Stock Futures Fall Amid Rising Coronavirus Cases
Stock futures fell on Sunday amid concern about rising coronavirus cases affecting the economic recovery, according to CNBC.
On Saturday, England instituted a stay-at-home order closing all nonessential business for the next four weeks after recording 22,600 cases of COVID-19. Prime Minister Boris Johnson said that individuals will be required to stay home unless absolutely necessary.
Dow Jones Industrial Average futures were down by 100 points, S&P 500 futures fell 0.3 percent and Nasdaq 100 futures fell 0.3 percent. The US has also seen a massive resurgence in COVID cases. On Friday, the country reported 99,321 cases.
Investors are also analyzing the upcoming presidential election. According to an NBC News/Wall Street Journal poll from Sunday, Joe Biden maintained a 10 percent lead over President Donald Trump. The Senate election is also a focal point for markets. “The world is still largely in a holding pattern as investors await clarity on the U.S. election,” Adam Crisafulli, founder of Vital Knowledge, said in a note Sunday. “The world will likely be a lot clearer in just a few days thanks to the election being over, stimulus talks resuming in Washington, further central bank support.”
October wasn't pretty for markets. The Dow fell 4.6 percent last month, while the S&P 500 and Nasdaq fell 2.8 percent and 2.3 percent, respectively. Some analysts believe that the sell-off prior to the election mitigated the downside risk from a worst-case election result."Even though we’re worried that there could still be one more wave down if we get another big influx of uncertainty, we think the stock market is now setting up nicely for a nice net advance over the next two months or so,” said Matt Maley, chief market strategist at Miller Tabak.