U.S Markets may crater when trading opens on Thursday as the United States confirms its first case of coronavirus with no direct link to China. The disease, which is now spreading rapidly around the globe, has infected over 82,000 people and killed 2,800.
Dow futures are down 1.01%. S&P and NASDAQ futures are also down 1.04% and 1.04% respectively as investors become increasingly skeptical that the authorities have the situation under control.
The Wuhan coronavirus, also known as Covid-19, is no longer confined to China. The disease has established footholds all over Asia, the Middle East, and Europe. While the World Health Organization has so far refrained from calling the situation a global pandemic, many analysts believe that uncontrollable spread is inevitable.
According to Nancy Messonnier, director of the CDC’s National Center for Immunization and Respiratory Diseases, it is only a matter of time before coronavirus begins community spread in the United States.
She states the following:
We expect we will see community spread in this country. It’s more of a question of exactly when this will happen.
She warns Americans to prepare for the inevitable.
We are asking the American public to work with us to prepare for the expectation that this is going to be bad. Now is the time for businesses, hospitals, communities, schools and everyday people to begin preparing as well.
As President Trump continues to call for calm in the market, his credibility may be taking a hit as the situation continues to worsen. Market participants may simply ignore his advice going forward.
The desperate president lashes out at the media for reporting the truth about the worsening situation.
But people aren’t having it. And the drop in Dow futures reflects the growing skepticism in the market. Take a look at some of the comments left under the president’s Tweet
Twitter user Christopher responds:
Probably the most irresponsible tweet Trump’s ever written. #CoronaVirus isn’t about making him look bad. It’s to be taken seriously as a worldwide threat. Lives are at risk & Trump’s trying to convince Americans it’s about ratings.
Twitter user Wickster writes:
The Coronavirus is turning into a global pandemic and the POTUS is downplaying it because he’s worried how he’ll look if the stock market continues to fall. That right there tells you everything you need to know about trump.
Wuhan coronavirus may be the needle that pricks Trump’s historic stock market rally.
With an election right around the corner, that’s the last thing Trump wants. But despite his increasingly desperate rhetoric, the U.S president may be unable to stop the inevitable. Expect a significant dip on Thursday as the situation continues to slip out of control.
Last modified: June 24, 2020 1:04 AM UTC