Earlier, US President Donald Trump said that the US should prepare for a rise in COVID-19 cases, amid reports that the death toll could reach 240,000.

US stocks fell by more than 3% on Wednesday following President Trump’s comments about a surge in coronavirus infection in the country with the death toll possible reaching 240,000.

The Dow Jones Industrial Average dropped more than 800 points after the opening bell. The S&P 500 was trading over 3% lower, and the Nasdaq Composite is down over 2%.

On Tuesday, Trump warned his citizens to brace for “very, very painful two weeks” after the White House projected that the pandemic could claim from 100,000 to 240,000 lives in the US.

Currently, the total number of confirmed COVID-19 cases in the US stands at 189,633, with more than 4,000 fatalities, according to Johns Hopkins University. Globally, the number of confirmed cases stands at 877,422, with 44,156 deaths. Over 185,000 people have recovered.

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