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Dow futures plunge 900 points as Wall Street seems to continue sharp...
14 Jun 2020

sharp losses

Stock futures fell in early Monday, pointing to further declines ahead amid signs of a second wave of coronavirus infections as the economy reopens.

Futures on the Dow Jones Industrial Average fell 914 points, meaning they were down nearly 1,000 points when trading began Monday. S&P 500 and the Nasdaq 100 futures also pointed to Monday opening declines for the two indexes.

The futures market’s early move followed a sharp correction last week as fears of a resurgence of the virus intensified and investors took profits after a sharp rebound in the virus.

The Dow and S&P 500 lost 5.5% and 4.7% last week, respectively, while the Nasdaq shed 2.3%. All three major equity benchmarks suffered their worst week since March 20.

New Coronavirus cases are on the rise every day in reopened states including Alabama, California, Florida, and North Carolina. Texas and North Carolina reported virus-related hospitalizations Saturday.

“The COVID deterioration in certain states will stay an overhang for the market, although it would take a sustained increase in US numbers overall to spark a dramatic shift in the narrative,” Vital Knowledge founder Adam Crisafulli said in a note on Sunday.

Treasury Secretary Steven Mnuchin told CNBC on Thursday that shutting down the economy again was not a viable option to slow the spread of COVID-19 because it would “create more damage.”

After last week’s sell-off, the S&P 500 is down 5.8% on the year, still more than 38% higher from its March low. The 30-stock Dow is down 10.2% year to date.

 

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