Stocks and Oil Fall as Coronavirus Cases Surge
Today 9:18 PM ET (Dow Jones)Print
By Joanne Chiu
U.S. stock-index futures, global stocks and oil prices fell at the start of the week's trading, as the coronavirus pandemic worsened.
The number of confirmed novel coronavirus cases world-wide more than doubled in a week to nearly 330,000 on Sunday, with deaths so far surpassing 14,000. U.S. infections topped 32,000, jumping 10-fold from a week earlier, as more state leaders ordered residents to stay home as much as possible.
On Sunday, lawmakers in Washington failed to reach a deal on a federal stimulus package in response to the outbreak. Tougher restrictions from governments world-wide to combat the coronavirus have led to lockdowns in cities and stoked fears about the impact on economic activity.
S&P 500 futures fell about 4.2% in Monday morning trading in Hong Kong, after briefly falling further to hit the maximum 5% loss allowed in a single session. That suggested U.S. shares would face further pressure on Monday. Last week the Dow Jones Industrial Average and S&P 500 indexes both registered their worst weeks since October 2008.
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