US STOCKS-Futures slides over fears of new wave of coronavirus cases


(For a live blog on the US stock market, click or type LIVE / in a news window)

* Futures off: Dow 0.64%, S&P 0.66%, Nasdaq 0.35%

By Medha Singh

May 11 (Reuters) – US stock index futures fell on Monday after a strong week of gains for Wall Street as investors became wary of a second wave of coronavirus infections with several countries re-opening their economies .

Exxon Mobil Corp and Chevron Corp fell more than 1% in pre-market trade as oil prices fell after Germany and South Korea reported increased COVID-19 cases after easing of blockages .

Cruise lines and airlines, including Carnival Corp, Norwegian Cruise Line Holdings Ltd, American Airlines Group Inc and United Airlines Holdings Inc, were also among the first to decline.

Hopes of a recovery in business fueled a rally on Wall Street last week, as the Nasdaq recouped all of its losses for 2020 as investors looked beyond dire economic data, including a historic drop in 20.5 million jobs in April.

However, the S&P 500 benchmark is still over 13% below its record level in February and analysts have warned of further liquidation as macroeconomic data worsens, foreshadowing a deep and lasting global recession.

After the financial markets began fixing negative interest rates in the United States for the first time last week, all eyes will be on the economic outlook for Federal Reserve Chairman Jerome Powell during a webcast Wednesday.

At 6:34 am ET, Dow e-minis lost 156 points or 0.64%, S&P 500 e-minis fell 19.25 points or 0.66% and Nasdaq 100 e-minis lost 32.5 points, or 0.35%.

The SPDR S&P 500 ETFs lost 0.39%.

The S&P 500 index closed up 1.69% to 2,929.8 on Friday. (Report by Medha Singh in Bengaluru; Editing by Shounak Dasgupta)

Our standards:Principles of the Thomson Reuters Trust.


Please enter your comment!
Please enter your name here