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Dow Futures Plunge After Trump Claims “Tremendous Control” Over Virus As Infections Spread

NEWS

Dow Futures Plunge After Trump Claims “Tremendous Control” Over Virus As Infections Spread





Stock futures plunged Sunday afternoon minutes after President Trump announced that the Federal Reserve embarked on a massive monetary stimulus campaign to curb slower economic growth amid the coronavirus outbreak.

Trump began the coronavirus press conference at the White House Sunday evening with news that the Federal Reserve plans to cut interest rates to zero, saying, “That’s a big step and I’m very happy they did it. And you will not hear anything about me, unless it’s about a month or two from now. So I congratulate the Federal Reserve.”

Just minutes after his speech, the stock market futures hit “limit down” levels of 5% lower, a move made by the CME futures exchange to reduce panic in markets. No prices can trade below that threshold, only at higher prices than that down 5% limit, CNBC reports.



“Dow Jones Industrial average futures were off by more than 1,000 points, triggering the limit down level. S&P 500 and Nasdaq 100 futures were also at their downside limits,” according to the news outlet.

Trump urged Americans on Sunday to stop panic buying and hoarding food and goods as the coronavirus death toll in the U.S. hit 63 and cases neared 3,500.

“We’re going to be so good,” Trump claimed in a press conference at the White House Sunday evening, adding, “Relax, we’re doing great. It all will pass.”

“You don’t have to buy so much. Take it easy. Just relax,” Trump said, adding that President and CEO of Walmart Doug McMillon said during a conversation earlier in the day that people were buying more than they do at Christmas. “Doug of Walmart said that they’re buying more than they buy at Christmas,” Trump said.

“It’s a very contagious virus. Something we have tremendous control of,” Trump told a worried nation on Sunday.

Just hours before the press conference, Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases, appeared on ABC’s This Week and said, “People need to understand that things will get worse before they get better.”








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