Stocks on Wall Street plunged Monday, and U.S. stock futures failed to hold onto early gains on Tuesday.
Dow Jones Industrial Average futures YM00, -0.05% edged up just 4 points and S&P 500 futures ES00, -0.02% nudged up by 0.1%. Dow futures had climbed as much as 266 points overnight.
A pause or bounce-back would not be unusual. The past 10 times that the S&P 500 index fell by as much as 3%, for example, it declined just 0.27%, on average, in the next trading session, according to Dow Jones Market Data.
Researchers at Bespoke Investment Group also said Monday that, over the past 11 years, declines of more than 2% for the S&P 500 have tended to see healthy rebounds, particularly when that daily slide happens on a Monday. “Since March 2009, there have been 18 prior 2%+ drops on Mondays, and SPY has seen an average gain of 1.02% on the next day (Turnaround Tuesday),” they wrote.
Gold prices GCJ20, -1.19% , which jumped 1.7% Monday to their highest point in seven years, slipped 1.1% to $1657.30.
Asian markets continued to fall, with Japan’s Nikkei NIK, -3.34% — which was closed for a holiday Monday — last down over 3%. Australia’s S&P/ASX 200 XJO, -1.60% fell 1.6%, though South Korea’s Kospi 180721, +1.18% , which fell 4% on Monday, rebounded 1.1% on Tuesday.
European stocks SXXP, -0.97% couldn’t hold an early gains. The FTSE MIB I945, -1.44% in Italy, which has the highest number of confirmed coronavirus cases in Europe, fell 0.8%.
Monday on Wall Street, the Dow finished more than 1,000 points lower, marking its third-worst daily point drop in history, as the global spread of the coronavirus raised worries that the impact on economic growth could be worse than investors expected, hurting the prospects for a global recovery in 2020.
The Dow Jones Industrial Average DJIA, -3.56% shed 1,031.60 points, or 3.6%, to settle at 27,960.80. The S&P 500 SPX, -3.35% slumped 111.86 points, or 3.4%, to close at 3,225.89, and the Nasdaq Composite COMP, -3.71% off by 355.31 points, or 3.7%, to finish at 9,221.28.
div > iframe { width: 100% !important; min-width: 300px; max-width: 800px; } ]]>
Add Comment