(CNN) — US stock futures fell Tuesday after the Dow closed out its worst first quarter in history — the index lost 23.2% during the first three months of the year.
Dow futures sank 252 points, or around 1.2%, during after-hours trading Tuesday. S&P 500 futures fell close to 1.2% and Nasdaq futures were down about 0.9%.
Coronavirus has caused massive volatility in financial markets in recent weeks as the virus spreads and causes shutdowns across much of the globe. March was the worst month for the Dow and the S&P 500 since October 2008. It was the worst month for the Nasdaq since November 2008.
March was also devastating for the oil industry. US oil prices plummeted 54% during the month.
And in the United States, the coronavirus outbreak is expected to escalate in the coming days.
President Donald Trump on Tuesday warned the nation to be prepared for a “very very rough two weeks.” Faced with the prospect of 100,000 to 200,000 coronavirus deaths, Trump extended social distancing guidelines nationwide until April 30. He had originally hoped to have much of the country back to work by Easter.
There were, however, some positive signs for financial markets Tuesday.
Several big Chinese companies that trade on Wall Street ended the day higher, even as the broader US market fell, a sign that investors may believe China’s economy and businesses are recovering from coronavirus. Alibaba closed up 0.4%, Baidu ended nearly 1.9% higher and Tencent Music Entertainment Group climbed 3.9%.
