Dow futures drop 900 points as Trump speech disappoints investors

Meric Greenbaum, Designated Market Maker IMC financial looks up at the board before the opening bell right before trading halted on the New York Stock Exchange on March 9, 2020 in New York.

Timothy A. Clary | AFP | Getty Imgaes

Futures contracts tied to the major U.S. stock indexes fell early Thursday after an address from President Donald Trump failed to quell concerns over the possible economic slowdown from the coronavirus. 

The move comes after the Dow Jones Industrial Average ended its historic 11-year bull market run by closing in a bear market.

As of 1:50 a.m. ET Thursday, Dow futures were down 904 points, implying a loss of 864.22 points at the open. S&P 500 and Nasdaq 100 futures were also sharply lower. Earlier, Dow futures fell more than 1,000 points.

In his address, Trump announced travel from Europe will be suspended for 30 says as part of the government’s response to the coronavirus. Trump also said the administration would provide financial relief for workers who are ill, caring for others due to the virus or are quarantined. 

However, these announcements were not enough for investors who were looking for a more robust fiscal response to curb potentially slower economic growth.

Meanwhile, the National Basketball Association also announced Wednesday night that it is suspending its season after a Utah Jazz player tested positive for COVID-19.

The move in futures came after yet another wild session on Wall Street and the demise of the Dow’s record-setting bull market run that began in March 2009. The blue-chip index tumbled 1,464.94 points, or 5.9%, to close at 23,553.22. The 30-stock average closed in a bear market, down more than 20% below the record close set only last month and putting to end an expansion that started in 2009 amid the financial

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