Stock-index futures trimmed overnight losses but continued to point to a lower start Friday, a day after major benchmarks tumbled into correction territory, as investor fears heightened over just how much damage the fast-spreading COVID-19 virus will wreak on the global economy.
U.S. stocks were on track for their biggest weekly decline since 2008.
How are major benchmarks trading?
Dow Jones Industrial Average futures YM00, -1.50% were off 102 points, or 0.4%, at 25,450, while S&P 500 futures ES00, -1.76% dropped 10.65 points, or 0.4%, to 2,946.25. Nasdaq-100 futures NQ00, -1.96% fell 28.75 points, or 0.4%, to 8,354.
On Thursday, the Dow industrials DJIA, -4.42% lost 1,190.90 points, or 4.4%, to close below 26,000 at 25,766.60, while the S&P 500 SPX, -4.42% slid 137.63 points, or 4.4%, to end at 2,978.76. The Nasdaq Composite COMP, -4.61% slumped 414.29 points, or 4.6%, finishing at 8,566.48.
All three U.S. benchmark stock indexes closed in correction territory Thursday, defined as a decline of at least 10%, but not more than 20%, from a recent peak. For the S&P 500 and Nasdaq, it marked the worst daily percentage drop since Aug. 18, 2011, but the steepest since Feb. 5, 2018, for the Dow.
The Dow is now down 9.71% for the year, while the S&P 500 is off 7.80% year-to-date, and the Nasdaq has lost 4.53%.
What’s driving the market?
Analysts said there were few signs investors were eager to wade back into the market following the acceleration of the selloff on