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Futures Suggest Wall Street To Open Significantly Lower

wallstreet march23 lt

As the coronavirus pandemic is raging across the globe, most of the countries are under a lockdown or home quarantine. Governments and Central banks are forced to implement emergency actions such as interest cuts, rescue bills, injection of huge amounts to reassure investors to contain a possible economic recession.

Stock markets have been on a meltdown and the situation might continue next several weeks. Further, massive layoffs are expected in the coming weeks in the U.S. and other major economies.

Asian shares finished mostly lower on Monday, while European shares are trading in the red.

Initial cues from the U.S. Futures Index suggest that Wall Street might open significantly lower.

As of 8.00 am ET, the Dow futures were down 241.00 points, the S&P 500 futures were declining 39.75 points and the Nasdaq 100 futures were tumbling 86.25 points.

U.S. major stocks tumbled on Friday. The Dow Jones Industrial Average finished at 19,173, down 913.21 points or 4.55 percent, while the S&P 500 Index closed down 4.34 percent at 2,304.92. The tech-heavy Nasdaq Composite shed 3.8.

On the economic front, the Chicago Fed National Activity Index for February, which tracks overall economic activity and inflationary pressures, will be released at 8.30 am ET. The consensus is for minus 0.50, while it was minus 0.25 in the prior month.
Asian stocks ended mostly lower on. China's Shanghai Composite index fell 85.45 points, or 3.11 percent, to 2,660.17. Hong Kong's Hang Seng index ended down 4.86 percent at 21,696.13.

Japanese shares rebounded. The Nikkei average climbed 334.95 points, or 2.02 percent, to 16,887.78, off a 3-1/2-year low touched last week. The broader Topix index closed 0.68 percent higher at 1,292.01.

Australian markets extended their rout. The benchmark S&P/ASX 200 ended down 270.60 points, or 5.62 percent, at 4,546, the lowest level since 7 December 2012. The broader All Ordinaries index dropped 290.20 points, or 5.98 percent, to 4,564.10.
European shares are trading lower. CAC 40 of France is losing153.24 points or 3.78 percent. DAX of Germany is down 308.09 points or 3.49 percent. FTSE 100 of England is declining 222.36 points or 4.29 percent. Swiss Market Index is sliding 344.32 points or 3.99 percent.

Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is down 3.91 percent.

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