Dow Futures Erase Gains after G7 Statement Falls Short

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By Noreen Burke – erased gains on Tuesday after G7 finance officials pledged to use policy tools but stopped short of committing to specific actions to offset fallout in the global economy from the coronavirus outbreak.

By around 07:45 AM ET (1245 GMT) were down 9 points, erasing gains of more than 250 points earlier in the day. S&P 500 futures were 0.4% lower while were almost unchanged for day.

The G-7 said in a statement they will use policy tools to curb an economic slowdown, but the group did not agree to any coordinated action.

The premarket losses came a day after the Dow surged over 5% while the S&P 500 and Nasdaq each jumped more than 4% in a major rebound following last week’s steep sell-off sparked by fears about the coronavirus.

It was the strongest one-day gain for the Dow since 2009, while the S&P 500 and Nasdaq each had their strongest one-day rise since December 2018.

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