(Adds details on futures, progress on relief package, newquote)By April JoynerNEW YORK, March 22 (Reuters) - Wall Street analysts andinvestment managers expect another rough week for U.S. marketsdue to coronavirus fears, with a wild open for futures on Sundayevening as lawmakers battled over an economic aid package inWashington.Stock-market futures fell sharply and Treasury-bond futuresrose, signaling more "flight-to-safety" trades in the weekahead. Despite the historic plunge in share prices over the pastfew weeks, it is difficult to predict a bottom, Wall Streetanalysts and investment managers said."We need to get some stabilization in news flow before themarkets turn," said Carol Schleif, deputy chief investmentofficer at Abbot Downing.The spread of coronavirus across the greater New York Cityarea may be feeding into anxiety on Wall Street, she said. Casesthere skyrocketed over the weekend, with Mayor Bill de Blasiosaying hospital staff are 10 days away from running out ofcrucial supplies.The total number of U.S. coronavirus cases rose to more than33,000 as of Sunday afternoon, up from about 3,600 a weekearlier, according to Reuters' tally. At least 390 people havedied.(Click here for a graphic of U.S. coronavirus cases.)Several states have expanded their restrictions on businessoperations or non-essential movement by citizens in recent days.Nearly one in three Americans is now being ordered to stay home,with bustling cities such as New York and Las Vegas all but shutdown. U.S. stocks have already fallen more than 30% from theirmid-February peak as the pandemic has spread, with even thesafest areas of the bond market experiencing liquidity stress ina market rout not seen since the 2008 financial crisis.Just after futures opened on Sunday night, S&P 500 e-minis fell 5% to hit their lower limit, oil prices dropped andTreasury bond futures rose sharply.The decline in economic activity will obviously have asevere impact on the U.S. economy and corporate profits, butmarket strategists and economists said it is difficult topredict just how severe.Three major factors are how much aid the federal governmentwill inject into the economy, how effective the aid package'sstructure will be and how long it takes for the number of newcases to start declining in the United States - also known as"flattening the coronavirus curve."On Sunday, U.S. Treasury Secretary Steven Mnuchin saidCongress was close to finalizing a relief package that wouldoffer families a one-time $3,000 payment and markets another $4trillion to support the economy. But it was not clear when such a measure might pass, aslawmakers argued about the particulars. A bill failed to getthrough the first procedural hurdle in the Senate on Sundaynight.Economic data set to be released this week, includingjobless claims, IHS Markit's manufacturing survey and consumersentiment, will help determine where things stand, said OliverPursche, chief market strategist at Bruderman Asset Managementin New York. But he emphasized that the absence of a reliefpackage will further sour investor sentiment.The market is simply reflecting distress in the real world,analysts said."This is a biological event," said Nela Richardson,investment strategist at Edward Jones in St. Louis. "The marketis a mere symptom of the global pandemic." (Reporting by April Joyner; Editing by Lauren Tara LaCapra andDaniel Wallis)
Messaging: april.joyner.thomsonreuters.com@reuters.net; Twitter:@aprjoy)) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.