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CORRECTED-US STOCKS-Futures tumble as coronavirus crisis intensifies

Published 01/04/2020, 10:39
Updated 01/04/2020, 11:00
CORRECTED-US STOCKS-Futures tumble as coronavirus crisis intensifies
US500
-
DJI
-

(Corrects market value figure to $5.6 trillion from $7 trillion
in paragraph 5)
* Futures tumble: Dow 3.09%, S&P 3.17%, Nasdaq 2.77%

By Uday Sampath Kumar
April 1 (Reuters) - U.S. stock index futures sank on
Wednesday following stark predictions of a rising U.S. death
toll and economic damage from the coronavirus outbreak, a day
after the S&P 500 ended its worst quarter since the 2008
financial crisis.
President Donald Trump on Tuesday warned Americans of a
"very, very painful" two weeks, with White House health
officials modeling an enormous jump in virus-related deaths even
with strict social distancing measures. Cleveland Federal Reserve Bank President Loretta Mester said
reports measuring U.S. economic activity are likely to be "very
bad" in the first half of 2020 and the unemployment rate could
rise above 10% due to efforts to stem the virus outbreak.
The rapid worldwide spread of the disease has forced entire
countries to shut down, stalling business activity and raising
fears of corporate defaults.
The S&P 500 lost about $5.6 trillion in market value to post
its worst first quarter on record, while the Dow Jones .DJI
ended Tuesday with its biggest quarterly fall since 1987.
At 05:21 a.m. ET, Dow e-minis 1YMcv1 were down 672 points,
or 3.09%, S&P 500 e-minis EScv1 were down 81.5 points, or
3.17% and Nasdaq 100 e-minis NQcv1 were down 216 points, or
2.77%.
SPDR S&P 500 ETFs SPY.P were down 3.27%.
The S&P 500 index .SPX closed down 1.6% at 2,584.59​ on
Tuesday.

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