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US STOCKS-S&P, Dow futures retreat as coronavirus cases spike; Tesla surges

Published 17/11/2020, 13:06
© Reuters.
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* Futures: Dow and S&P fall 0.5%, Nasdaq up 0.2%

By Shivani Kumaresan and Medha Singh
Nov 17 (Reuters) - Futures tied to the S&P 500 and the Dow
paused on Tuesday, a day after the indexes notched record
closing highs, while Nasdaq 100 futures were boosted by a jump
in Tesla on the prospect of the electric-car maker's shares
joining the S&P 500.
Tesla Inc TSLA.O soared 12.4% premarket in anticipation of
a $51 billion trade by index funds adjusting their holdings when
the company is added to the benchmark S&P 500 in December.
The S&P 500 and the Dow logged all-time closing highs on
Monday after Moderna Inc's MRNA.O promising COVID-19 vaccine
data boosted hopes of an economic recovery, overshadowing
spiking coronavirus cases across the country.
New Jersey, California and Iowa imposed fresh restrictions
as the pandemic reached its most perilous point yet in the
United States, threatening to worsen as the colder weather sets
in. At 06:37 a.m. ET, Dow E-minis 1YMcv1 were down 0.52% and
S&P 500 E-minis EScv1 were down 0.46%. Nasdaq 100 E-minis
NQcv1 were up 0.21%.
Drug retailers such as Walgreens Boots Alliance Inc WBA.O
tumbled 10%, while CVS Health Corp CVS.N fell 6.4% after
Amazon.com Inc AMZN.O launched an online pharmacy for
delivering prescription medications in the U.S. Retail earnings are in focus this week as the third-quarter
earnings season enters its tail end. Walmart Inc WMT.N rose
about 1% after posting a bigger-than-expected increase in
quarterly same-store sales.

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