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US STOCKS-Futures slide again as stimulus high fades

Published 03/18/2020, 06:06 PM
Updated 03/18/2020, 06:08 PM
US STOCKS-Futures slide again as stimulus high fades

(For a live blog on the U.S. stock market, click LIVE/ or
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* Futures off: Dow 3.92%, S&P 3.69%, Nasdaq 4.43%

By Medha Singh
March 18 (Reuters) - U.S. stock index futures tumbled on
Wednesday, pointing to another volatile session for Wall Street
on fears that even dramatic stimulus measures would not be able
to avert a deep coronavirus-driven recession.
S&P 500 futures EScv1 were down 92 points, or 3.69%, at
their daily down trading limit, while the SPDR S&P 500 ETFs
SPY.P tumbled 5.6%.
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, with the COVID-19 disease still spreading rapidly
across the globe, investors are alarmed about the extent of the
blow to consumer spending, businesses and supply chains, sending
financial markets into a tailspin.
The rout has also pressured perceived safe havens, such as
gold, as traders offloaded their damaged positions, particularly
from the aerospace sector.
At 5:54 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%.

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