New York (CNBC, Mar 17th ,2020): Stock futures were higher Tuesday morning after Wall Street suffered massive losses on Monday amid concerns over the economic impact from the coronavirus outbreak.
At around 4:30 a.m. ET, Dow Jones Industrial Average futures rose 800 points, indicating an implied open of more than 1,000 points. S&P 500 and Nasdaq 100 futures were also higher.
Those moves came after President Donald Trump tweeted: “The United States will be powerfully supporting those industries, like Airlines and others, that are particularly affected by the Chinese Virus. We will be stronger than ever before!”
Donald J. Trump
The United States will be powerfully supporting those industries, like Airlines and others, that are particularly affected by the Chinese Virus. We will be stronger than ever before!
6:51 PM – Mar 16, 2020
Earlier in the session, futures contracts tied to the S&P 500, Dow Jones Industrial Average and Nasdaq 100 hit their upside limit, triggering a halt. In non-U.S. trading hours, stock futures are halted if they hit their downside or upside limits, pinning those contracts to their upper or lower bounds. The halt is meant to ensure that opening trade is orderly and not emotional.
The Dow Jones Industrial Average and S&P 500 had their worst day since the “Black Monday” crash of 1987, falling 12.9% and 12%, respectively. It was also the Dow’s third-worst day ever. The Nasdaq Composite had its biggest one-day plunge ever, tumbling 12.3%.