U.S. stock futures lurched lower Thursday as stock indexes around the globe plunged on renewed fears about the economic costs of the Wuhan coronavirus pandemic.
Futures contracts linked to each of the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite once again hit the so-called ‘limit down’ thresholds, a rare event that occurred earlier in the week. These thresholds prevent new contracts from trading below 5 percent of the underlying indexes last close.
President Trump’s 30-day ban on most travel from Europe to the U.S. put renewed pressure on the price of oil and gave rise to concerns that operations of many global businesses could be hurt. In addition, just after the president addressed the nation from the Oval Office, the NBA suspended the professional basketball season, making the economic toll on the U.S. became more salient for many Americans.
Hormel Foods Announces Recall – Toss Anything with These Two Codes Immediately Revenge or Repentance: What Are You Wishing on Your Worst Enemy? Biden administration puts hold on US ammunition shipment to Israel: report US shared intel with UK showing ‘high likelihood’ of COVID-19 lab leak: report Eye-popping haul amid trials has Team Trump closing fundraising gap with Biden Legendary Comedian Bravely Attacks Sharia Law – Highlights How Some Cultures Are Superior Car Drives Straight into White House Perimeter Gate, Resulting in Deadly Crash Chicago teachers’ $50B demands include pay hikes, abortions, migrant accommodation Utah hunter finds skeletal remains of man missing since 2019 in remote mountains Republicans believe college campus chaos works in their favor War veteran in crucial battleground race expands campaign, sets sights firmly on vulnerable Democrat White House looks to convince Americans of ‘Bidenomics’ with Kamala Harris tour Laws protecting children from online porn are winning in some states as activists push nationwide solution Crash outside White House security barrier leaves 1 dead: Police Class Warfare: IRS Promises to Increase Audits of ‘Wealthy’ Taxpayers by at Least 50% – Report
What’s more, President Trump’s call for measures to bolster the economy fell short of announcing a program agreed to by Capitol Hill lawmakers. On Wednesday, many lawmakers in both the Democratic and Republican parties either rejected the president’s proposals or said they were unlikely to pass. That raises the prospect that any economic stimulus could be delayed by weeks or months, perhaps coming too late to stave off a recession.
Stocks were down sharply in Europe, with the major indexes in Germany, France, and the U.K. down by more than 5.5 percent. Asian markets were also down, with Japan’s Nikkei falling 4.4 percent the the Shanghai Composite dropping 1.5 percent.
Story cited here.