Investors braced for the U.S. stock futures open Sunday at 6 p.m. after rising concerns around the coronavirus sent equities tumbling last week.
The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all fell more than 10% last week, their biggest weekly declines since October 2008.They also entered correction territory, down more than 10% from all-time highs notched earlier in February.he number of cases continued to increase over the weekendThe Japanese yen rose 0.3% to 107.65 per U.S.
As of Sunday, more than 85,000 cases have been confirmed around the world along with more than 2,900 virus-related deaths. Australia, Thailand and the U.S. reported over the weekend their first coronavirus-related deaths. Rhode Island was the first U.S. state in the east coast to report a coronavirus case. The number of cases in England rose to 35 after 12 new cases were confirmed on Sunday. Cases in China also reported more than 500 new cases on Saturday.
"The outbreak of Covid-19 has certainly changed the near-term narrative," said Chetan Ahya, global head of economics at Morgan Stanley, in a note to clients Sunday. "It is an untimely shock, considering that the starting point of global growth was weak, and the recovery was very nascent."Wall Street got its first look over the weekend at the economic toll the virus has taken on China, the epicenter of the outbreak., a record low, from 50 in January.
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