US stock market futures drop after Fed cutting rates and starting the QE program

At 8:30 AM EST time, Monday, March 16, 2020, US stock market futures drop over 4.5% and point to a lower open today for the US stock market.

S&P Futures: 2,567.50,-128.50(-4.77%)
Dow Futures: 21,947.00,-1,041.00(-4.53%)
Nasdaq Futures: 7,556.00,-359.75(-4.54%)

Stock market data: Yahoo Finance

Yesterday the Fed made an earlier than expected interest rate cut of 100 basis points, with the main Fed funds rate now at 0.0%-0.25% for the lower and upper range and announced the launch of its QE program at $700 billion.

” The Fed also unleashed a further set of tools to address economic impacts arising from the COVID-19 pandemic, announcing a quantitative easing program that would include purchases of $700 billion in assets, comprising $500 billion worth of treasuries and $200 billion in agency-backed mortgage securities. “

Source: https://finance.yahoo.com/news/stock-market-news-live-updates-march-16-2020-220735000.html