Its that time of the week again when the US futures markets open for business, oh and then get shutdown 5 minutes later due to another crash.
U.S. stock futures opened sharply lower on Sunday night as Wall Street waits on Washington to agree to an economic stimulus and rescue plan to combat the giant economic blow from the coronavirus outbreak.
Dow Jones Industrial Average futures fell more than 900 points, or 5%, to hit their “limit down” level. S&P 500 and Nasdaq 100 futures were also down around 5%. Downside limits to futures contracts are implemented to ensure orderly market behavior.
U.S. crude futures also slid by more than 4%, adding to last week’s massive losses.
Futures could be highly volatile as headlines come out of a coronavirus task force news conference Sunday evening and as traders await news on a stimulus bill agreement (or lack of one).
We expect much more down side to come, if you think the last few days and weeks have been crazy, you haven’t seen anything yet. Hold on to your horses, the coming week is going to be hell of a ride!
We’ll keep you posted and remember, don’t take it to seriously, laugh a lot, love a lot and fear, not at all.
Peace, Love & Anarchy!