Dow futures drop 5%, hitting ‘limit down’ at the start of futures trading Sunday

AT&T chairman and CEO Randall Stephenson tells Brian Stelter that America’s investments in communication infrastructure are paying off “during a time of national crisis like this.” In an interview with Brian Stelter, he likens this crisis to World War II and says that “everybody needs to step up and do their part.” AT&T owns CNN, and Stephenson says the press is a “vital” part of the response to the pandemic.

Dow futures fell 5%, hitting the “limit down” maximum allowable limit and halting futures from falling further within minutes after futures trading began Sunday.

Dow futures dropped 954 points. S&P 500 and Nasdaq futures also fell around 5%.

The sharp drop in stock futures points to another volatile week for Wall Street as coronavirus continues to take a toll on public health and the economy in the United States and elsewhere.

Central banks and governments around the world last week announced a wave of stimulus measures aimed at bolstering economies and calming harried financial markets.

But the virus has continued to spread rapidly around the world — there are now more than 325,000 cases worldwide — forcing further travel restrictions, shut downs and disruptions for businesses, and threatening the global economy.