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US STOCKS-Futures slip on fears of new wave of coronavirus cases

Published 11/05/2020, 11:54
Updated 11/05/2020, 12:00
© Reuters.
US500
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SPY
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UAL
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IXIC
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AAL
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(For a live blog on the U.S. stock market, click LIVE/ or
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* Futures off: Dow 0.64%, S&P 0.66%, Nasdaq 0.35%

By Medha Singh
May 11 (Reuters) - U.S. stock index futures dipped on Monday
following a strong week of gains for Wall Street, as investors
turned cautious about a second wave of coronavirus infections
with several countries reopening economies.
Exxon Mobil Corp XOM.N and Chevron Corp CVX.N fell more
than 1% in premarket trading, as oil prices tumbled after
Germany and South Korea reported a surge in COVID-19 cases after
easing lockdowns. O/R
Battered cruise operators and airlines including Carnival
Corp CCL.N , Norwegian Cruise Line Holdings Ltd NCLH.N ,
American Airlines Group Inc AAL.O and United Airlines Holdings
Inc UAL.O were also among the early decliners.
Hopes of a pickup in business activity powered a Wall Street
rally last week, with the Nasdaq .IXIC recouping all its
losses for 2020 as investors looked past dire economic data,
including a historic 20.5 million plunge in jobs in April.
However, the benchmark S&P 500 .SPX is still more than 13%
below its February record high and analysts have warned of
another selloff as macroeconomic data gets worse, foreshadowing
a deep and lasting global recession.
After financial markets began pricing in negative U.S.
interest rates for the first time ever last week, all eyes will
be on Federal Reserve Chair Jerome Powell's outlook on the
economy at a webcast event on Wednesday.
At 06:34 a.m. ET, Dow e-minis 1YMcv1 were down 156 points,
or 0.64%, S&P 500 e-minis EScv1 were down 19.25 points, or
0.66% and Nasdaq 100 e-minis NQcv1 were down 32.5 points, or
0.35%.
SPDR S&P 500 ETFs SPY.P were down 0.39%.
The S&P 500 index .SPX closed up 1.69% at 2,929.8​ on
Friday.

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