World markets took a beating on Monday, as the rising number of coronavirus cases outside of China sent investors into a selling frenzy. Both South Korea and Italy have seen a spike in infections, raising the possibility that the mystery virus could be mutating into a pandemic.
7:30 a.m. ET: Stock futures rally after ugly Monday; HD beats
U.S. stock futures posted early gains, shaking off weakness in Asia and Europe, as investors become increasingly jittery about the possibility that the coronavirus is becoming a worldwide pandemic.
Here’s were the main moves during the pre-market session, as of 7:30 a.m. ET:
S&P 500 futures (ES=F): 3,234.25 up +8.00 or 0.25%
Dow futures (YM=F): 28,037.00, up 69.00 or +0.25%
Nasdaq futures (NQ=F): 9,137.50, up 46.50 0.51%
Crude oil (CL=F): 51.29, down 0.14 or -0.27%
Gold (GC=F): 1,648.90, down $27.70 or -1.65%
Stocks are coming off their worst day in 2 years — a rout that saw $1.7 trillion in market capitalization evaporate in a single trading session, according to veteran analyst Howard Silverblatt. On Wednesday, the Nasdaq and S&P set record highs — but since then have hemorrhaged $2.44 trillion in value, according to Silverblatt.
An unexpected surge in confirmed infections in Italy and South Korea — which now has the largest cluster of cases outside of China — is sparking widespread fear and undermining the sense of calm the World Health Organization has strived to project. On Monday, the agency said the virus was “not yet” a pandemic, but could become one.