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Coronavirus Updates: U.S. Markets Suffer Worst Selloff Since March as Cities Weigh New Lockdowns

U.S. stock index futures suffered the worst selloff in the cash market in 12 weeks amid signs of overheating as well as a possible second wave of coronavirus infections.

The Dow Jones Industrial Average sank more than 1,800 points on Thursday afternoon, and the S&P 500 plunged 5.7 percent, while the Nasdaq Composite slipped 5 percent.

“At the moment, until there’s indisputable evidence of a secondary outbreak in New York, the market moves still seem more about profit-taking than a new period of risk-off,” said Stephen Innes, chief global markets strategist at AxiCorp.

Houston-area officials are “getting close” to reimposing stay-at-home orders and are prepared to reopen a Covid-19 hospital established but never used at a football stadium as virus cases expand in the fourth-largest U.S. city.

The announcement by Harris County Judge Lina Hidalgo and Houston Mayor Sylvester Turner on Thursday came a day after the Lone Star state recorded its highest one-day tally of new cases since the pandemic emerged.

“We may be approaching the precipice of a disaster,” said Hidalgo, the highest-ranking county executive. “It’s out of hand right now. The good news is it’s not severe out of hand.”

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