Wall Street Marks The Fastest 10% Correction In History: Futures Forecast Another 1% Plunge
The bloodbath on the traditional financial markets continues. While the S&P 500 continues to plunge, the interesting thing about the recent declines is that they were quick and violent. In fact, reports have it that the S&p 500 staged its quickest correction in history.
Global Markets Continue To Tumble
Global financial markets continue to suffer as the prices for the major indexes doesn’t seem to stop going down. Right off the bat, the S&P 500 is down 4.42% in yesterday’s trading session. According to a recent report, the total losses of the index amount to more than 10%, hence marking the quickest 10% decline from an all-time high in the index’s history.
The S&P 500 is not the only global index that bleeds out. Nasdaq 100 is down 4.93% in the intraday, currently standing at 8436.67 points. The Dow Jones Industrial Average (DJI) is also down 4.42% in yesterday’s session.
And if that’s not enough, Nasdaq 100’s futures contract projects another 0.8% drop at the time of this writing.
Markets are melting at an unprecedented rate, causing many to believe that the worst is yet to come. Analysts associated the recent drops with the booming coronavirus, which has expanded well beyond China. Italy, for instance, saw a 25% surge in its confirmed cases in just a day. The country has now detected upwards of 400 cases of COVID-19.
Cryptocurrencies Follow
While Bitcoin has demonstrated some cases of negative correlation to traditional assets in the past, this doesn’t seem to be the case now.
The largest cryptocurrency currently exchanges hands at around $8,600, charting losses of about 2% on the day. In the past week, however, BTC’s price decreased by about $1,000, marking a steep correction, indeed.
The entire market felt it. Altcoins are also bleeding out over the past seven days.
Whether or not this has something to do with the coronavirus or the crash of the traditional markets is unconfirmed. Yet, it remains interesting to monitor how Bitcoin will perform amid times of economic uncertainty of the kind.
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