Stock futures started the session lower overnight as market participants continued to monitor the spread of the coronavirus and the daily disruptions it has caused worldwide.
On Sunday, President Donald Trump said during a press conference that he was extending citizens’ guidelines to remain socially distant until April 30. Previously, Trump had tried to reopen the shops by Easter in mid-April.
According to Johns Hopkins data, cases of coronavirus continued to increase over the weekend, reaching over 700,000 worldwide on Sunday evening. The number of cases in the U.S. rose to over 137,000, along with more than 2,000 deaths.
Dr. Anthony Fauci, an infectious disease expert and a member of the White House Coronavirus Task Force, said during a CNN interview on Sunday that he believed the virus could “kill” millions of Americans in “millions of cases” remain “a moving target”.
New York remains an epicenter for the outbreak. The number of confirmed cases rose by approximately 7,200 to 59,513 on Sunday, said Governor Andrew Cuomo. The state also reported its largest one-day increase in deaths on Sunday, with the toll rising 237 to 728.
A day earlier, the Center for Disease Prevention and Control issued a domestic travel guide asking residents of New York, New Jersey, and Connecticut not to travel inland for 14 days to prevent this from happening Coronavirus spreads from hot spots to areas of the country where health infrastructure may in certain cases be less able to cope with an influx. However, the Trump administration has stopped issuing an enforceable quarantine order for the New York City area and Tristate, as reportedly had been considered in previous discussions.
Volatility continues to hold financial markets as the pandemic continues, stocks buzz higher, and then collapse as investors weigh the virus’ s toll against the desperate efforts of policy makers to contain the effects. Treasury Secretary Steven Mnuchin said on Fox News Sunday that he expected the US government to launch a small business loan program this week and that workers would receive their direct checks from the $ 2 trillion stimulus package signed by President Donald Trump on Friday – Dollars can expect three weeks.
Despite a drop in individual session on Friday of more than 4%, the Dow posted a 12.8% gain last week for its best one-week advance since 1938.
A number of analysts have predicted that a reduction in volatility in financial markets will require proof of a decrease in the number of new coronavirus cases, and signals that the business is due to industries that are forced to cut back or shut down efforts to contain viruses have resumed.
In a release over the weekend, Goldman Sachs analysts, led by Peter Oppenheimer, highlighted four events that they believed needed to take place to stabilize the market: “[First]a sign that the political intervention is sufficient to prevent severe economic shocks in the second and third rounds; a sign that the infection rate is peaking; a sign that the economic downturn could slow down; and cheap reviews, ”they wrote.
“In reality, we believe it will be a combination of these, and in some cases there are already signs that they are there,” they said.
6:02 p.m. ET Sunday: Stock futures fall as US coronavirus cases continue to increase.
The futures for each of the three main indices opened on the lower Sunday morning and signaled a further decline towards the regular trading session on Monday.
Here were the main moves in the markets from 6:02 p.m. ET:
S&P 500 futures (ES = F.): by 2.00% or 50.50 points to 2,473.50
Dow Futures (YM = F.): by 1.72% or 369 points to 21,068.00
Nasdaq futures (NQ = F.): by 1.62% or 122.5 points to 7,446.00
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