U.S. stock futures were pointing to an over 700-point loss for the Dow Jones Industrial Average at Thursday's open on Wall Street. Investors continue to contend with developments on how nations around the world are working to prevent further spread and economic fallout from the coronavirus. The Dow's indicated decline would wipe out more than half of Wednesday's over 1,100-point or 4.5% rally, which was boosted by moderate Joe Biden's resurgence in the race for the Democratic presidential nomination.
The 10-year Treasury yield was back below 1% early Thursday. The yield, which moves inversely to price, breached that level for the first time Tuesday following the ill-received emergency Federal Reserve 0.5% interest rate cut designed to help blunt the economic drag from the coronavirus. After a better-than-expected ADP private-sector jobs gain for February and before Friday's monthly government employment report, figures on weekly initial jobless claims are out Thursday before the stock market opens.
The bill to provide $8.3 billion in emergency coronavirus funds that passed the Democratic-controlled House nearly unanimously goes to the GOP-led Senate. Leaders in the Senate hope they can bring the measure quickly to a vote and send it to President Donald Trump, who is expected to sign it. The U.S. reports at least 138 cases and 11 deaths from the coronavirus. California, which reported its first coronavirus death, declared a state of emergency. California and Washington state have the highest concentrations of cases in America.
Global coronavirus cases surged to over 95,000 and 3,270 deaths. Much of the infections are still in China, which has allocated $16 billion for virus prevention. The outbreak originated in China in December and has since spread to at least 75 countries. Outside China, South Korea has the largest number of cases followed by Italy and Iran. On Wednesday, International Monetary Fund Managing Director Kristalina Georgieva announced a $50 billion aid package to help fight the coronavirus.
Sen. Bernie Sanders campaigns in Phoenix on Thursday. The self-described democratic socialist looks to recapture the momentum that powered his strong finishes in early states before he met a surging Biden in South Carolina and this week's Super Tuesday Democratic presidential nomination contests. Arizona's primary is March 17, a week after next Tuesday's primaries and caucuses in six states. Biden, who leads in the delegate count, plans no public events in Arizona aside from the March 15 debate in Phoenix.