U.S. stock futures close unchanged as coronavirus shutdown affects markets. On Monday, stock futures pointed to a flat opening following a volatile session affected by the coronavirus outbreak.
Dow futures were trading high but then saw lower turnaround on Wednesday. S&P 500 and Nasdaq futures ended their trading end lower on the same day.
On Tuesday, the Dow Jones Industrial Average declined 26 points or 0.1% after showing a 900-point surge earlier in the day. The S&P 500 also fell 0.2%, giving up a more than 3% surge while the Nasdaq Composite registered a slight decline, falling 0.3%.
However, the Dow’s gains of more than 1,600 points indicate that investors are getting relieved by the news that the number of coronavirus cases has dropped in the country compared to their last peak.
JPMorgan’s trading guru Marko Kolanovic predicts that the economy will see a limited re-opening in two weeks. Kolanovic also stated that the virus outbreak is spreading in the U.S.
Data from Johns Hopkins University have reported U.S. cases are over 398,000 and 12,000 deaths.
“Risk to the downside is greater than the opportunity to the upside from this point where we stand today,” Kostin said on Tuesday adding, “I would just remind you that in 2008 in the fourth quarter there were many different rallies, I call them bear market rallies, some of which almost 20% a couple of times — but the market did not bottom until March of 2009.”