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US STOCKS-Futures ease after five-day run as virus worries weigh

Published 07/07/2020, 11:32
Updated 07/07/2020, 11:36
© Reuters.
UAL
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AAL
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* Futures down: Dow 1.10%, S&P 0.90%, Nasdaq 0.50%

By C Nivedita
July 7 (Reuters) - U.S. stock index futures slipped on
Tuesday following the benchmark S&P 500 and Nasdaq's five-day
rally, as investors weighed the risks to the economy from tens
of thousands of new coronavirus cases nationwide.
Florida's greater Miami area became the latest U.S.
coronavirus hot spot to roll back its reopening while Texas
registered an all-time high in the number of people hospitalized
at any one moment with COVID-19 for the eight straight day.
Travel-related stocks, which were among the hardest hit
during lockdowns, fell in premarket trading. United Airlines
Holdings Inc UAL.O and American Airlines Group Inc AAL.O
were down 3% and 2.8%, respectively.
Royal Caribbean Group RCL.N and Norwegian Cruise Line
Holdings Ltd NCLH.N also dropped about 3% each, even as they
announced a joint task force to help develop safety standards
for restarting their businesses. Alarming spread of the virus could setback the business
activity which is attempting to regain momentum after an initial
round of lockdowns pushed the economy into a recession in
February.
A surprise expansion in the U.S. service sector and a record
job additions in June are among the slate of upbeat data
recently that have bolstered views that an economic recovery is
underway, helping the Nasdaq close at a record level on Monday
and pushing S&P 500 about 45% from its March lows.
At 6:15 a.m. ET, Dow e-minis 1YMcv1 were down 287 points,
or 1.1%. S&P 500 e-minis EScv1 were down 28.5 points, or 0.9%
and Nasdaq 100 e-minis NQcv1 were down 52.75 points, or 0.5%.

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