The daily business briefing: March 9, 2020

Stock futures plummet as coronavirus fears continue, Saudi Arabia signals an oil price war, and more

Trading numbers on the IDX
(Image credit: ADEK BERRY/AFP via Getty Images)

1. U.S. stock futures dive as coronavirus fears continue

Dow Jones Industrial Average futures plummeted by as much as 1,300 points, or nearly 5 percent, overnight on escalating fears of economic damage from the coronavirus outbreak, which is disrupting global supply chains. Futures for the S&P 500 and the Nasdaq also fell by as much as 5 percent. Shares in Europe and Asia fell sharply too. The CME FedWatch tracker indicated that traders overwhelmingly expect the Federal Reserve, which last week announced an emergency half-point interest rate cut, will slash rates by another 75 basis points at its March meeting as it tries to boost the economy to offset the coronavirus fallout. Stocks have been swinging widely but losing considerable ground overall for more than a week as the outbreak spreads faster outside of China, where it started.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.