Wall Street has plummeted as investors reacted to renewed fears of a pandemic resurgence and digested dour economic forecasts from the US Federal Reserve.
Shares are expected to drop early in trading on the Australian market when it opens this morning.
All three major US stock indexes lost well over 5.0 per cent, posting their worst one-day percentage drops since March 16, when markets were sent into freefall by the abrupt economic lockdowns put in place to contain the pandemic.
The Nasdaq snapped a three-day streak of record closing highs.
US deaths from COVID-19 could reach 200,000 in September, a grim result of the country’s economic re-opening before getting growth of new cases down to a controllable level, according to a leading health expert.