Left Menu
Development News Edition

US STOCKS-Wall St set to open lower as virus cases surge, stimulus doubts weighs

"The continued spikes in coronavirus globally with the shutdowns that we are seeing in Europe over the weekend are adding to some of the pre-market jitters," said Ryan Detrick, senior market strategist at LPL Financial, North Carolina. Wall Street's main indexes finished last week lower as investors closely monitored talks over the next round of fiscal package, while economic data pointed to a stalling recovery.

Reuters | Updated: 27-10-2020 11:35 IST | Created: 26-10-2020 18:19 IST
US STOCKS-Wall St set to open lower as virus cases surge, stimulus doubts weighs
Representative image

Wall Street was set to start the week on a dour note on Monday as surging coronavirus cases and a stalemate in Washington over the next fiscal aid bill darkened the economic outlook in the run up to Nov. 3 presidential elections. New infections touched record levels in the United States recently, with El Paso in Texas asking citizens to stay at home for the next two weeks. In Europe, Italy and Spain imposed new restrictions.

Travel-related stocks that are vulnerable to COVID-19 news including American Airlines, United Airlines Holdings and Booking Holdings Inc fell between 2% and 2.8% before the bell. "The continued spikes in coronavirus globally with the shutdowns that we are seeing in Europe over the weekend are adding to some of the pre-market jitters," said Ryan Detrick, senior market strategist at LPL Financial, North Carolina.

Wall Street's main indexes finished last week lower as investors closely monitored talks over the next round of fiscal package, while economic data pointed to a stalling recovery. U.S. House Speaker Nancy Pelosi on Sunday said the Trump administration was reviewing the latest proposal for COVID-19 relief over the weekend and that she expected a response on Monday.

"The harsh reality is its going to be very difficult to get as much as the $2 trillion deal even if they have something today or tomorrow. It's not going to happen until after the election," Detrick said. Meanwhile, more than 59.1 million Americans have already voted in person or by mail as President Donald Trump and Democratic challenger Joe Biden enter their final full week of campaigning.

It is also one of the busiest week of third-quarter earnings season that will see results from mega-cap U.S. tech firms including Apple Inc, Amazon.com Inc, Google-parent Alphabet Inc and Facebook Inc. Of the 135 companies in the S&P 500 that have reported earnings so far, 83.7% of them have beaten Wall Street expectations, according to Refinitiv data.

At 08:32 a.m. ET, Dow E-minis were down 1.01% at 27,900 points and the S&P 500 E-minis fell 0.96% to 3,418.5 points. Nasdaq 100 E-minis skid 0.88% to 11,561 points. Software company Oracle Corp fell 2.8% after its German rival SAP abandoned medium-term profitability targets and cautioned its business would take longer than expected to recover from the pandemic hit.

Hasbro Inc fell about 3% despite beating analysts' estimates for quarterly revenue and profit.


TRENDING

OPINION / BLOG / INTERVIEW

Turbulence surrounding tobacco control in Ghana

... ...

Smart healthcare: IoT redefining the way healthcare is delivered

As the world is embracing the new wave of digitalization triggered by the pandemic and the arrival of 5G, the adoption of IoT devices will further boom. With adoption set to soar, IoT security issues and other challenges cant be ignored any...

Refugee compassion and response: Ideas to mitigate disasters now and in their future

Their homeland becomes a forbidden territory for them and more likely than not, their journey to foreign soil is no less traumatizing, not to say deadly. It is crucial to help refugees live a life of dignity and purpose....

Inadequate water infrastructure causes a tidal wave of coronavirus in rural Alaska

... ...

Videos

Latest News

PM reaches Hyderabad to visit Bharat Biotech plant

Prime Minister Narendra Modi arrived here on Saturday as part of his three-city tour to take the stock of COVID-19 vaccine development. After landing at Hakimpet Air Force station here, he was received by Telangana Chief Secretary Somesh Ku...

Eastern Railway to resume non-suburban passenger train services from Dec 2

The Eastern Railway will resume non-suburban passenger train services from December 2 with 54 trains, an official said on Saturday. Non-suburban passenger train services were stopped in the last week of March due to the COVID-19 pandemic.Of...

Be Fit during Covid by these 6 Fitness Platforms at your home

Sitting inside the home for months and months have made people understand the need of being fit and fine, and with the need of an hour people have shifted towards everyday fitness, you might call it virtual or online fitness- a new and exci...

Sports News Roundup: Mickelson and Barkley cruise to victory in The Match; Argentine twins a living tribute to soccer great and more

Following is a summary of current sports news briefs.Ravens game at Steelers postponed due to COVID-19 outbreakThe Baltimore Ravens game versus hosts Pittsburgh Steelers has been moved to Tuesday from Sunday because of a COVID-19 outbreak w...

Give Feedback