The slight rally comes after the worst day for financial markets since 1987.
Futures on U.S. financial markets slightly rallied early Tuesday, but not nearly enough to make up for the massive coronavirus-induced losses suffered Monday.
Premarket trading on the Dow Jones Industrial Average indicated an opening bounce of more than 200 points, or approximately 1%. This comes after the index suffered its worst day since the “Black Monday” crash of 1987, plunging nearly 3,000 points or 12.94%.
Futures on the the S&P 500 similarly indicated the index was no longer free-falling ahead of the market’s opening, though it was also only up approximately 1% after shedding nearly 12% during Monday’s bloodletting.
The premarket trading on equities saw heavy volatility Monday night and into Tuesday morning, especially after President Donald Trump tweeted that the U.S. will be “powerfully supporting” industries impacted by the economic fallout of the coronavirus outbreak.
Since the COVID-19 outbreak, the Dow has seesawed by more than 1,000 points and entered a bear market for the first time in 11 years. The S&P 500 and Nasdaq are also in bear market territory.