Dow futures sink more than 400 points as coronavirus cases rise

U.S. stock index futures fell sharply Monday morning after more cases of the coronavirus were confirmed over the weekend.

Around 6 a.m. ET, Dow futures indicated a negative open of about 500 points. Futures on the S&P 500 and Nasdaq were also lower.


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Investors were rattled Monday as worries about the potential impact of the coronavirus outbreak in China. U.S. equities ended Friday on a negative note as investors worried about the impact of coronavirus on the global economy. There are 2,862 confirmed cases so far in China and the death toll in China has risen to 81. The World Health Organization’s director general is traveling to China to meet with government and health officials.

Shares of Dow component Boeing were also weighing on the market on reports of a plane crash in Afghanistan. It was initially reported to be a plane from the state-owned Ariana Afghan Airlines. However, Reuters has since said that the airline’s acting CEO Mirwais Mirzakwal has denied that one of its planes has crashed.

Meanwhile, the United States is waiting for further clarity from the European Union over plans to introduce a carbon tax. The U.S. Commerce Secretary Wilbur Ross told the Financial Times the U.S. would react if the new tax is deemed to be protectionist.

In terms of earnings, Arconic, D.R. Horton, F5 Networks, and Whirlpool are set to report before the bell.

On the data front, new home sales numbers are expected at 10 a.m. ET and the Dallas Fed manufacturing numbers are due at 10:30 a.m. ET.

Source: cnbc.com | Original Link

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