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Dow Futures Fall 680 Points; Rising Covid Cases Weigh on Sentiment

Stock MarketsJul 19, 2021 04:22PM ET
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© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are seen opening sharply lower Monday, continuing last week’s negative tone amid concerns about rising Covid cases while the quarterly corporate earnings season continues.

At 16:15 ET (20:15 GMT), the Dow Futures contract was down 680 points, or 1.97%, S&P 500 Futures traded 63 points, or 1.46%, lower and Nasdaq 100 Futures dropped 106 points, or 0.72%.

The major indices last week recorded their first negative in four, with the Dow Jones Industrial Average falling 0.5%, the S&P 500 dropping 1%, and the Nasdaq Composite falling 1.9%, its worst week since May.

Rising numbers of U.S. Covid-19 cases are now weighing on sentiment, with the Delta variant now the dominant strain worldwide. U.S. cases were up 70% last week over the previous week and deaths are up 26%, with outbreaks occurring mainly in parts of the country with low vaccination rates, Rochelle Walensky, director of the U.S. Centers for Disease Control and Prevention, said on Friday.

The seven-day-average number of daily cases is now more than 26,000, more than twice its June low of around 11,000 cases, according to CDC data, with the greatest uptick in cases occurring in Arkansas, Florida, Louisiana, Missouri and Nevada - all states with below-average vaccination rates.

This week will be busy in terms of corporate earnings, with nine Dow components and 76 S&P companies set to provide quarterly updates. Prologis (NYSE:PLD), PPG Industries (NYSE:PPG) and JB Hunt (NASDAQ:JBHT) are due to report Monday, while IBM (NYSE:IBM) is set to provide numbers after the close.

Zoom Video Communications (NASDAQ:ZM) will also be in the spotlight after the company announced a $14.7 billion all-stock deal to buy cloud-based call center operator Five9 (NASDAQ:FIVN) in its largest-ever acquisition.

Turning to economic data, the National Association of Home Builders will release its latest survey results on Monday, amid signs the housing market may be cooling off. 

Elsewhere, oil prices weakened Monday after a group of top producers agreed over the weekend to boost output, overcoming an internal spat that threatened the stability of the market.

The group, which includes members of the Organization of the Petroleum Exporting Countries and allies like Russia, agreed to add 400,000 barrels a day every month from August 2021 onwards, with Saudi Arabia, the United Arab Emirates, Iraq, Kuwait and Russia also receiving higher baselines against which their output cuts are measured from May 2022.

At 7 AM ET, U.S. crude futures traded 2.7% lower at $69.64 a barrel, while the Brent contract fell 2.6% to $71.76.

Additionally, gold futures fell 0.6% to $1,804.65/oz, while EUR/USD traded 0.2% lower at 1.1778.

 

Dow Futures Fall 680 Points; Rising Covid Cases Weigh on Sentiment
 

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Comments (17)
David David
David9 Jul 19, 2021 6:29PM ET
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I told you guys... I say after the July 4th weekend, we will see a big spike up... now we are seeing it...
Bret Lafrance
Bret Lafrance Jul 19, 2021 5:15PM ET
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Why make up stories to justify the reaping, because the market makers want you to think that it is a natural market reaction to something, and not the simple derivative/futures manipulation that it is. The truth is, the market has to “bounce back” or no one would ever invest in it again. It’s simple, buy good stocks, hold long, become wealthy, or, play the trading game, but know that you are simply gambling. Also, please leave the politics out of it, they are just another way to stir people up and get them to make bad trading decisions.
Rony Joe
Rony Joe Jul 19, 2021 2:53PM ET
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all realized.. Dow is going down not because of Covid-19. It is because they want it to be.
Pavan Kumar
Pavan Kumar Jul 19, 2021 2:53PM ET
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well said manipulation at peak
Bret Lafrance
Bret Lafrance Jul 19, 2021 2:53PM ET
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yep, the reaping, step 1. use derivatives to slowly ratchet up stock valuations, plant stories of riches to be had and sell stock to punters, step 2. lend punters stock to short traders(why is this not illegal), step 3. use derivatives to crash stock prices, step 4. buy back stock at lower price, replace punters stock(those that didn’t panic sell that is) take your winnings and buy a mega yacht or fifth home and make campaign contributions. rinse and repeat
Steve Cohen
Steve Cohen Jul 19, 2021 2:34PM ET
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Buy TMF before 30 year treasury bond hits 1.8
Steven Benedictto
Steven Benedictto Jul 19, 2021 9:02AM ET
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comeback is real💞
Douglas Smith
Douglas Smith Jul 19, 2021 8:52AM ET
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I need to inves in some stock that's good
Joe Matties
Joe Matties Jul 19, 2021 8:34AM ET
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Smells like a persecute the antivaxxers crusade... they don't have enough power to throw them in jail and stab them with a needle cause their bod not there choice is the new stance... Or are the people doubting that vaccine is working correctly or have no faith their shot will work the true antivaxxers? Hummm
John Berry
John Berry Jul 19, 2021 8:29AM ET
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Enough is enough with these BS panic mongrels. Shorts love this nonsense. The only way the shorts make money is when media blows this COVID-19 or inflation news up to make it look worse than it is. I know Alot of people and I don't know one person who has ever even got COVID-19. Not one person since last January when this panic began. Calm down and move on
Stephen Willis
Stephen Willis Jul 19, 2021 8:29AM ET
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stop the panic, calm down
Evangelia Chryssou
Evangelia Chryssou Jul 19, 2021 8:29AM ET
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We need to stop panicking and move on. And get vaccinated.
Jack Zydron
Jack Zydron Jul 19, 2021 8:26AM ET
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deaths are falling, what a joke. spreading panic again. ... Green is coming. economy is roaring!!!
Joyce Yun
Joyce Yun Jul 19, 2021 8:20AM ET
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how many months this gonna persist again?
jonathan seagull
jonathan seagull Jul 19, 2021 8:20AM ET
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Another 2 years at least
Deng Yishun
Deng Yishun Jul 19, 2021 7:59AM ET
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same old excuse Covid !! I think they run out of excuse to push the market down further..
Cali Cartel
Cali Cartel Jul 19, 2021 7:59AM ET
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they will do this over and over again. Dont you see yet?
Miles Mathewson
Miles Mathewson Jul 19, 2021 7:58AM ET
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now US accusing china for the hacks? Wasn't Russia? US and the old stupid president is completely lost trying to blame someone for its incompetency. #MAGA
andy matalobos
andy matalobos Jul 19, 2021 7:58AM ET
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MAGA ( My *****Got Arrested) will never be elected again. The minority poor educated Retrumpicans are finished from politics.
Tyrone Jackson
Tyrone Jackson Jul 19, 2021 7:58AM ET
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Seems like he lives in your head rent free. Tool
Scot House
Scot House Jul 19, 2021 7:58AM ET
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educated MAGA. We will rise again in 2024.
Miles Mathewson
Miles Mathewson Jul 19, 2021 7:58AM ET
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We'll bring Trump back to make these commies cry hard!
James Pattison
James Pattison Jul 19, 2021 7:53AM ET
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Rising cases but no rising morbitity?
brett fry
brett fry Jul 19, 2021 7:53AM ET
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The article states deaths up 26%
Theo Ross
Theo Ross Jul 19, 2021 7:50AM ET
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Panic selling incoming
CHADWICK RICHINGTON
CHADWICK RICHINGTON Jul 19, 2021 7:35AM ET
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RIP Housing Market and 401Ks. Mega crash beginning
Vincent Li
Vincent Li Jul 19, 2021 7:25AM ET
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Wonderful waterfall
Stephen Fa
Stephen Fa Jul 19, 2021 7:19AM ET
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The US economy is roaring despite blip in COVID counts. Inflation and stock earnings will remain up.
Michael Ferreira
Michael Ferreira Jul 19, 2021 7:19AM ET
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sas
 
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