Dow Futures Plunge 500 Points after Scary New Wuhan Report

  • Dow Jones Industrial Average (DJIA) futures fell 500 points overnight.
  • Coronavirus cases spike higher again in Wuhan – the epicenter of the outbreak – dashing some hopes of containment.
  • California declares a state of emergency after reporting first COVID-19 fatality.

The Dow Jones soared to its second-largest points gain in history yesterday. But the momentum fizzled out overnight with Dow Jones Industrial Average (DJIA) futures down 500 points.

The drop comes as figures out of Wuhan revealed a surprise spike in new coronavirus cases. It snaps a three-day decline at the heart of the COVID-19 outbreak.

New coronavirus cases in Mainland China

  • Tuesday: 125
  • Wednesday: 119
  • Thursday: 139

The figures dashed some hopes of containment in Wuhan. The city’s party chief admitted there was still work to do.

The situation facing epidemic control in Wuhan is still complicated. We will not be able to contain the spread if we do not impose unified strict measures – Wuhan party chief Chen Yixin.

Investor concerns also grew as California reported its first fatality and declared a state of emergency.

Dow futures plunge after Wednesday’s surge

The intense volatility continues on Wall Street today. Dow futures contracts fell almost 500 points this morning, shattering yesterday’s monster rally.

Dow Jones Industrial Average (DJIA) futures gave back much of Wednesday’s gains overnight. Source: Yahoo Finance

S&P 500 futures and Nasdaq Composite futures were down 2.05% and 2% respectively.

Wuhan man dies despite being cleared of coronavirus

The unexpected rise in Chinese numbers on Thursday can partly be attributed to travelers returning from other coronavirus hotspots like Iran and Italy. China has reported 20 imported cases of the virus, and at least one case in Wuhan linked to the Iran outbreak. As Reuters reported:

Authorities have asked overseas Chinese hoping to return home to reconsider their travel plans.

Another worrying report out of Wuhan emerged overnight. A…

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