- Global stock markets plummeted with crude oil at the open of trade on Sunday.
- Dow Futures fell 800 points before bouncing to around a 600 point loss.
- The Dow Jones faces another wild week as the coronavirus appears to be spreading rapidly outside of China, and Trump officials change their tune after the first U.S. death.
Dow Futures opened down 800 points. Two days of rough coronavirus headlines are rocking an already nervous stock market.
It’s hardly surprising after the U.S. reported its first death in Washington State, and cases in Italy skyrocketed once again. Adding to the woes, Washington state is investigating a break-out in the hundreds of people.
Dow Futures Plummet as More Bad Coronavirus News Hammers Risk Assets
Oil dove to a 90 day low below the $44 handle. The price of gold, meanwhile, rose slightly at the open of trade.
It has been a weekend full of negative headlines for the Dow, as the global spread of the coronavirus outside of China continued to accelerate.
The most significant of these may have been the enormous 50% spike in Italian cases. The U.K announced 13 more cases, and PM Bris Johnson stated that it will “likely spread a bit more.” Additionally, Scotland and the Czech Republic announced their first cases.
Dow Struggles As Trump Official Acknowledges Coronavirus Threat
After the first U.S. death from the illness, one of Donald Trump’s task force, Dr. Anthony Fauci, confirmed to Fox News that the coronavirus is “clearly more lethal” than the common flu. He also voiced concerns about community spread in the U.S.
These comments don’t mix with the pro-stock market tone that Donald Trump initially took. If Fauci is not reprimanded,…