Bitcoin btc
$ usd

US Stock Futures Plunge as Trading is Halted, NYSE to Open Without People

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • U.S. stock futures slumped around 5% on Sunday hitting ‘limit down’ levels.
  • Financial analysts expect things to get worse before they get better.
  • Today, the New York Stock Exchange (NYSE) will operate without human traders present.
  • promo

The world continues to reel from the economic avalanche caused by the rapidly spreading Coronavirus. There has been no letup for stock markets and Sunday saw a huge slide for U.S. stock futures as things go from bad to worse for financial markets.
At the same time, Wall Street is waiting on Washington to agree to an economic stimulus and rescue plan to prevent battered markets sliding even further.

U.S. Trading Hit with Limits

U.S. stock futures have been the latest casualty, slumping around 5% on Sunday hitting ‘limit down’ levels. These limits are implemented to ensure orderly market behavior once trading hits a certain threshold as no trades below that level are allowed. According to reports the Dow Jones Industrial Average futures, S&P 500 and Nasdaq-100 futures, all fell over 4% with their quickest ‘limit down’ in history. The move was observed by economist Alex Krüger (@krugermacro), who jeeringly asked for the name for this particular chart pattern: A fiscal stimulus bill struggled to reach consensus on Sunday as Democrats warned the measure was too weighted on helping out corporations over individuals. According to National Economic Council Director Larry Kudlow, the economic stimulus package will total more than $2 trillion, equal to roughly 10% of U.S. economic output. Treasury Secretary Steven Mnuchin added that financing programs to stimulate the economy could be worth as much as $4 trillion. Chief U.S. equity strategist at Goldman Sachs, David Kostin, warned that damage to the economy could persist well beyond any containment of the virus. Kostin sees problems getting worse before they get better if short-term shutdowns lead to business defaults, closures, and permanent layoffs. Stocks have suffered their biggest one-week decline since the financial crisis in 2008 and many industry experts agree that there is more chaos on the horizon.

NYSE on Autopilot

In a related development, the New York Stock Exchange is going on autopilot on Monday. This marks the first time that the exchange will operate in regular hours without human traders present. One official called it an unprecedented move as the markets have never been opened while the trading floor remains closed. bitcoin invest According to Georgetown University James Angel, “The stakes are very high because the NYSE has always been in the crosshairs of the media and the slightest misstep they make will be seen by millions of people,” Intercontinental Exchange Inc. (ICE), the NYSE parent company, said it was temporarily closing the floor last week and shifting to all-electronic trading after a trader and an employee tested positive for Covid-19. New York has been particularly hard hit by the outbreak with over 10,000 cases in the state according to recent reports.


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Martin Young
Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain...