- Dow Jones Industrial Average (DJIA) futures point to a third-straight day of losses on the stock market.
- The first US soldier tested positive for the coronavirus in South Korea overnight.
- San Francisco declares a state of emergency as America prepares for pandemic.
The U.S. stock market looks set for another disastrous start. After the worst back-to-back losses since 2008, Dow Jones Industrial Average (DJIA) futures slipped yet further on Wednesday morning.
The move down comes as the first U.S. soldier tested positive for the coronavirus in South Korea.
The patient, a 23-year old male, is currently in self quarantine at his off-base residence … Health professionals are actively conducting contact tracing to determine whether any others may have been exposed – Official statement.
Four U.S. military bases in South Korea are now taking emergency measures to protect the 28,500 American soldiers in the region.
Dow futures fall 230 points
Dow futures contracts plunged a further 230 points in early trading Wednesday, despite a short-lived bounce overnight. The stock market looks set to continue the ugliest selloff since 2008 which saw $1.7 trillion wiped off U.S. equities.
S&P 500 futures and Nasdaq Composite futures were down 0.57% and 0.73% respectively.
Coronavirus hits U.S. military
The 23-year old soldier was stationed at Camp Carroll near Daegu – the centre of South Korea’s COVID-19 outbreak. According to the official statement, he had also visited Camp Walker on 24 February.
Col. Edward Ballanco, commander of the U.S. Army Garrison in Daegu, said the soldier would receive the best treatment.
We are very well equipped to fight this thing off. I am certain that, that soldier that has tested positive, he’s on his way up to Camp Humphreys today, is going to get better medical care than anyone else in Korea who has the coronavirus.
Movie theatres, bowling allies, and golf courses on the U.S. bases are now closed and meals are served as take-aways.
San Francisco declares state of emergency
Back on home soil, San Francisco mayor London Breed also took drastic measures. He declared a state of emergency, granting the city additional powers to protect its residents.
The global picture is changing rapidly, and we need to step-up preparedness … We see the virus spreading in new parts of the world every day, and we are taking the necessary steps to protect San Franciscans from harm.
It comes after the CDC issued a strong warning about the looming threat to US citizens.
Ultimately we expect we will see community spread in this country. It’s not so much a question of if this will happen anymore, but rather more a question of exactly when this will happen and how many people in this country will have severe illness.
Trump is furious about the Dow Jones selloff
The spread of COVID-19 beyond China’s borders has investors rattled. The Dow Jones chalked up two straight days of 3% declines – something that hasn’t happened since 2008.
According to the Washington Post, President Trump is livid about the stock market’s plunge. He has warned all aides not to comment on the virus’ impact on stocks. Meanwhile, Trump is tweeting about the stock market again and National Economic Council Director Larry Kudlow is actively trying to pump the markets back up.
To me, if you are an investor out there and you have a long-term point of view I would suggest very seriously taking a look at the market, the stock market, that is a lot cheaper than it was a week or two ago.
For now, it’s not working. The ugliest selloff since the Great Recession looks set to continue today.
This article was edited by Samburaj Das.
