U.S. stock index futures suffered the worst selloff in the cash market in 12 weeks amid signs of overheating as well as a possible second wave of coronavirus infections.
The Dow Jones Industrial Average sank more than 1,800 points on Thursday afternoon, and the S&P 500 plunged 5.7 percent, while the Nasdaq Composite slipped 5 percent.
“At the moment, until there’s indisputable evidence of a secondary outbreak in New York, the market moves still seem more about profit-taking than a new period of risk-off,” said Stephen Innes, chief global markets strategist at AxiCorp.
Houston-area officials are “getting close” to reimposing stay-at-home orders and are prepared to reopen a Covid-19 hospital established but never used at a football stadium as virus cases expand in the fourth-largest U.S. city.
The announcement by Harris County Judge Lina Hidalgo and Houston Mayor Sylvester Turner on Thursday came a day after the Lone Star state recorded its highest one-day tally of new cases since the pandemic emerged.
“We may be approaching the precipice of a disaster,” said Hidalgo, the highest-ranking county executive. “It’s out of hand right now. The good news is it’s not severe out of hand.”
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