Stock market live updates: Sell-off deepens, trading halted, S&P 500 heads for bear market

Traders work on the floor of the New York Stock Exchange (NYSE) on March 09, 2020 in New York City.

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This is a live blog. Check back for updates.

7:32 am: NBA suspends season due to coronavirus

The National Basketball Association on Wednesday night suspended its season indefinitely after a Utah Jazz player tested positive for the new coronavirus. “The NBA is suspending game play following the conclusion of [Wednesday night’s] schedule of games until further notice,” the league said in a statement. “The NBA will use this hiatus to determine next steps for moving forward in regard to the coronavirus pandemic.” The National Hockey League said that it is “continuing to consult with medical experts and is evaluating the options” for its ongoing season. – Fitzgerald

7:05 am: Stock futures tank, Dow set to fall 1,100 points

U.S. stock futures are pointing to steep losses at the open, one day after the Dow Jones Industrial Average fell into a bear market. The 30-stock index is set to drop 1,080 points when stocks open on Wall Street for a loss of 4.6%. The S&P 500 is set to open down 4.3%, while the Nasdaq is on track to drop 4.5%. 

Based on that decline, the S&P 500 will join the Dow in bear market territory.

The leg lower comes after President Donald Trump failed to assuage fears of a potential economic slowdown during a speech on Wednesday night. As futures sold off, the Dow, S&P 500 and Nasdaq-100 all hit the so-called limit down threshold at one point, off by more than 5%, before paring those losses slightly.

On Wednesday, the Dow ended its historic 11-year bull market run by closing in bear-market territory. A bear market marks a 20% decline from all-time highs. – Stevens

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