Futures tank as virus risks deepen

This post was originally published on this site
https://i-invdn-com.akamaized.net/trkd-images/LYNXNPEG1Q0EJ_L.jpg

(Reuters) – U.S. stock index futures tumbled on Thursday as the rapid spread of the coronavirus outside China raised fears of a pandemic and sent investors scurrying to the perceived safety of gold and bonds.

The number of new infections in China, the source of the outbreak, was overtaken for the first time by fresh cases elsewhere on Wednesday, most notably in Italy and Iran.

Adding to the concerns, the U.S. Centers for Disease Control and Prevention confirmed an infection in California in a person who reportedly did not have relevant travel history or exposure to another known patient.

“If this virus spread intensifies stateside, it will most definitely be the straw that breaks the market’s back,” Stephen Innes, chief market strategist at AxiCorp, wrote in a note.

Rising fears of a pandemic, which U.S. health authorities have warned is likely, have wiped about $3.6 trillion off from global stock markets in the past few days.

Benchmark 10-year U.S. Treasuries fell to record lows, while gold rose 0.5%. Oil prices slid to their lowest in more than a year on fears of lower demand. [US/] [GOL/] [O/R]

The S&P 500 () fell for a fifth straight session on Wednesday as investors worried over the impact of the crisis on global supply chains, which have already been bruised by drastic containment measures in China.

At 1:09 a.m. ET, were down 384 points, or 1.43%, while were down 137.75 points, or 1.56%. S&P 500 e-minis were down 46 points, or 1.48%, just above their 200-day moving average.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment