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Yahoo BusinessFeb 27, 2020
S&P 500 Futures Drop on U.S. Virus Case Without Outbreak Ties
(Bloomberg) -- U.S. stock index futures slid after American health authorities said they've identified the first case of coronavirus that doesn't have known ties to an existing outbreak.March contracts on the S&P 500 Index were down 1.4% as of 2:35 p.m. in Tokyo, after the U.S. Centers for Disease Control and Prevention said the patient doesn't appear to have traveled to China or been exposed to another known case of the virus. Contracts also dropped after a speech by President Donald Trump failed to assuage investors' concerns of the novel coronavirus derailing global growth. Euro Stoxx 50 futures declined 2.7%."President Trump's press conference was certainly intended to be a confidence builder but I don't believe it will have much impact on stocks," said Kristina Hooper, chief global market strategist at Invesco. "The drop in futures illustrates that words from politicians are meaningless. I believe it will take assurances from the Fed to send futures in the opposite direction."Trump sought to calm markets after one of the worst stretches for American stocks in almost five years. The underlying index is mired in a five-day losing streak that wiped out more than $2 trillion in value from American equities.The U.S. urged travelers to reconsider trips to South Korea as the country's number of cases rose to more than 1,500. New infections were diagnosed in countries from Pakistan to Brazil. Saudi Arabia halted religious visits that include stops in Mecca and Medina."Investors will be looking at tod
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