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Dow Futures Drop 600 Points Amid U.S. Stimulus Uncertainty

Stock MarketsMar 11, 2020 07:58AM ET
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© Reuters.

By Noreen Burke 

Investing.com - U.S. stock futures pointed to a sharply lower open on Wednesday after strong gains in the previous session, amid doubts over what U.S. President Donald Trump said would be “major” fiscal stimulus measures to counter the economic impact of the coronavirus outbreak.

By 07:50 AM ET (1150 GMT), Dow futures dropped 632 points, or around 2.5%. S&P 500 futures and Nasdaq 100 futures were both down around 2.6%. 

Wall Street reversed course on Tuesday, with the three main indexes all rising by nearly 5%  in anticipation of a major policy announcement. That pulled them back from the brink of a bear market.

But while Trump met with fellow Republicans in the U.S. Senate on Tuesday, he did not outline any measures to offset the economic fallout from the virus outbreak. A scheduled news conference took place without the President.

Futures received only a temporary lift from the Bank of England, which earlier joined other central banks in cutting interest rates, as part of a broader package of measures to support bank lending in order to cushion the economy.

With the Federal Reserve having already cut rates this month, the pressure is on the European Central Bank to act when it meets on Thursday.

Benchmark U.S. 10-year Treasury yields were down 4 basis points to 0.71%, more than double Monday's record low yield of 0.32%.

Market participants largely expect the Fed to cut interest rates for the second time this month at the conclusion of next week's regularly scheduled policy meeting, after it surprised investors last week with a 50-basis-point cut.

Elsewhere, crude oil futures turned lower again after Saudi Arabia ratcheted up its price war, asking national oil company Aramco (SE:2222) to increase its production capacity to 13 million barrels a day from 12 million currently. U.S. crude futures were down 2.9% at $33.37, while Brent was down 2.5% at $36.28 a barrel.

 

--Reuters contributed to this report

Dow Futures Drop 600 Points Amid U.S. Stimulus Uncertainty
 

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Comments (10)
David Jisoo
David Jisoo Mar 11, 2020 6:26PM ET
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Mar 12 it will be the biggest green day in the market
Bob Blahblah
Bob Blahblah Mar 11, 2020 8:44AM ET
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thanks for spreading the propaganda comrade
Ibrahim Gögenur
Ibrahim Gögenur Mar 11, 2020 8:39AM ET
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Learn to live with coronavirus. Crazy with so much panic and hysteria
Lasse Maltensson
Lasse Maltensson Mar 11, 2020 8:34AM ET
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Big point coming with stimulus it will all be forgotten once the real numbers of cases in Usa becomes real.
Lasse Maltensson
Lasse Maltensson Mar 11, 2020 8:34AM ET
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For you who cleraly don't believe me. The passanger on Diamond princess that infected most part of the boat got it while in a festival in California. AND Swedes and Norweiginas and now today an Eqyptian had all been proven positive after visit to USA. So it's well established in USA and you still don't do any testing!!! A freaking joke! Land of incompetence
Curtis Watts
Curtis Watts Mar 11, 2020 8:34AM ET
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And as of just a few months ago, the so called “experts” were advising investors that the 60/40 portfolio was dead, and was a portfolio of the past and that everyone should be invested in at least 80% stocks. Good job Einsteins!
Scott Mitchell
Scott Mitchell Mar 11, 2020 8:12AM ET
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Blow me down.
sanmi lawal
sanmi lawal Mar 11, 2020 8:12AM ET
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news that makes huge impact on Dow Futures is failing the investors.....
Jon Bal
Jon Bal Mar 11, 2020 8:08AM ET
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No soup for you!
Huy Triệu Xuân
Huy Triệu Xuân Mar 11, 2020 8:07AM ET
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Thanks!
SCUMMY 666
SCUMMY 666 Mar 11, 2020 8:05AM ET
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Down Simba
 
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