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Stock futures rallied back early Tuesday morning after the S&P 500′s worst day since the financial crisis as investors cheered potential stimulative measures to stem the economic downturn from the coronavirus.

Byadmin

Mar 10, 2020

Trump floated on Monday the idea of “a payroll tax cut or relief” to offset the negative impact from the coronavirus. The potential tax incentives come on top of an $8.3 billion spending package Trump signed last month.

However, administration officials told CNBC that the White House is not close to rolling out specific proposals to deal with a coronavirus-induced economic slowdown. Stock futures pared gains on the news.

The market suffered a historic sell-off in the previous session, with the Dow and the S&P 500 plunging 7.8% and 7.6%, respectively, both posting their worst day since 2008. The Dow’s 2,013-point drop was also the biggest-ever point drop for the 30-stock average.

By admin

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