The U.S. benchmark S&P 500 stock index fell more than 4% on Wednesday after a dire warning on the U.S. death toll from the coronavirus sent investors running from even the most defensive equities.
Economic data showed U.S. manufacturing activity contracted less than expected in March, but disruptions caused by the coronavirus pandemic pushed new orders received by factories to an 11-year low, reinforcing economists' views that the economy was in recession.
Also, business closures as authorities tried to contain the coronavirus pushed private payrolls down by 27,000 jobs last month, the first decline since September 2017, the ADP National Employment Report showed separately on Wednesday.