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U.S. stock futures tumble to limit down after Fed moves
By Sarah Ponczek and Vildana Hajric
Sunday, March 15, 2020
U.S. stock futures tumbled, wiping out half of the furious last-hour rally Friday and tripping exchange trading curbs, as investors worried that emergency measures by the Federal Reserve will fall short of cushioning the coronavirus' blows to the economy.
Contracts on the S&P 500, whose violent swings have now triggered limits in five of the past six sessions, dropped 4.8 percent to 2,555.50 as of 6:50 p.m. in New York. While the triggering of limit-down circuit breakers arrests big drops, it also leaves traders in the dark as to the full extent of losses. Last week investors had to wait till the 4 a.m. start of premarket trading in New York to see how far exchange-traded funds tracking major benchmarks had declined.
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U.S. equities are coming off their first back-to-back 9-percent swings since the Great Depression, with investors rattled by the virus and its potential to derail global growth. Goldman Sachs cut its GDP forecasts for the first half, Nike closed stores in North America, and Apple shut all stores outside of China. Fed Chairman Jerome Powell said economic growth is likely to be "weak" in the second quarter. ...
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