Market Overview

Dow Jones, S&P Futures Hit 'Limit Low' As Trump's Economic Stimulus Hits Senate Roadblock

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Dow Jones, S&P Futures Hit 'Limit Low' As Trump's Economic Stimulus Hits Senate Roadblock

The stock market in the United States seems to head for another rough week, as futures contracts tanked ahead of Monday's opening bell.

What Happened

President Donald Trump's planned $2 trillion economic stimulus package is likely to see a delay as Senate Democrats opposed it because it prioritizes the corporate industry and does little for American workers, CNN reported Sunday.

The Senate was split 47-47 in a procedural vote to advance the package, divided across a partisan line, CNN noted.

The delay in the economic stimulus comes as the number of confirmed novel coronavirus (COVID-19) cases in the U.S. reached 33,276 by late Sunday, including 417 deaths, according to the data from Johns Hopkins University. New York alone has confirmed almost half of the COVID-19 cases at 15,793.

Globally, nearly 336,000 cases have been confirmed, and 14,641 people have reportedly died from the virus.

The Federal Reserve St. Louis chair James Bullard gave a grim outlook of the pandemic in an interview with Bloomberg on Sunday.

Bullard said the unemployment rate in the country could hit 30% in the second quarter, and the gross domestic product could drop by 50%.

Price Action

Dow Jones futures traded 4.84% lower at 18,119 at press time on Sunday. S&P 500 futures were down 4.71% at 2,180.75. Nasdaq futures traded 4.28% lower, at 6,671.

Both Dow Jones and S&P 500 futures earlier in the evening hit the daily lower limit of 5% established by the CME Group Inc. (NASDAQ: CME).

The Dow is down 24.54% in March, its worst monthly drop since the Great Depression in 1931, as noted earlier by MarketWatch.

 

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