The Paris-based Organisation for Economic Cooperation and Development (OECD) issued the alert and slashed its already-weak outlook, saying that if not contained soon the virus could tip a number of economies into recession.
China, Australia and other central banks also have cut rates to shore up economic growth in the face of anti-virus controls that are disrupting trade and manufacturing. The S&P 500 sank 2.8% on Tuesday after a brief relief rally triggered by the Fed's rate cut fizzled. But economists say they could make other moves, such as freeing up banks to lend more. Biden is considered less likely to raise taxes and impose new regulations than rival Bernie Sanders.
Visit Business Insider's homepage for more stories. "I think the market will probably fall another 5% to 10%", said Larry Hatheway, co-founder of research firm Jackson Hole Economics.
It's been a rocky road for the major stock indices, but over the past few days investors' fears about the economic impact of the coronavirus seem to have stabilized as the USA government begins to take more decisive action.
The Institute for Supply Management's services sector index regained strength in February, hitting a one-year high.
On the data front, US private sector employment increased by 183,000 jobs from January to February, payroll data company Automatic Data Processing (ADP) reported on Wednesday. The data is considered a precursor to the more comprehensive jobs report on Friday.
California official demands voting changes after L.A. election chaos
Outside of California, "people have this expectation that election night means election night", Darr said. Still, many voters didn't allow the wait times to deter them from voting and waited patiently in line.
IPhone XR becomes world's best-selling smartphone, including three Samsung phones
Hong said that Apple devices take two first places in the ranking of the most popular devices is the fifth consecutive year. An increase in the BCD rate, paired with the withdrawal of social welfare surcharge exemptions, is to be blamed for this.
Coronavirus: Global risk upgraded to 'very high'
The official China News wire service reported that 233 of the Wuhan cases were reported from the city's prison system. The global death toll was over 2,800 and the disease made its first worrying appearance in sub-Saharan Africa.
Wall Street was set to post more losses at the opening bell, coming on top of last week's drop, which was the worst since the global financial markets over a decade ago. That followed a dismal week that erased gains for 2020.
European stocks also fell, with the pan-continental Stoxx Europe 600 index down 1.6%.
The CBOE Volatility index, Wall Street's fear gauge, jumped 8.2 points to 40.14. Futures underlying the Dow Jones Industrial Average, S&P 500, and Nasdaq jumped between 2% and 2.2%. South Korea's Kospi gained 0.7% to 2,073.99. Japan's Nikkei 225 inched up 0.1%, the Hang Seng in Hong Kong slipped 0.2% and stocks in Shanghai rose 0.6%. The yield on the 10-year Treasury recovered after falling to 0.98 per cent and was trading at 1.02 per cent, slightly above where it was late Tuesday. Yields tend to rise with expectations for the economy and inflation.
Canada's central bank chopped its key rate half a percent to 1.25% on Wednesday, following the Fed's cut the day before, and the cuts by the RBA and Malaysia's central earlier in the week.
The yield on two-year Treasuries fell three basis points to 0.67%. Brent crude, used to price global oils, added 68 cents to USD52.54 per barrel in London. Heating oil was unchanged at $1.53 per gallon. Apple climbed 9.3% and Gilead Sciences rose 8.7%.
Stocks open lower after G-7 officials only reaffirmed a commitment to use all appropriate policy tools to protect against downside risks, rather than outlining specific response measures; S&P 500 and Dow -0.6%, Nasdaq -0.7%.