Following Wall Street’s Monday selling frenzy, stocks appeared to be on the rebound in pre-trading on Tuesday.
Monday was Wall Street’s worst day in two years, with the Dow Jones Industrial Average ending the day down 1,031 points (3.56%) to wipe out all of its 2020 gains. Other benchmarks similarly fell: The S&P 500 dropped by 3.35%, and the Nasdaq Composite closed down 3.71%. The Dow is set to post a gain of about 164 points at open on Tuesday, and Nasdaq and S&P futures were also showing signs of a rebound.
Some of the major shoe stocks also appear to be bouncing back. Nike was trading up .62% ahead of market open after shares dropped by 4.32% on Monday; Under Armour is also set to open up by .13%, after experiencing a decline of about 3.5% on Monday.
However, others show further signs of loss heading into Tuesday. Skechers shares are ready to open down .059% following a drop of 7.45% at Monday’s close. Crocs, which saw shares fall by about 3.5% on Monday, is trading pre-market down by .11%.
As of Tuesday, there are more than 80,000 confirmed cases of the coronavirus, which has killed over 2,700 people. While the outbreak has mostly been contained to the mainland of China, after originating in the central city of Wuhan, confirmed cases outside the country rose significantly on Monday.
South Korea reported 231 new cases on Monday local time, bringing its total to 833 infected and seven dead. Italy is grappling with the largest outbreak outside Asia, as officials on Monday reported 229 cases and six deaths. Iran’s government confirmed 61 cases and 12 deaths on Monday.
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