Futures fall after the bumper session as virus threat rages on
U.S. stock index futures fell on Wednesday after a strong rebound in the previous session, as an imminent $2 trillion rescue package failed to completely allay investor concerns over the economic threat from the coronavirus pandemic.
After the White House and Senators agreed to the deal to aid businesses and millions of Americans hit by the health crisis, futures briefly surged but soon reversed course as traders said much of the stimulus had been priced into financial markets. On Tuesday, the Dow Jones.DJI had soared over 11% in its best day since 1933, while the S&P 500.SPX jumped 9.4%, recouping about $1.8 trillion in market value. “It’s too early to be positive,” said Andrea Cicione, head of the strategy at TS Lombard. “We still haven’t seen evidence that things are improving in terms of contagion. We also haven’t fully appreciated how far this recession will go.”
25 March 2020