Futures are rebounding Wednesday night after Dow closes in bear market. Traders await Trump

Futures contracts tied to the major U.S. stock indexes were higher on Wednesday night after the Dow Jones Industrial Average ended its historic 11-year bull market run by closing in a bear market.

Dow futures were up more than 200 points. S&P 500 and Nasdaq 100 futures were also higher.

President Donald Trump will deliver an Oval Office speech at 9 p.m. ET in an effort to address questions and concerns about the spread of the novel coronavirus. The president is expected to unveil details of his economic stimulus plan to combat a coronavirus economic slowdown.

The move in the futures came after yet another wild session on Wall Street and the demise of the Dow’s record-setting bull market run that began in March 2009. The blue-chip index fell 5.85% on Wednesday to close at 23553.22, more than 20% below its record close of 29551.42 hit on Feb. 12 and into what is widely considered a bear market.

“The crux of the angst investors are feeling as the coronavirus spreads surrounds what might happen to consumer spending,” wrote Scott Wren, senior global market strategist at Wells Fargo Investment Institute.