Stock Market Falls Amid Rising US Coronavirus Cases
Stock market futures fell on Sunday night as investors analyzed a rising number of coronavirus cases in the US, according to CNBC.
Investors are also growing weary of the looming election set to take place next week. Dow Jones Industrial Average futures fell around 100 points, which would mean a loss of 140 points at Monday's open. The S&P 500 futures and Nasdaq 100 futures both fell 0.4 percent. More than 83,000 new infections were reported across Friday and Saturday in the US.
On Sunday, White House chief of staff Mark Meadows said that the US will not be able to get control of the pandemic if cases continue. Vice President Mike Pence's chief of staff and three of his aides tested positive.
At time of publication the Dow was down 819 points and the Nasdaq was down 231 points. However, major indexes are on track for modest gains this month. The S&P 500 and Nasdaq are up more than 3 percent while the Dow is up 2 percent this month.
“Based on the action in the stock market we’ve seen over the past two weeks, it seems to us that it will take some serious new-news to fuel a significant decline over the next week and a half,” Matt Maley, chief market strategist at Miller Tabak, said in a note on Sunday.
Former Vice President Joe Biden is expected to win the election and still maintains a significant lead over President Donald Trump in national polls. Investors are also bracing for a huge earnings week and key economic data this week.