From “Dow futures drop over 1,000 points after Trump’s coronavirus plan fails to impress investors” posted on CNN Business early Thursday:
US stock futures plummeted Thursday after President Donald Trump used a national address on the coronavirus to announce a ban on most travel from Europe, but failed to deliver the comprehensive economic and medical response to the outbreak that investors are craving.
Dow (INDU) futures plunged more than 1,000 points, or 4.6%. S&P 500 (SPX) futures are down 4.3% and Nasdaq (COMP) futures dropped 4.5%.
The pain extended to global markets. London’s FTSE 100 (UKX) dropped 5.3%, Germany’s DAX (DAX)declined 5.5% and France’s CAC 40 shed 5.4%. Italy’s benchmark stock index, which has dropped 18% this week, fell another 5.1%…
Investors are struggling to see the endgame and “traders are hammering the sell button now thinking the US government has fallen well behind the curve in its [coronavirus] response,” said Stephen Innes, a market strategist at AxiCorp.
My take: In China, they’re taking everybody’s temperature and isolating possible cases. That’s what I call a plan.