Stock futures fall as coronavirus cases continue to rise in the U.S.

Traders wearing masks work inside the stalls, the first day of in-person trading since closing during the outbreak of coronavirus disease (COVID-19) on the floor of the New York Stock Exchange (NYSE) in New York, USA, May 26, 2020.

Brendan McDermid | Reuters

US stock futures fell on Sunday night as coronavirus cases continue to rise in the United States, fueling concerns about the economic reopening and recovery.

Dow Jones Industrial Average futures traded 178 points below, or 0.7%. S&P 500 futures fell 0.7% and Nasdaq-100 futures fell 0.8%.

Data collected by Johns Hopkins University showed that more than 2.5 million cases have been confirmed in the US On Friday alone, an additional 45,255 cases were reported, bringing the country’s seven-day average to over 41%. from the previous week.

On Saturday, Florida reported a one-day record of 9,636 cases. The state reported an additional 8,577 on Sunday. Those figures were released after Florida once again banned bar drinking on Friday. Texas, another state that has seen record spikes in coronavirus infections, on Friday withdrew some of its reopening measures. Arizona Governor Dough Ducey said Friday’s cases in the state are “growing rapidly across all age groups and demographics.”

Health and Human Services Secretary Alex Azar warned Sunday that the “window is closing” for the United States to stop the coronavirus outbreak.

“Reopening plans stumbled, not only at new virus hotspots like TX and FL, but also on international travel, as daily virus cases in the US surpassed what everyone expected their point to be. peak in April, “wrote Julian Emanuel, chief equity and derivatives strategist. at BTIG.

He also noted that the S&P 500 closed below its 200-day moving average, a level closely watched by traders, when Wall Street “paused to assess not just the short-term implications of these risks.”

The main averages registered their second weekly decrease in three weeks. The Dow fell 3.3% last week, while the S&P 500 lost 2.9%. The Nasdaq compound fell 1.9% last week. On Friday, the Dow fell more than 700 points, while the S&P 500 and Nasdaq fell more than 2.4%.

“The bearish argument for the current market is that the amplitude has not strengthened during this consolidation period,” Andrew Thrasher, founder of Thrasher Analytics, said in a note. “That is discouraging as more stocks have crumbled along with the index.”

Thrasher noted that 3,150 will be a key level for investors. “I am less interested in risky assets until we get back to that level,” he said.

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