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Dow Futures Down Over 370 points, US 10-Year Yield Hits Record Low

Stock MarketsFeb 27, 2020 07:59AM ET
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© Reuters.

By Noreen Burke

Investing.com - Dow futures fell more than 370 points on Thursday and U.S. 10-year Treasury yields hit a new record low as the number of new cases of coronavirus inside China was outstripped by new cases elsewhere, highlighting the spread of the epidemic around the world.

By around 07:40 AM ET (1240 GMT) Dow futures plunged 370 points, down around 1.4%. S&P 500 futures were down 1.3% while Nasdaq 100 futures fell 1.5%.

Yields on U.S. Treasuries, which fall when prices rise, dropped to record lows below 1.29% for 10-year debt and the yield curve continued to send recession warnings.

Markets are pricing a roughly even chance the Federal Reserve will cut interest rates next month and have almost fully priced in a cut by April.

Growing fears over the hit to global economic growth from the rapidly spreading virus continued to hammer global stock markets on Thursday, increasing their drop in value this week alone to more than $3 trillion.

On Wednesday the U.S. confirmed a first case of Covid-19 that doesn’t have any known connection to the existing outbreak.

Investors shrugged off an attempt by U.S. President Donald Trump to calm U.S. stock markets, saying the risk from the virus was "very low" and the U.S. was "very, very ready" to face the threat.

Elsewhere, U.S. crude oil futures were down 3% to $47.27. Gold futures were up 0.7% at $1,654 an ounce.

--Reuters contributed to this report

Dow Futures Down Over 370 points, US 10-Year Yield Hits Record Low
 

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Comments (6)
Ed Smith
Ed Smith Feb 27, 2020 11:03AM ET
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Excellent time to invest. Keep buying
Aaron Last Name
Aaron Last Name Feb 27, 2020 10:00AM ET
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Who cares this market has no effect on anything. They will come in and put a massive infusion of cash in because the fed will be forced too and cut rates on top of it. all part of the show
Jack Drummond
Jack Drummond Feb 27, 2020 8:57AM ET
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Do you really think that Dear Leader can produce "controlled isolation?" He has tried and failed to meander around the truth in trying to cover up his ineptitude. He fired key people in Homeland Security, NIH, and CDC over his term. Now those people are in private practice. Employing his political sycophants, including the Vice President, will crash his ship of state on the rocks of medical, social, and economic reality.
Gary Smith
Gary Smith Feb 27, 2020 8:42AM ET
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Well, I could see this coming and there is more drops en route. This virus will lead to controlled isolation soon enough.
Fred Bernatek
Fred Bernatek Feb 27, 2020 8:42AM ET
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I'm curious who made and spread that virus to China. It's only excuse for manipulating market .
Gary Smith
Gary Smith Feb 27, 2020 8:42AM ET
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Fred Bernatek  It is interesting...I wonder which country had the most to gain, off the back of a certain trade war that was on simmer.
Lindiwe Ncetana
Lindiwe Ncetana Feb 27, 2020 8:29AM ET
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is it still dropping?
Oil Merchant
Oil Merchant Feb 27, 2020 8:08AM ET
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Alone in the dark
 
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