U.S. stock index futures slid on Thursday, nearly hitting its daily down limit following gloomy market response to U.S. President Trump’s announcement regarding measures against the coronavirus pandemic.
S&P 500 slid down to 4.7%, to 2,610 points, almost reaching its daily down limit at 2,601 points.
Chief market strategist Quincy Krosby at Prudential Financial in Newark said that Trump’s speech left investors wanting for a more detailed stimulus package and that overall, the market sentiment does not approve with Trump’s surprise measures.
President Trump said that the United States will implement a month-long travel ban to all of Europe, excluding the United Kingdom. Trump also announced which measures to be executed in order to support the workforce and small businesses.
The surprise travel ban caused the market to stagger, heightening worries about an economic slowdown.
The decline in futures hinted further drops in major U.S. stock indexes, just after its steep falls on Wednesday, when the Dow went on a bearish direction for the first time since the 2008 financial crisis.