U.S. Index Futures Reach Lower Limit as Volatility Grips Market

S&P 500 jumped 6% Tuesday on Fed action, stimulus hopes
Volatility still reigns, with average 7.7% move since March 9

Traders work on the floor at the closing bell of the Dow Industrial Average at the New York Stock Exchange on March 11, 2020 in New York. - Wall Street stocks dove deeper into the red in afternoon trading on March 11, 2020, with losses accelerating after the World Health Organization declared the coronavirus a global pandemic. Near 1710 GMT, the Dow Jones Industrial was down more than 1,200 points, or 5.0 percent, at 23,777.17. The broad-based S&P 500 slumped 4.6 percent to 2,749.88, while the tech-rich Nasdaq Composite Index tumbled 4.4 percent to 7,979.15. (Photo by Bryan R. Smith / AFP) (Photo by BRYAN R. SMITH/AFP via Getty Images)Photographer: BRYAN R. SMITH/AFP

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By Claire Ballentine and Vildana Hajric

March 17, 2020 at 10:04 PM UTC

Updated on

March 18, 2020 at 9:24 AM UTC

This article is for subscribers only.

U.S. stock futures slid, hitting exchange-enforced bands that prevent further losses, as investors assess the Trump administration’s beefed up policy response to the coronavirus. S&P and Nasdaq ETFs both slumped in pre-market trading, suggesting another challenging day for U.S. equities.

Contracts on the S&P 500, Nasdaq 100 and Dow Jones Industrial Average all at some point reached the so-called limit down level established each day by the Chicago Mercantile Exchange. Futures on the S&P 500 lost as much as 3.7% to 2,403.5, while dropping 4.4% for the Nasdaq 100 and falling 3.9% for the Dow Jones Industrial Average. Treasury Secretary Steven Mnuchin warned the coronavirus could send U.S. unemployment up to 20% without government intervention. The underlying S&P 500 rose 6% Tuesday.