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U.S. Stock Futures Drop to Limit Down With S&P 500 ETF Plunging

  • Emergency rate cut fails to calm markets expecting recession
  • Index on Friday had biggest rally in over a decade after Trump
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AUDIO: Fed Chair Jay Powell discusses the bank’s decision to cut rates on a call with reporters. (Source: Bloomberg)
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U.S. stock futures tumbled, wiping out the rally that lifted Wall Street in Friday’s last hour and tripping exchange trading curbs, as investors worried that emergency measures by the Federal Reserve will fall short of cushioning the coronavirus’s blows to the economy. An exchange-traded fund tracking the S&P 500 plunged almost 11%.