Stock futures point to another day of declines on Wall Street

A man wearing a mask walks by the New York Stock Exchange (NYSE) on March 17, 2020 at Wall Street in New York City.

Johannes Eisele | AFP | Getty Images

Futures contracts tied to the major U.S. stock indexes fell early Thursday morning, signaling another day of declines for Wall Street.

As of 2:07 a.m. ET, Dow Jones Industrial Average futures were 410 points lower, implying an opening drop of 306.92 points. S&P 500 and Nasdaq futures also pointed to lower opens for the two indexes, though futures contracts trading can change rapidly overnight.

The moves followed yet another violent day on Wall Street on Wednesday as investors swung back to pessimism after Tuesday’s 6% bounce.

The Dow dropped 1,338.46 points, or 6.3%, on Wednesday and clinched its first close below 20,000 since February 2017. The Dow was down more than 2,300 points at the lows of the session. The S&P 500 dropped 5.2% to 2,398.10 and closed nearly 30% below a record set last month as both indexes sank further into bear markets.

An eye-watering spike in Treasury yields has also kept investors anxious. The 10-year Treasury rate rose 22 basis points to 1.18% on Wednesday following a rise of more than 30 basis points on Tuesday as it rebounds from record lows.

Earlier in Wednesday evening, futures swung higher after the ECB announced a new Pandemic Emergency Purchase Programme that will deploy €750 billion ($819 billion) to purchase securities to help support the European economy. The central bank said purchases will be conducted until the end of 2020 and include a variety of assets including government debt.

“The ECB will ensure that all sectors of the economy can benefit from supportive financing conditions that enable them to absorb this shock,” the central bank said in a release.

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