Correction Deepens in U.S. Stock Futures Pointing to Rough Open

Futures on American stock indexes tumbled, extending their 13% drop since mid-February, as plummeting oil prices added to the backdrop of dread surrounding the coronavirus outbreak.

The drop erased the rally that lifted cash equities in the final hour of trading on Friday, as crude sank more than 20% in the deepest rout since the U.S.-led war in Iraq in 1991. While energy and commodity stocks only make up about 5% the S&P 500, plunging crude prices exacerbated the blow to investor sentiment from the virus, standing as one of the starker signals to date of the outbreak’s economic toll. READ MORE

U.S. stock futures tumble at open on coronavirus contagion fears

The price of futures contracts for the S&P 500 index fell more than 4% on Sunday as trading for U.S. equity markets resumed, a sign that investors fear the toll from the fast-spreading coronavirus will deepen. 

Contracts for the S&P 500 emini ESc1 were down 4.4% to 2834.25. 

Fear of the economic damage the coronavirus epidemic poses sent stocks lower on Friday, with the benchmark S&P 500 .SPX notching its 10th decline in 12 sessions. Read More

TECHNICAL CHARTS

Prepare for a big correction this morning
TOKYO crashes to almost 1000 points this morning
Reminder of 2008 Crash – A reminder of RISK
US Stock Market – took more then 1000 points Plunge this morning

KEY TAKEAWAYS

  • The market takes huge plunge this morning as the Cornoavirus intensifies
  • Oil Price crashes this morning – READ MORE
  • Philippines BANKS risk Intensifies – READ MORE
  • We suggest stay on the side-line for now and wait for opportunities
  • The market is now crashing and this is a LONG WAITED correction where all professional traders have been waiting for
  • Bargain hunting is in the pipeline

Our next Class in Surigao is 21st & 22nd – 9am – 5pm – PM or CALL – 09199104104 for reservation – Learn the Stock Market & enjoy the Journey!!

FINWAZE TEAM

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