Spencer Platt | Getty Images7:24 am: Stocks set for sharp losses at the open, Dow poised to drop more than 600 points
In this market, it will come as no surprise that Wednesday is shaping up to be another volatile day on Wall Street. U.S. stock index futures are pointing to losses across the board at the open. All major averages are set to drop more than 2%, with theThe leg lower comes after stocks roared back to life on Tuesday. After spending some of the day in negative territory, the Dow surged in the final hour of trading to post a gain of 1,167 points.
Uncertainty continues to grip the Street. The yield on the U.S. 10-year Treasury is around 0.7%, and oil prices are under pressure again as tensions between powerhouse producers Saudi Arabia and Russia rise. On Wednesday the Bank of England cut its benchmark interest rate by half a percentage point, making it the latest central bank to try and quell some of the unease.
With Joe Biden likely to be the DemocRAT nominee the Markets are down by 600 points.
Everyone got all excited over yesterday’s dead cat bounce. It was based on untenable promises made by the realDonaldTrump administration. Strap on the helmets, folks.
No one is losing any money. The have nothing to begin with. StockMarketCrash2020
After earnings come out for Q1’20, Dow will hit 19K, and Nasd will hit 6K. After Q2 earnings report, Dow at 16K, Nasd at 5K. Recovery wont be till Q2’21.
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