Opening Bell: Futures, Global Stocks Drop: Dow's Bull Run Ends; Havens Rise

• S&P 500 futures point to a significantly lower open for the underlying index which would put it in a bear market along with the Dow
• Treasurys, the yen and Swiss franc jump; gold flat
• Oil continues sinking

KEY EVENTS
After President Donald Trump disappointed markets yesterday with his underwhelming stimulus measures and his unprecedented travel restrictions between the U.S. and Europe, futures for the Dow Jones, S&P 500 and NASDAQ all fell—the contracts each dropped around 5% or more immediately afterward. As well, SPX futures are indicating that the underlying index will open lower, entering bear market territory and joining the Dow Jones Industrial Average which took that plunge yesterday when it reached a 20% decline on a closing basis, from its peak.

Safe haven Treasurys, the yen and the Swiss franc all rallied, though gold was flat.

GLOBAL FINANCIAL AFFAIRS
Trump's underwhelming plans—providing some aid for small businesses, asking Congress to pass as-yet undefined payroll tax relief—left the impression that proactive steps for dealing with the public health crisis surrounding the virus were not yet in place while increasing panic because of the dire travel restrictions.

Once again this morning, U.S. futures reached the maximum allowed decline before automatic safety measures halted trade. Ironically, this tends to ramp up the panic.

SPX Futures 1-Minute Chart