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7:20 am: Stock futures dive to start the second quarter
U.S. stock futures fell sharply on Wednesday, the first day of the second quarter, as investors fretted over the latest White House projections on the coronavirus outbreak. Dow Jones Industrial Average futures were down more than 700 points, or 3.4%. S&P 500 and Nasdaq 100 futures slid 3.4% and 2.8%, respectively. Those losses come after the Dow and S&P 500 notched their worst first-quarter performance ever in the previous session. They also follow a warning from President Donald Trump, who said the U.S. should prepare for a “very, very painful two weeks” as White House officials project between 100,000 and 240,000 virus deaths in the U.S.
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