Coronavirus and its current impact
On early Tuesday, U.S. stock futures descended after recovering during market hours that stopped three days of sliding.
As reported by CNBC, futures for the Dow Jones Industrial Average showcased a fall of about 65 points during opening. Futures contracts for the S&P 500 and the Nasdaq 100 were comparatively lower as well.
Following the move in futures, the S&P 500 surged 2% marking its best day since June. The Nasdaq Composite went up 2.7%, too. Meanwhile, shares of Tesla surged nearly 11%. Tech titan Apple added 4% to bring its market cap back to $2 trillion.
The continuous three-day drop arrived in the middle of soaring negative sentiments on Wall Street about a tech bubble, with major tech stocks boosting the Nasdaq Composite majorly despite the fact that the coronavirus pandemic continued to affect the economy. Some stated the reduction in demand did not go far enough, with Duquesne Family Office CEO Stanley Druckenmiller telling CNBC on Wednesday morning that the market was in an “absolute raging mania,”—as reported by CNBC.