Stock market live updates: Stock futures fall as coronavirus panic won't let up - Yahoo Finance

U.S. stock futures sank Monday morning amid a volatile overnight session, pointing to yet another brutal trading week on Wall Street as mounting coronavirus fears rippled across global markets.

Last week the rapid spread of coronavirus and lack of containment in countries outside of China rocked global markets, sending all three of the major indices fell into a correction in a matter of six days.

The Dow logged its worst week since early 2008, the S&P 500 Index plunged by more than 11% into correction territory, while government bond yields have fallen to record lows. That contributed to nearly $7 trillion in market value being obliterated, according to S&P/Dow Jones’ Howard Silverblatt.

NEW YORK, NY - FEBRUARY 28: Traders work on the floor of the New york Stock Exchange on February 28, 2020 in New York City. Markets continued their downward plunge Friday as continuing fears of a Coronavirus pandemic prompted a sell-off, making for the worst week on Wall Street since 2008. (Photo by Scott Heins/Getty Images)

As of Monday morning, there were more than 89,000 confirmed cases of coronavirus, formally known as COVID-19, and 3,000 confirmed deaths — and new cases in the U.S. have begun pile up.

Two health-care workers in the San Francisco Bay Area tested positive for the virus after being exposed to an infected patient. Meanwhile, Rhode Island reported its first case, and Washington State confirmed two more cases Sunday. There were currently 88 infected with the coronavirus in the U.S. as of Monday morning.

Impacts from the coronavirus have begun to appear in economic data, particularly in China, an epicenter of the coronavirus. Monday in China, the Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) registered at 40.3 for February, representing the lowest reading in the 16-year history of the survey. Prints below 50 indicate contraction in a sector.

In the U.S., Wall Street is now banking on the Federal Reserve to come to the rescue with a series of rate cuts — a theme that will likely be reinforced amid a week chock-full of market-moving economic data, some of which may begin to hint at the havoc the COVID-19 virus is wreaking on the global economy.

“Under other conditions, the economic data in the week ahead would set the tone, but in the current environment, they play second fiddle to market positioning and anxiety around the Covid-19,” said Marc Chandler, managing director at Bannockburn Global Forex.  He also noted that “ investors may be particularly sensitive to downward revisions as it may reflect the deterioration of conditions as new data was reported.” 

—

7:41 a.m. ET: Stocks point to an eighth straight session of declines as coronavirus cases continue to rise

U.S. stocks paced toward another day of losses after a volatile session between Sunday evening and Monday morning.

Here were the main moves in the pre-market session, as of 7:41 a.m. ET:

• S&P 500 futures (ES=F): 2,928.00, down 23 points or 0.78%

• Dow futures (YM=F): 25,238.00, down 126 points or 0.5%

• Nasdaq futures (NQ=F): 8,415.25, down 38.75 points or 0.46%

• Crude oil (CL=F): $45.40 per barrel, up $0.64 or 1.43%

• Gold (GC=F): $1,602.70 per ounce, up $36.00 or 2.30%

• 10-year Treasury (^TNX): yielding 1.065%, down 6.1 basis points

—

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit.

Find live stock market quotes and the latest business and finance news

For tutorials and information on investing and trading stocks, check out Cashay

Let's block ads! (Why?)

https://finance.yahoo.com/news/stock-market-news-live-updates-march-2-2020-003013975.html

2020-03-02 12:43:00Z
52780642256668

Bagikan Berita Ini