by SignalFactory · October 28, 2020 | 12:40:16 UTC
U.S. stock futures fell sharply early Wednesday as investors feared an increase in coronavirus infections could halt the recovering economy.
Dow Jones Industrial Average futures fell 500 points, 1.8%. The loss pointed to a drop of more than 480 points at the open. S&P 500 futures lost 1.4% and Nasdaq 100 futures fell 1%. The Dow is already down 3% on the week, giving up its gain for October.
Daily U.S. coronavirus cases have risen by a record average of 69,967 over the past week, data compiled by Johns Hopkins University showed. Meanwhile, coronavirus-related hospitalizations are up 5% or more in 36 states, according to data from the Covid Tracking Project.
This uptick has led some countries to reinstate certain lockdown measures. In the U.S., the state of Illinois has ordered Chicago to shut down indoor dining.
The Dow fell more than 200 points during regular trading Tuesday and the S&P 500 slipped 0.3%. The Nasdaq Composite, meanwhile, advanced 0.6%. Tuesday’s divergent market action came as names that would benefit from people staying at home — such as Amazon and Zoom Video — rose broadly while stocks dependent on the economy reopening declined.
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