By Hideyuki Sano
TOKYO (Reuters) – U.S. stock futures stepped back in choppy early Asian trade on Wednesday as concerns about the widening coronavirus epidemic weighed against hopes policy support would combat its economic fallout.
U.S. stock futures () fell 2.0% after the S&P 500 () gained 6.00% on Tuesday, paring a little under half of its huge losses on Monday.
Tuesday’s lift in the S&P 500 came as policymakers around the world cobbled together packages to counter the severe restrictions on various economy-boosting activities aiming at slowing the spread of the virus.
“While markets react to positive news on stimulus, that doesn’t last long. I think there are a lot of banks and investors whose balance sheet was badly hit and they will have lots of positions to sell,” said Shin-ichiro Kadota, senior currency and rates strategist at Barclays (LON:).
The Trump administration on Tuesday unveiled a $1 trillion stimulus package that…