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Dow Futures Plunge as COVID Infection Surge Scares Markets

The Wednesday Market Minute

  • Global stocks extend slump as coronavirus infection rates hit record highs in Europe and the United States.
  • U.S. 7-day average of new COVID cases tops 70,000 for the first time on record, while hospitalizations rise to the highest since mid-August.
  • Europe mulls new lockdowns as new cases surge past 230,000 in a single day this week: France and Germany ready strict closures to tame the virus’ spread.
  • The dollar rises to a multi-week high against its global peers while German bund yields hit the lowest since March as investors flee risk markets around the world.
  • Market volatility rises to the highest since early September as polls show a tightening Presidential race just six days out from the November 3 vote.
  • Wall Street futures suggest a notably weaker open Wednesday ahead of earnings from Boeing and General Electric.

U.S. equity futures slumped lower again Wednesday, as stocks looked set to erase all of their gains for the month of October, as investors continue to react to surging coronavirus infection rates in major world economies.

The seven-day average for new coronavirus cases in the United States topped the 70,000 mark for the first time on record yesterday, official data confirmed, while hospitalization rates surge more than 10% in as many as 35 states to hit their highest levels since mid-August.

In Europe, reports continue to suggest that German Chancellor Angela Merkel will order the closure of bars, restaurants and pubic event, while France is said to be mulling a national lockdown that could last as long as four weeks amid a torrid rise in new infections that has torn through Europe’s major economies over the past three weeks.

Read More: Dow Futures Plunge as COVID Infection Surge Scares Markets

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