Dow futures drop 1,000 points as Trump speech disappoints investors

[RandySF]

Futures contracts tied to the major U.S. stock indexes fell on Wednesday night after an address from President Donald Trump failed to quell concerns over the possible economic slowdown from the coronavirus.

The move comes after the Dow Jones Industrial Average ended its historic 11-year bull market run by closing in a bear market.

Dow futures were down 1,067 points, indicating a loss of about 1,027 points at Thursday’s open. S&P 500 and Nasdaq 100 futures were also sharply lower.

In his address, Trump announced travel from Europe will be suspended for 30 says as part of the government’s response to the coronavirus. Trump also said the administration would provide financial relief for workers who are ill, caring for others due to the virus or are quarantined.

However, these announcements were not enough for investors who were looking for a more robust fiscal response to curb potentially slower economic growth.

Meanwhile, the National Basketball Association also announced Wednesday night that it is suspending its season after a Utah Jazz player tested positive for COVID-19.





https://www.cnbc.com/2020/03/11/futures-are-steady-wednesday-night-after-dow-closes-in-bear-market-traders-await-trump.html

[Mersky]

1. A virus pandemic is not the time for nebulous, trickle-down fiscal flimflam

Last edited Thu Mar 12, 2020, 01:46 AM - Edit history (1)

I’m doubtful such will reach the very workers who need the leeway of real wage support to stay home from work in a timely way. Seems floppy/flabby and more like payouts to shine his wealthy donors. Is so distant from the human things that need to be addressed immediately. I mean, how many more tests, equipment, personnel, planning, and PPE would we have in place if he’d cared about prevention and readiness? And he still doesn’t care now. Was just his usual tripe: keep people out and flash IOU money that isn’t his to begin with.

Tonight, imo, this was him trying to cover his bets on his USA alone and ‘trade wars are easy’ swaggering swindle. This time, we’re not talking about soybeans, no, the high cost of his policies will be measured in lives lost, grief, and unintended consequences.

Will it support meaningful social distancing measures and addressing healthcare shortages as rapidly as we need it to happen? What does that even mean in a country that isn’t testing for the virus at anywhere near the scale needed at this point in its spread?