US STOCKS-Futures slump as stimulus high fades, Boeing tumbles

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* Boeing slumps after call for $60 bln lifeline
* FedEx slips after suspending 2020 outlook
* General Mills ups forecast on bulk-buying
* Futures off: Dow 3.92%, S&P 3.69%, Nasdaq 4.43%

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By Medha Singh
March 18 (Reuters) - U.S. stock index futures tumbled on
Wednesday, pointing to another volatile session for Wall Street
as a bounce from sweeping stimulus measures was eclipsed by
growing signs of coronavirus damage to corporate America.
Boeing Co BA.N fell another 17% in premarket trading as
the planemaker called for a $60 billion bailout for U.S.
aerospace manufacturers facing the fallout of an extended
collapse in global travel. S&P 500 e-minis EScv1 fell 92 points, or 3.69%, hitting
their daily down trading limit, while the SPDR S&P 500 ETFs
SPY.P plunged 6.5%, signaling that the benchmark index could
see a 7% fall at opening - triggering another 15-minute halt.
"We're just in panic mode here," said Peter Cardillo, chief
market economist at Spartan Capital Securities in New York.
"The fear of, maybe, deflation setting in, is probably one
of the reasons why the market is acting the way it is."
Wall Street's main indexes had bounced on Tuesday from a
massive selloff a day earlier, as the Trump administration
pressed for a $1 trillion stimulus package and the Federal
Reserve relaunched a plan to purchase short-term corporate debt.
However, investors fear that even dramatic stimulus will not
be able to avert a deep recession as the COVID-19 disease
continues to spread rapidly across the globe and estimates for
the duration of the damage extend out into the summer.
In the latest signs of corporate stress, FedEx Corp FDX.N
slumped 4.2% after suspending its 2020 profit outlook and
announcing cost cuts.
Even Cheerios maker General Mills Inc GIS.N , which raised
its profit forecast citing bulk-buying of its products, fell 6%,
while the main U.S. airlines UAL.O AAL.O DAL.N dropped
between 5.7% and 9.3%. Boeing, just a year ago seen as a perpetual growth stock and
a symbol of U.S. tech and industrial power, has now lost more
than 60% of its value this quarter and the market overall has
fallen by around a third.
At 7:24 a.m. ET, Dow e-minis 1YMcv1 were down 821 points,
or 3.92% and Nasdaq 100 e-minis NQcv1 were down 328 points, or
4.43%.