Dow set to drop 600 points after Thursday’s massive tumble amid coronavirus fears

U.S. stock futures early Friday pointed to more losses after the major indexes suffered a tumble that sent them more than 10% below their record highs. As of 1:37 a.m. ET Friday, Dow Jones Industrial Average futures were 429 points lower, indicating an implied opening loss of 620.64 points. S&P 500 and Nasdaq 100 futures also pointed to a lower open on Friday.

Meanwhile, bond yields also continued to slip as the yield on the benchmark U.S. 10-year Treasury touched new record lows, according to Reuters. It was last at 1.2274%. The Dow plummeted nearly 1,200 points on Thursday — its biggest one-day point drop ever — as worries over the coronavirus possibly spreading sent stocks spiraling lower. The 30-stock average closed in correction territory along with the S&P 500 and Nasdaq Composite.

The Dow had closed at a record high on Feb. 12. It only took the S&P 500 six days to fall from an all-time high into correction levels, marking the broad index’s fastest drop of that magnitude. Thursday’s declines also put the Dow and S&P 500 down more than 10.5% each for the week, on pace for their worst weekly performance since 2008. Concerns over the coronavirus have also led several companies to issue earnings and revenue warnings. Microsoft said Wednesday one of its key divisions may not meet the company’s previous revenue guidance. PayPal also warned about its outlook on Thursday.

Dow set to drop 600 points after Thursday’s massive tumble amid coronavirus fears, CNBC, Feb 28