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Stock futures plummet after Trump announces travel ban

A cascade of unnerving news cast a shadow over financial markets and the economy late Wednesday after a prime-time address by President Donald Trump failed to quell concerns about how the government would soften the economic blow of the coronavirus pandemic.

Adding to the gloom was the NBA’s announcement that it would suspend the rest of its season. Even the news out of Hollywood turned dark as Tom Hanks, the everyman hero of American film, said he tested positive for the virus. 

Dow futures tumbled more than 1,000 points after Trump announced in a nationally televised address that all travel from Europe to the U.S. is banned for 30 days to limit the spread of the coronavirus.

Investors also may have been disappointed by Trump’s proposed economic stimulus, an analyst says.

Standard & Poor’s 500 futures fell 3.5%. The declines in premarket trading likely heralded more turmoil for markets Thursday.

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