U.S. stock futures retreat after Trump fails to reassure traders
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U.S. stock futures retreat after Trump fails to reassure traders

U.S. stock futures fell Wednesday night, after a news convention by President Donald Trump failed to reassure investors and as a contemporary case of coronavirus with out a identified origin was realized in California.

Dow Jones Industrial Average futures


  sank more than 300 points, and S&P 500


  and Nasdaq Composite futures


  had been also off by more than 1%.

“There’s no reason to be panicked,” Trump said Wednesday evening at a White Home press briefing, as he downplayed the dangers and said the nation is correctly-prepared for a conceivable COVID-19 outbreak. He also announced Vice President Mike Pence has been put in charge of the nation’s outbreak response.

Meanwhile a contemporary coronavirus case was confirmed in Northern California, the first in the U.S. by someone who hasn’t traveled to infected areas or been in identified contact with anyone who has, raising the worrisome prospect that the virus is spreading by diverse means.

“President Trump’s press convention was certainly intended to be a self assurance builder however I don’t imagine this may have great impact on stocks,” Kristina Hooper, chief global market strategist at Invesco, told Bloomberg Information. “The fall in futures illustrates that phrases from politicians are meaningless. I imagine this may take assurances from the Fed to send futures in the reverse direction.”

Jeffrey Halley, senior Asia Pacific market analyst at Oanda, wrote in a reveal: “President Trump finally addressed the arrival of coronavirus on U.S. shores, and the authorities’s response to controlling its potential spread. . . .Neither inspired an already shaky North American market.”

Stephen Innes, chief market strategist at AxiCorp, had a grim prediction as he addressed the contemporary Calfornia case, in a reveal: “If this virus spread intensifies stateside, this may most definitely be the straw that breaks the market back.”

Earlier Wednesday, Microsoft Corp.


  warned it acquired’t meet its quarterly forecasts due to the outcomes of the outbreak, seemingly signalling more widespread guidance misses across the tech industry.

On Wall Highway, the Dow and S&P 500 index fell for a fifth straight day on continued fears of the coronavirus outbreak’s impact on global economic development. The Dow Jones Industrial Average


  fell 123.77 points, or 0.5%, to determine at 26,957.50, marking the worst 5-day point fall for the blue-chip index on file. The S&P 500


  shed 11.82 points, or 0.4%, to cessation at 3,116.39, while the Nasdaq Composite


  added 15.16 points, or 0.2%, to cessation at 8,980.77, snapping a four-day losing streak.

Asian markets continued to fall Thursday, with Japan’s Nikkei


  down 2%, Hong Kong’s Hang Seng


  off 0.7% and South Korea’s Kospi


  slipping 0.7%.

After falling for a fourth consecutive session Wednesday, oil futures continued to fall in a single day, with West Texas Intermediate shameful for April delivery


  and Brent shameful, the global


  down more than 1%.