Average ended its historic 11-year bull market run by closing in a bear market.
Dow futures were down 1,067 points, indicating a loss of about 1,027 points at Thursday’s open. S&P 500 and Nasdaq 100 futures were also sharply lower.
In his address, Trump announced travel from Europe will be suspended for 30 says as part of the government’s response to the coronavirus. Trump also said the administration would provide financial relief for workers who are ill, caring for others due to the virus or are quarantined.
However, these announcements were not enough for investors who were looking for a more robust fiscal response to curb potentially slower economic growth.
Meanwhile, the National Basketball Association also announced Wednesday night that it is suspending its season after a Utah Jazz player tested positive for COVID-19.
https://www.cnbc.com/2020/03/11/futures-are-steady-wednesday-night-after-dow-closes-in-bear-market-traders-await-trump.html
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