FOX Business’ Hillary Vaughn lays out how a payroll tax cut wasn’t going to get cash in Americans’ hands fast enough. Fox News’ Chad Pergram explains why U.S. Treasury Secretary Steven Mnuchin pushed for a coronavirus stimulus package. FOX Business’ Jackie DeAngelis goes through the tumultuous financial day on the New York Stock Exchange.
U.S. equity futures are trading lower as the cycle of dramatic swings between gains and losses continues on Wall St.
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The major futures indexes are indicating a drop of 3.5 percent, or about 800 Dow points at 2:30 am ET.
Wall Street rebounded on Tuesday following President Trump’s promise of aid to get the U.S. economy through the coronavirus outbreak.
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The White House proposal could approach $1 trillion in spending to ward off the pressure of business closures to contain the virus. The Federal Reserve announced more measures to keep financial markets operating.
On Tuesday, the benchmark S&P 500 index rose by an unusually wide daily margin of 6 percent, regaining just under half of the previous day’s history-making loss.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 21237.38 | +1,048.86 | +5.20% |
| SP500 | S&P 500 | 2529.19 | +143.06 | +6.00% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7334.782045 | +430.19 | +6.23% |
Professional investors expect more big daily swings in both directions until the spreading virus is brought under control.
Treasury Secretary Steven Mnuchin said Trump wants to send checks to Americans in the next two weeks to help support them while more parts of the economy come closer to shutting down.
The proposal would include $250 billion for small businesses and $50 billion for airlines.
The measures are a good start but investors need to see the number of infections slow before markets can find a bottom, analysts said. The number of new cases reported in China, where the virus emerged in December, is declining but infections in the United States, Europe and elsewhere are increasing.
In Asian markets, Japan’s Nikkei fell 1.7 percent, Hong Kong’s Hang Seng dropped 2.7 percent and China’s Shanghai Composite declined 1 percent.
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On Tuesday, a report showed retail sales weakened in February, when economists had been expecting a gain.
The Associated Press contributed to this article.
