- The U.S. stock market is set to drop by 4% as the World Health Organization issues an airborne warning for coronavirus.
- New York already accounts for 5% of all COVID-19 cases, and sentiment around containment is declining.
- A $2 trillion relief package has hit a roadblock as stocks see a tough week ahead.
The U.S. stock market is set to drop by around 4% on the day’s open, as Dow futures indicate a 720-point drop. It comes after the World Health Organization (WHO)’s unexpectedly warning the coronavirus has the ability to survive in the air.
The precautions about the survivability of coronavirus are being issued as the virus outbreak rapidly sweeps across several highly-infected states, including New York and California.
Coronavirus is spreading faster than expected in the U.S.
According to data from worldometer, the number of total coronavirus cases in the U.S. has exceeded 35,000. That is more than seven times the cases in South Korea, which was the most infected country outside of China merely a month ago.
The Centers for Disease Control (CDC) said on March 20 that total coronavirus cases in the U.S. are hovering at 15,000. Within less than three days, that number has more than doubled.
The swift expansion of the virus outbreak prompted New York Governor Andrew Cuomo to controversially state that 80% of individuals could be infected in the state.
Former Stanford professor and founder of a major biotech company Balaji Srinivasan described Cuomo’s statement as an “American leader surrendering to the virus.”
As the coronavirus outbreak continues to worsen in the U.S., the stock market is increasingly showing signs of uncertainty and lack of confidence.
The Dow Jones has already fallen to the low 19,000-point region, and there is little support at a technical level from the current area to 18,300 points.
The U.S. stock market remains…