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June 1, 2020, 7:37 p.m. EDT

Dow futures slump Monday evening as Trump pledges military deployment if cities fail to quell civil unrest

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By Mark DeCambre

U.S. stock-index futures headed lower in thin trading Monday evening as President Donald Trump said he would deploy military personnel across cities facing protests if state governors and local officials prove unable to contain civil unrest erupting across the nation. "I am dispatching thousands and thousands of heavily armed soldiers," Trump said on Monday at the White House, according to news reports . "If a city or state refuses to take the actions necessary to defend the life and property of their residents, then I will deploy the United States military and quickly solve the problem for them," Trump said, at a news conference late Monday. Futures for the Dow Jones Industrial Average /zigman2/quotes/212884729/delayed YMM20 -0.02% /zigman2/quotes/210407078/delayed YM00 +0.58% were down 138 points, or 0.5%, at 25,327, those for the S&P 500 index were off 0.5% at 3,039, while Nasdaq-100 futures /zigman2/quotes/210219788/delayed NQ00 +0.52% /zigman2/quotes/210219968/delayed NQM20 0.00% were off 0.3% at 9.568. Major cities from Los Angeles to New York have been engulfed in nightly protests after George Floyd, a black man, died last Monday following a confrontation with police in Minneapolis in which a white police officer, Derek Chauvin, was captured on video driving his knee onto Floyd's neck until the handcuffed man lost consciousness and later died. Curfews were announced Monday for Minneapolis and St. Paul, while New York's Gov. Andrew Cuomo placed New York City under curfew Monday night, for the first time in about eight years. However, the stock market has mostly trended higher as optimists focus on efforts by businesses to emerge from lockdown protocols implemented to curtail the spread of COVID-19. The Dow /zigman2/quotes/210598065/realtime DJIA +1.44% finished regular trade on Tuesday 91.91 points, or 0.4%, higher at 25,475.02, after trading negative at the start of Monday's session. The S&P 500 /zigman2/quotes/210599714/realtime SPX +1.05% rose 11.42 points, or 0.4%, to end at 3,055.73; while The Nasdaq Composite added 62.18 points, or 0.7%, to close at 9,552.05. All 50 states have embarked on some stage of reopening from forced shutdowns. Meanwhile, a report from the Congressional Budget Office released on Monday, said the recessionary atmosphere triggered by the coronavirus caused it to lower its 2020-30 forecast for U.S. economic output by almost $8 trillion, or 3% of gross domestic product, relative to its January projections. GDP isn't expected to catch up to the previously forecast level until the fourth quarter of 2029, the CBO added. Investors have also been paying attention to rising Sino-American tensions, with Chinese government officials telling major state-run agricultural companies to pause purchases of some American farm goods, including pork and soybeans, according to reports.

Read the full story:
Dow futures retreat as Trump threatens to use troops to end fresh civil unrest

$ 26,484.22
-4.22 -0.02%
Volume: 0.00
June 19, 2020 8:29a
$ 26,127.00
+150.00 +0.58%
Volume: 16,689
July 12, 2020 9:11p
US : U.S.: CME
$ 10,893.25
+56.00 +0.52%
Volume: 26,989
July 12, 2020 9:11p
US : U.S.: CME
$ 10,120.84
0.00 0.00%
Volume: 0.00
June 19, 2020 8:29a
US : Dow Jones Global
+369.21 +1.44%
Volume: 337.36M
July 10, 2020 5:09p
+32.99 +1.05%
Volume: 2.41B
July 10, 2020 5:09p

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