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Dow Futures Fall 175 Pts; Covid Lockdown Worries Mount

Stock MarketsNov 19, 2021 07:05AM ET
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© Reuters

By Peter Nurse   

Investing.com - U.S. stocks are seen opening mixed Friday, with concerns of a fresh wave of Covid-19 infections weighing on cyclicals despite a positive quarterly earnings season.

At 7:05 AM ET (1105 GMT), the Dow Futures contract was down 175 points, or 0.5%, S&P 500 Futures traded 10 points, or 0.2%, lower, while Nasdaq 100 Futures outperformed, climbing 65 points, or 0.4%.

News earlier Friday that Austria will become the first country in western Europe to reimpose a full coronavirus lockdown to tackle a new wave of infections has hit sentiment on Wall Street amid worries this surge could shortly travel across the Atlantic.

Austria also stated Friday that it will require its whole population to be vaccinated as of February, something that would be difficult to mandate in America. 

Europe appears to be the epicenter of the new wave of the Covid-19 pandemic, with Germany, Europe’s largest economy, recording a record number of cases on Thursday, and also refusing to rule out a new lockdown. 

That said, the major indexes remain just below all-time highs, helped by a generally positive quarterly earnings season. More than 90% of the S&P 500 companies have reported in the third quarter, and over 80% of them reported earnings better than expectations, according to Refinitiv. 

Global corporate dividends are also set to reach a record high this year, with Reuters analysis of Refinitiv data for 3,394 global companies with market capitalization of at least $1 billion, suggesting total payouts to shareholders are estimated to be $1.37 trillion in 2021.

Elsewhere, the U.S. House of Representatives is set to vote on the Democratic Party's $2 trillion spending bill later Friday. 

There is little on the economic data agenda Friday, but Federal Reserve officials Christopher Waller and Richard Clarida are due to speak later in the session. 

Turning to the corporate sector, the number of companies releasing earnings has slowed, and the focus will likely be on Apple (NASDAQ:AAPL) after Bloomberg News reported that the tech giant, known for its iPhone, is pushing to launch its electric car as early as 2025.

Crude prices slumped Friday, falling to seven-week lows, as the move by Austria to reimpose a full lockdown raised fears of another Covid-fueled hit to demand this winter.

By 7:05 AM ET, U.S. crude futures traded 3.3% lower at $75.83 a barrel, on track to record a fall of almost 5% this week, while the Brent contract fell 3.5% to $78.38, down over 3% this week. 

Additionally, gold futures rose 0.2% to $1,864.10/oz, while EUR/USD traded 0.6% lower at 1.1296.

 

Dow Futures Fall 175 Pts; Covid Lockdown Worries Mount
 

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Comments (9)
El Broker
El Broker Nov 19, 2021 9:38AM ET
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strange how only in the white countries this is..issue nowhere else
Bull Horns
Bull Horns Nov 19, 2021 8:54AM ET
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Total B....S.... austria locked down BIG FLIPPIN DEAL!!!! USA/CHINA/RUSSIA/UK are not ever ever locking down stop the manipulation!!!
Fusairu Takumi
Fusairu Takumi Nov 19, 2021 8:19AM ET
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Every lockdown Dow will drop?! Seriously this is what I called market manipulation.
Grady Gordon
Grady Gordon Nov 19, 2021 8:14AM ET
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Nobody is worried about lockdowns!
taylor jason
taylor jason Nov 19, 2021 8:03AM ET
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Europeans need to follow the texas/Florida yolo approach-- no restrictions, no lockdown, low vaccine rate, and covid cases somehow declined. really makes one wonder how effective the vaccine really is, and if a booster is even worth it
HD HD
HD HD Nov 19, 2021 8:03AM ET
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the folks in Texas and Florida are to fat. The fatness keeps them 6 feet apart. obesity distance.
Ravindra Ramgulam
Ravindra Ramgulam Nov 19, 2021 8:03AM ET
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HD HD we are the wisest. Thats why we are not fools to blindly follow dictators.
Man Up
Man Up Nov 19, 2021 8:03AM ET
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cases declined because less ppl getting tested there.
Elephan Mann
Elephan Mann Nov 19, 2021 8:03AM ET
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care to post data that backs that up? NY Times and WaPo articles aren't data btw. They're liberal garbage rags.
Aaron Pierett
Aaron Pierett Nov 19, 2021 7:53AM ET
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what a headline...
Ricky Singh
Ricky Singh Nov 19, 2021 7:48AM ET
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Keep on manipulating markets
Ayumastura PinkLady
Ayumastura PinkLady Nov 19, 2021 7:40AM ET
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vaccinated for nothing
Frank Delano
Frank Delano Nov 19, 2021 7:40AM ET
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Let the unvaccinated die and we can move on. No IC beds for unvaccinated!
Miriam Morkhul
Miriam Morkhul Nov 19, 2021 7:40AM ET
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You would love China. They have both forced medication AND forced ****** Great initiatives for equality and the greater good. Hopefully supreme leader Joe Biden will take care of us to.
Oldfashioned Owl
Oldfashioned Owl Nov 19, 2021 7:32AM ET
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Aaaaah, panic! Just what is needed for the pump.
 
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