Stock futures point to more losses Friday following market's worst day since 'Black Monday'

https://www.cnbc.com/2020/03/12/futures-stock-market-coronavirus-concerns.html

PUBLISHED THU, MAR 12 20206:05 PM EDT UPDATED 10 MIN AGO

Stock futures pointed to more pain ahead on Friday as they fell in overnight trading following major averages losing the most since the “Black Monday” market crash in 1987.

As of 8:24 p.m. ET Thursday, futures on the Dow Jones Industrial Average fell 109 points, pointing to an implied opening drop of 221.62 points for the index at the Friday open. S&P 500 and Nasdaq-100 futures also pointed to losses when the indexes open on Friday.

The overnight action followed the official end of the record-long bull market run. The S&P 500 plummeted 9.5% in its worst day in more than three decades Thursday, joining the Dow in a bear market, or more than 20% from its recent peak. The Dow also suffered its worst point drop ever and the biggest percentage decline since 1987.

The market’s historic drop on Thursday indicated that investors believe the government’s fiscal plans and the Federal Reserve’s ramped-up funding actions wouldn’t be sufficient to offset the economic impact from the coronavirus.