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S&P 500 Futures Fall on U.S. Virus Case Without Outbreak Ties

Stock MarketsFeb 27, 2020 06:10AM ET
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(Bloomberg) -- U.S. stock index futures fell after American health authorities said they’ve identified the first case of coronavirus that doesn’t have known ties to an existing outbreak.

March contracts on the S&P 500 Index dropped as much as 1.6% after the U.S. Centers for Disease Control and Prevention said the patient doesn’t appear to have traveled to China or been exposed to another known case of the virus. Contracts also dropped after a speech by President Donald Trump failed to assuage investors’ concerns of the novel coronavirus derailing global growth.

S&P 500 futures were down 0.7% at 05:21 a.m. in New York, while both Dow Jones futures and Nasdaq futures slid 0.6%. In Europe, the Stoxx 600 Index sank 1.8%, as more companies warned that the coronavirus would hit profits.

Trump sought to calm markets after one of the worst stretches for American stocks in almost five years. The underlying index is mired in a five-day losing streak that wiped out more than $2 trillion in value from American equities. The U.S. urged travelers to reconsider trips to South Korea as the country’s number of cases rose to more than 1,500. New infections were diagnosed in countries from Pakistan to Brazil. Saudi Arabia halted religious visits that include stops in Mecca and Medina.

More coronavirus cases were reported in other countries than in China for the first time, the World Health Organization said, a significant development highlighting the spread of the epidemic around the globe.

On Wednesday, the S&P 500 plunged more than 7% from records set just a week ago, as investors grew concerned the virus will derail global economic growth. The number of companies warning the virus’s spread would impact sales and earnings jumped, with the likes of Apple Inc. (NASDAQ:AAPL), Mastercard Inc. (NYSE:MA) and United Airlines Holdings Inc. (NASDAQ:UAL).

Goldman Sachs (NYSE:GS) equity strategists wrote in a note on Thursday that they expect no profit growth for U.S. companies in 2020 as they update their earnings model to incorporate the likelihood that the virus becomes widespread.

S&P 500 Futures Fall on U.S. Virus Case Without Outbreak Ties
 

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Comments (6)
Alejandro Rosario
Alejandro Rosario Feb 27, 2020 10:00PM ET
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Hey that guy lodaded up on put options and then went ahead and called the hospital to let them know he had corona. Clever guy. Made million s
CE CE
CE CE Feb 27, 2020 7:53AM ET
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hmmm I prefer buying into coronaPINT rather than selling into coronavirus
Steven Chen
GamerTurtle Feb 27, 2020 7:51AM ET
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the person of interest lives near where the infected people from the cruise, so I am not surprised.
Rob Mac
Rob Mac Feb 27, 2020 7:28AM ET
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Bottom line... the fire sale continues today. Go get some.
alex gallegos
alex gallegos Feb 27, 2020 7:28AM ET
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Not so fast! This is really serious!
Benjamin McIntire
Benjamin McIntire Feb 27, 2020 7:13AM ET
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dEeP sTaTe looool
Buzzy Jefferson
Buzzy Jefferson Feb 27, 2020 6:55AM ET
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ridiculous. It wouldn't surprise me if there is some deep state - democrat - socialist/globalist - Chinese conspiracy connected to this man-made virus. It is really trippy how China literally FREAKED OUT when President Trump closed travel from China to the US very early on. They were really upset that we weren't allowing Wuhan area folks to freely fly to the US after the outbreak began. Why do you suppose that is?
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bolt man
bolt man Feb 27, 2020 6:55AM ET
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dose of reality-- you need to wipe out about 13 million of them just to get to 1% of their population. These nano numbers of a couple of thousand (if one believes them that is) is meaningless statistically
Stephen Fa
Stephen Fa Feb 27, 2020 6:55AM ET
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Fact is the virus origin remains in question. There are signs of possible engineering and conspiracy links to China and a Canadian scientist recently assassinated when visiting Africa.
Stephen Fa
Stephen Fa Feb 27, 2020 6:55AM ET
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The Democrat's would have a political incentive to wreck the Trump economy with a health care crisis for the lower class.
Cosmic Deejay
Cosmic Deejay Feb 27, 2020 6:55AM ET
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It was definitely engineered, a natural occurrence is not on the table at this point. I don't think the virus was made to wipe out a large population but rather as a control mechanism. I think they will use this to push mandatory vaccines and at that point have control over life and death.  Someone is trying to play God and it's not going to end well.
bolt man
bolt man Feb 27, 2020 6:55AM ET
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when you eat bats, rats and everything else that moves thats what you get
 
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