Dow futures drop 770 points as coronavirus cases outside China surge

CNBC ^ | 24 FEB 20 | Fred Imbert Eustance Huang

[DCBryan1]

U.S. stock futures pointed to sharp declines on Wall Street at the open on Monday as the number of coronavirus cases outside China surged, stoking fears of a prolonged global economic slowdown from the virus spreading.

As of 7:47 a.m. ET, Dow Jones Industrial Average futures were down 774 points, indicating a drop of 767 points at the open. Dow futures were down more than 800 points earlier in the session. S&P 500 and Nasdaq 100 futures were down by 2.5% and 2.8%, respectively.

Futures pointed to the biggest one-day points drop for the Dow since August, when the 30-stock average slid 800 points.

[unixfox]

Is it too late to short the stock in 99 Cent stores?

I would be shorting Alibaba about now.

[zeestephen]

Carnival Cruise is down 20% in the last five weeks.

That’s the only cruise line I follow.

[ScottinVA]

“Bloomberg posted yesterday that between 30-35% of component parts for US production are sourced in China. Of that, 89% is produced in the provinces under lock down.”

Another good reason for Trump to extricate the US from such tight connection with Chinese markets.

[BobL]

Not me and I agree on looming shortages. About all I saw last weekend was Walmart being sold out of children’s shoes, but I didn’t look to hard.

Something tells me that this week, empty shelves won’t be quite as hard to spot, since in addition to no resupply, panic buying should set in, in about 41 minutes from now (when the Dow opens).

[dynoman]

Right it’s not the flu, it’s emotional panic, the worst sickness of all.

[DCBryan1]

It will dip to -1000 sometime today. If you HAVE to put in an order today, better make damn sure your broker gets instructions for a LIMIT order and not a MARKET order.

[NorseViking]

It is how market works.

[polymuser]

“ Another good reason for Trump to extricate the US from such tight connection with Chinese markets.”

Yes. Strategic domestic economic defense.

[null and void]

China gets the flu, Wall Street gets pneumonia...

Bring Out Your Dead

Post to me or FReep mail to be on/off the Bring Out Your Dead ping list.

The purpose of the “Bring Out Your Dead” ping list (formerly the “Ebola” ping list) is very early warning of emerging pandemics, as such it has a high false positive rate.

So far the false positive rate is 100%.

At some point we may well have a high mortality pandemic, and likely as not the “Bring Out Your Dead” threads will miss the beginning entirely.

*sigh* Such is life, and death...

If a quarantine saves just one child's life, it's worth it.

[NorseViking]

“” “” panic buying should set in, in about 41 minutes from now (when the Dow opens).”” “”

Do you think the dip will be bought back right now?

[Mouton]

I am suggesting that you keep on eye out today, but hold your powder dry until you can see the impact on US companies.

The virus is not about dying, its about some systems seizing and other systems becoming overwhelmed.

Excellent point. Consumers are 2/3s of our economy.

[DCBryan1]

Excellent point. Consumers are 2/3s of our economy.

If America makes a run on the stores like the Italians are, I'd be buying campbells soup, Kellogs, baking stocks, canned food stocks, etc.

[BunnySlippers]

Haha ...I was an Institutional Equities Trader for 35 years. So, okay!!! retired. I get to sleep now. Used to get up at 4am.

[BobL]

“Do you think the dip will be bought back right now?”

We’ll get our dead cat bounces, due to soothing words from Uncle Deep State, but as shelves remain empty, people will start catching on. Given that, there’s basically no way to ‘manage’ what’s coming. Preventing a panic only buys time...but the end result has to be the same (empty shelves).

[Destroyer Sailor]

Hold on and enjoy the ride.

[central_va]

Excellent point. Consumers are 2/3s of our economy.

You bought that BS line? We are a nation of producers, consuming is a by product of producing. We are not a nation of consuming insects.....

[central_va]

This is good time to start make things here. globalists need to be defeated, this is a god a place to start as any.

[1Old Pro]

prolonged global economic slowdown

Of course the Dems are licking their chops, but this will pass in a month or so.

[central_va]

It is how markets gambling works.

[dynoman]

Yep. It’s how many things work.