Wall Street is expected to suffer another week of rough US markets due to the pandemic as lawmakers decide on economic aid packages in Washington.
Stock market futures suffered a steep fall while Treasury-bond futures gained, indicating smooth-sailing trades in the following week. Despite the historic fall in share prices in recent weeks, Wall Street analysts and investment managers said that it was hard to estimate a bottom.
The effect of the virus across New York City may have caused anxiety on Wall Street, said deputy chief investment officer Carol Schleif of Abbot Downing. Infections shot up over the weekend and NYC Mayor Bill de Blasico says staff are almost running out of supplies.
The total confirmed cases in the U.S. has reached 33,000 with a death toll of 390 people.
Many states have imposed restrictions on businesses and movement within citizens.
U.S. stocks dropped over 30% from its peak in mid-February. Even the bond market suffered liquidity stress at a time when the market is nearing a financial crisis.
On Sunday night, S&P 500 e-minis ESC1 plunged 5%, while oil prices fell and Treasury bond futures gained.
The fall in global economic activity has undoubtedly affected the US economy but market strategists and economists say it was difficult to tell its severity.