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Dow futures contract down 500 points after Tuesday's surge

 


Traders work on the New York Stock Exchange.

Johannes Eisele | AFP | Getty Images

US equity futures fell sharply on Tuesday evening, pointing to another volatile session on Wall Street after a massive rally.

Around 7:40 p.m. ET, Dow Jones Industrial Average futures lost around 366 points, indicating a loss of more than 500 points at the opening. The S&P 500 and Nasdaq 100 futures also reported large losses.

The drop in futures contracts comes after the main averages regained some of their losses on Monday. The Dow Jones rose more than 1,100 points while the S&P 500 posted its best one-day performance since December 26, 2018.

"Equities have made impressive gains, but you have to see more strength below the surface to trust that the downside momentum in stocks has been broken," said Willie Delwiche, investment strategist at Baird, in a note. "The weight of evidence continues to argue in the short term, and we recommend that investors remain patient in the face of continued market volatility."

The stocks were lifted Tuesday in part by hopes that the U.S. government will move forward with fiscal stimulus packages to curb the economic slowdown in the spread of the coronavirus. A White House official told CNBC that President Donald Trump had set a 0% wage tax rate for the rest of 2020. However, the timing for implementing these policies remains uncertain.

"We need to see significant support for economic activity and credit supports, especially for small businesses, not a targeted approach executed only by the executive branch," said Joe Kalish, global macroeconomic strategist at Ned Davis Research, in a note. "We will probably need the participation of Congress. This is a potential solvency problem."

The number of coronavirus cases worldwide is over 100,000, according to data from Johns Hopkins University. In the United States alone, more than 800 cases have been confirmed and at least 28 deaths, according to the data.

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