Dow Futures Collapse as U.S. Warned of 100,000s of Coronavirus Cases, Crypto Coins News

• Dow Jones Industrial Average (DJIA) futures plunged points on Thursday morning.
• Health experts told the Senate to brace for “hundreds of thousands” of US coronavirus cases.
• China reported a parabolic rise in deaths and cases after changing its diagnostic methodology.

After a record-breaking day on the stock market on Wednesday, Dow Jones futures took a brutal fall overnight.

It comes as U.S. health experts urged Congress to take the coronavirus threat more seriously . According to one testimony, there are likely seven or eight unknown cases for every confirmed infection.

Asha George, executive director of the Bipartisan Commission on Biodefense warned:

It may be hundreds of thousands of cases (in the U.S. eventually).

Speaking before the Senate Homeland Security & Governmental Affairs Committee, a number of experts agreed the threat to the U.S. is underestimated and under-reported.

Dow futures tumble overnight

Dow Jones futures

contracts took a hit in after-hours trading Wednesday and continued to slide lower overnight. The stock market looks set to open around points lower on Thursday.

Dow Jones Industrial Average (DJIA) futures took a brutal drop overnight and continued to bleed out. Source: Yahoo Finance

S&P) futures

and Nasdaq Composite fell 0. % and 0. 250% respectively.

U.S. coronavirus outbreaks to emerge in ‘two-four weeks’

The U.S. has now reported 19 confirmed cases of the deadly virus . But health experts believe the real figures are much higher as the virus can be transmitted even while undetected for – 19 days.

Scott Gottlieb, former commissioner of the Food and Drug Administration, said there are “certainly cases we don’t know about,” and that we’re only “capturing 50 percent of cases at best. ”He urged the committee to expand testing and warned them to expect a wider outbreak.

We’re going to see those outbreaks start to emerge in the next two to four weeks.

If it spreads in the U.S., there could be a drag on the economy and the Dow Jones. Luciana Borio, former director for medical and biodefense preparedness at the National Security Council agreed. He said the real number of cases is “much, much higher” than reported.

We need to brace ourselves for difficult weeks or months to come… We’re going to see a lot more cases in the United States in the near future.

Stock markets rattled as China reports parabolic rise in virus

China confirmed overnight what many had already suspected: the infection rate is significantly higher than first thought . Almost , 10 new cases were reported overnight, taking the global toll to 78, .

The numbers spiked after China changed the way it diagnosed the virus. Additional cases were confirmed in the US and London, UK. Julie Gerberding, former director of the Centers for Disease Control and Prevention warned that America is not yet prepared for the looming pandemic.

“We simply don’t have the surge capacity” to handle a widespread outbreak. Now is the time to be “leaning in.”

This article was edited by Samburaj Das