US pre-open: Wild ride continues as futures point to losses
US futures were pointing to some heavy losses on Thursday as this week's wild ride for stocks looked set to continue.
As of 1245 GMT, Dow futures were down 1.66%, while S&P 500 and Nasdaq-100 futures had the indices opening 1.84% and 1.80% lower, respectively.
The Dow closed 1,173.45 points higher on Wednesday as investors shrugged off a warning from the IMF and chose to focus on news that former Vice President Joe Biden had picked up some key wins in Tuesday's Super Tuesday voting.
Travel stocks were weighing on indices ahead of the open after The International Air Transport Association revealed that passenger growth had slowed last month as a result of fears surrounding the Wuhan coronavirus.
The IMF pledged $50bn to low income and emerging market countries as part of an effort to combat the outbreak, while the US also announced its own spending bill of $8bn.
On the election front, Vermont senator Bernie Sanders will talk with Elizabeth Warren later in the day, a critical moment for progressives amongst the Democratic Party.
Sanders is still in the race for the leadership despite taking a hit on Super Tuesday, however, many analysts think a Warren endorsement of Biden would be the end of his bid.
On the macro front, the US economy has continued its advance of late, according to the Federal Reserve, but still faces risks from both the upcoming presidential election and the coronavirus outbreak.
In the central bank’s Beige Book, released overnight, officials said activity was growing at a "modest to moderate pace".
"There were indications that the coronavirus was negatively impacting travel and tourism in the US," the report said.
"Manufacturing activity expanded in most parts of the country; however, some supply chain delays were reported as a result of the coronavirus and several Districts said that producers feared further disruptions in the coming weeks."
Due out today, initial jobless claims figures will be posted at 1330 GMT, while factory and durable goods orders figures will follow at 1500 GMT.
In corporate news, H&R Block and Burlington Stores will report earnings on Thursday.