At around 8:21 a.m. ET, Dow Jones Industrial Average futures were down 775 points, indicating an opening loss of about 813 points. S&P 500 and Nasdaq-100 futures were down 3.4% and 2.8%, respectively.
President Donald Trump said Tuesday evening the U.S. should prepare for a “very, very painful two weeks” from the rampant coronavirus. White House officials are projecting between 100,000 and 240,000 virus deaths in the U.S.
Data from ADP and Moody’s Analytics showed U.S. companies cut 27,000 jobs through March 12. Actual losses for the month were far worse, as shown by the record number of jobless claims in the week or March 20. Markit Manufacturing PMI and ISM manufacturing index for March will also be released on Wednesday.
On Tuesday, the Dow fell 410 points or 1.8%, while the S&P 500 lost 1.6%.
The Dow secured its worst first-quarter performance ever, losing more than 23% of its value in the first three months of 2020. The 30-stock benchmark had its worst quarter since 1987. The S&P 500 fell 20% in the first quarter, its worst first quarter ever and its biggest quarterly loss since 2008. The Nasdaq fell more than 14% in the first quarter.