Stock futures plummet to begin new week on coronavirus concerns
Investors are re-evaluating their expectations for economic growth, which many skeptics have been saying were overly optimistic
Kevin Hassett, who is a senior adviser to President Trump, says he's confident the unemployment rate could be below 9 percent by the end of the year due to May's promising jobs report and the Commander-in-Chief's policy incentives.
U.S. equity futures are pointing to losses to start the week on concerns about a rebound in cases of coronavirus.
The major futures indexes are off their worst levels, indicating a decline of 2.2 percent or more than 500 Dow points.
At one point, Dow futures were down 900 points.
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Shares are lower following the worst week for Wall Street in nearly three months.
Stocks are turning wobbly as investors re-evaluate their expectations for economic growth, which many skeptics have been saying were overly optimistic.
ECONOMY IS 'OFF TO THE RACES' ON V-SHAPED RECOVERY: KUDLOW
Case numbers are still growing in various nations, including emerging economies, and without a vaccine, relaxing lockdowns and reopening travel could bring on further waves of COVID-19 cases.
In Asian markets on Monday, Japan's benchmark Nikkei dropped 3.5 percent, Hong Kong's Hang Seng fell 2.2 percent, while China's Shanghai Composite was down 1 percent.
In Europe, London's FTSE fell 0.9 percent, Germany's DAX declined 0.9 percent and France's CAC gave up 0.8 percent.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 43444.99 | -305.87 | -0.70% |
| SP500 | S&P 500 | 5870.62 | -78.55 | -1.32% |
| I:COMP | NASDAQ COMPOSITE INDEX | 18680.120875 | -427.53 | -2.24% |
On Wall Street Friday, the S&P 500 rose 1.3 percent a day after dropping nearly 6 percent in its biggest rout since mid-March. It lost 4.8 percent for the week, snapping a three-week winning streak for the benchmark index.
The Dow Jones Industrial Average rose 1.9 percent and ended the week with a 5.6 percent loss after slumping nearly 7 percent on Thursday.
The Nasdaq, which climbed above 10,000 points for the first time on Wednesday, gained 1 percent.
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Benchmark U.S. crude oil lost 61 cents to $35.67 a barrel in electronic trading on the New York Mercantile Exchange. It fell 8 cents to settle at $36.26 a barrel Friday. Brent crude oil, the international standard, fell 30 cents to $38.43 a barrel.
The Associated Press contributed to this article.