Many investors had been betting on a quick recovery for the world's largest economy
US futures dropped sharply Thursday as coronavirus cases in the United States topped 2 million and the emergence of new hotspots overshadowed a pledge from the US Federal Reserve to keep interest rates near zero for years.
Dow futures were down nearly 600 points, or 2.1 percent, while S&P futures were off by 1.8 percent and Nasdaq futures were down 1.2 percent. US crude oil prices dropped 4 percent, reports the CNN.
Many investors had been betting on a quick recovery for the world's largest economy.
The S&P 500 surged into positive territory for the year earlier this week even as economists officially declared the US economy to be in recession. The Nasdaq topped 10,000 points for the first time in history.
But the elevated number of coronavirus cases in the United States coupled with dire economic projections from experts including the US central bank suggest continued pain for companies and workers.