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US pre-open: Futures lower following record number of new Covid-19 cases

By Iain Gilbert

Date: Monday 26 Oct 2020

US pre-open: Futures lower following record number of new Covid-19 cases

(Sharecast News) - Wall Street futures had stocks opening lower ahead of the bell on Monday after the US reported a daily record for new Covid-19 cases over the weekend.
As of 1230 GMT, Dow Jones futures were down 1.12%, while S&P 500 and Nasdaq-100 futures had the indices opening 1.07% and 0.88% lower, respectively.

The Dow Jones closed 28.09 points lower on Friday as stimulus talks and the upcoming US general election remained firmly in focus.

Monday morning's principal focus was news that the US had recorded a surge in new cases on Friday and Saturday, with 83,000 fresh infections on both days after a series of outbreaks across the Southern States, according to Johns Hopkins University, topping the previous all-time high of roughly 77,300 seen back in July.

On Sunday, White House chief of staff Mark Meadows said that the US would now likely be unable to get control of the Covid-19 pandemic following the surge in new cases.

Also in focus prior to the open were comments made by Meadows and House Speaker Nancy Pelosi, who in separate interviews took aim at one another for moving the finish line in ongoing stimulus talks, and the final week of campaigning ahead of the US general election on 3 November.

SpreadEx's Connor Campbell said: "Monday's lack of optimism extends to the US stimulus talks, with an agreement still not in place and the Republicans and Democrats both pointing fingers.

"Time is fast running out, if it hasn't already - why would either side want to get a deal done, especially blue wave-praying Democrats, when the country's political landscape could've completely shifted in a week and a half's time?"

On the macro front, the Chicago Fed's national activity index for September will be released at 1230 GMT, while new home sales for September and the Dallas Fed's October manufacturing index will follow at 1400 GMT and 1430 GMT, respectively.

In corporate news, Goodyear Tire & Rubber and Hasbro were both slated to post earnings on Monday.

Apple, Facebook, Alphabet, Amazon, Boeing and Caterpillar will all report later in the week.

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