Dow futures drop 200 points as coronavirus cases continue to rise
Futures contracts tied to the major U.S. stock indexes pointed to a lower open on Wednesday as traders grew worried about the increasing number of newly confirmed coronavirus cases.
Dow Jones Industrial Average futures dipped 200 points, suggesting an opening loss of about 205 points when regular trading resumes at 9:30 a.m. S&P 500 and Nasdaq-100 futures slid 0.7% and 0.4%, respectively.
“Stock futures are trading lower this morning and safe haven assets, including gold, are rallying as new coronavirus cases continue to rise around the world, weighing on the prospects for a continued rebound in the global economy,” said Tom Essaye of The Sevens Report.
Shares of companies primed to benefit from the economy reopening faltered in premarket trading. United Airlines fell 3.2%. Delta, American and Southwest all slid over 2%. Carnival, Norwegian Cruise Line and Royal Caribbean were lower by 5.1%, 4.1% and 3.9%, respectively. Retailer Gap also …continued .
[Source: CNBC News]