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Stocks - U.S. Futures Sharply Lower Amid Fears of Virus Resurgance

Stock MarketsJun 15, 2020 07:19AM ET
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© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are set to open sharply lower Monday, continuing last week’s selloff, amid fears a second wave of the Covid-19 virus will stunt growth just as the economy starts to recover.

At 7 AM ET (1100 GMT), S&P 500 Futures traded 65 points, or 2.2%, lower, Nasdaq 100 Futures down 159 points, or 1.7%. The Dow Futures contract fell 656 points, or 2.6%. 

Several states in America, including some of the most populous, have reported recent spikes in Covid-19 cases as social distancing measures are eased throughout the country. 

There were also signs over the weekend of a resurgence of cases in China, where the virus was first noted, and in Japan, the second and third largest economies in the world, respectively.

The Dow Jones Industrial Average cash index and S&P 500 lost 5.5% and 4.7% last week, respectively, while the NASDAQ Composite shed 2.3%. All three major equity benchmarks suffered their worst week since March 20.

Of major interest this week will be Fed Chairman Jerome Powell’s testimony before Congress on Tuesday and Wednesday.

Last week the Fed indicated that it plans years of extraordinary support for an economy facing a long hard recovery from the coronavirus pandemic, with policymakers projecting the economy to shrink 6.5% in 2020 and the unemployment rate to be 9.3% at year’s end.

In corporate news, the oil sector will be in the spotlight after BP (NYSE:BP) said it was taking up to $17.5 billion in charges. The crude giant added the pandemic was having an enduring impact on the global economy, with the potential for weaker demand for energy for a sustained period.

Additionally, Walmart (NYSE:WMT) and Shopify (NYSE:SHOP) will be in focus after announcing a strategic partnership over the weekend as the big box retailer aims to bolster its position in e-commerce.

Meanwhile, bankrupt car rental firm Hertz Global (NYSE:HTZ) filed to issue up to $500 million in common stock in a move that will test the strength of demand from retail investors who have pumped it up in recent days. Hertz stock, which rose from 83c to $5.53 in a matter of days, was indicated down 20% in premarket trading.

Oil prices sold off Monday, as new coronavirus infections add to concerns that a resurgence of the virus could weigh on the recovery of fuel demand.

U.S. crude prices fell 2.2% to $35.47 a barrel, while Brent Futures dropped 1.2% to $38.25.

Elsewhere, gold futures fell 1.4% to $1,713.75/oz, while EUR/USD traded at 1.1244, down 0.1%.

 

Stocks - U.S. Futures Sharply Lower Amid Fears of Virus Resurgance
 

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Comments (28)
Sean Livingstone
Sean Livingstone Jun 15, 2020 9:25AM ET
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The amount of ignorance here is phenomenal.. They have no idea what covid-19 is and don't even know how flu virus is spread. I bet they learn all about flu from Trump.
rob finch
rob finch Jun 15, 2020 9:23AM ET
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Here's the real news. "Bookmakers Odds have Biden Winning".
rob finch
rob finch Jun 15, 2020 9:16AM ET
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This is real. Imagine what these communists are going to do if they win. What will the puppet say when they bring him out of the basement after they get him elected? Will we even understand it?
beez waxxxxx
beez waxxxxx Jun 15, 2020 9:16AM ET
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its the flu this is alll made up by goldman sachs
Cornel Pod
Cornel Pod Jun 15, 2020 9:07AM ET
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Media hasn't figured out the reason so this is what they are sticking by at this time ignoring herd immunity or meds or current knowledge. It shakedown mr retail investor time for bears.
Jenia Golbstein
Jenia Golbstein Jun 15, 2020 9:00AM ET
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what virus? flu?
Jay West
Jay West Jun 15, 2020 8:53AM ET
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Bears enjoy this moment in time. A second chance. Bulls be sure to buy the dip and HOLD at least 6 months. Should be rewarding to go long with this dip. Don’t panic and sell. Don’t be emotional and fearful. Take advantage. GLTA!
Trumpster Rocks
Trumpster Rocks Jun 15, 2020 8:49AM ET
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Just more Left wing Hate and nonsense... E.R. doc's saying they don't understand why the hospitals are being Pressured to sign every death Corona... of course youtube took this video down... Marked as misinformmation by their left wing independent fact checkers...(lol.)
John El
John El Jun 15, 2020 8:49AM ET
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go fly your Confederate flag
Yep YepYepYep
Yep YepYepYep Jun 15, 2020 8:49AM ET
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John El Tired of these foreign hacks trying to divide us.
Suryakant Savalikar
Suryakant Savalikar Jun 15, 2020 8:47AM ET
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Due to the impact of coronavirus, more or less, economy of the world over stopped their all activities of production, ultimately it will reflect the effects in future 1/2 years about, till that time, all things including stock market goes on making corrections. Apart from impact of Coronavirus, it's true after every 10/12 years economy itself goes in downtrend & than Uptrend starts with up & down corrections to peak levels once again.
Stoycho Petrov
Stoycho Petrov Jun 15, 2020 8:43AM ET
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BS NEWS ! 3 days in a row cases go down but you keep writing fake news...
Gershom Zvi
Gershom Zvi Jun 15, 2020 8:43AM ET
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Absolutly see New York state - drastically down and down !!!
John El
John El Jun 15, 2020 8:43AM ET
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negative, sergeant. google search US coronavirus cases
Stoycho Petrov
Stoycho Petrov Jun 15, 2020 8:43AM ET
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Gershom Zvi  USA is not only NY
Gershom Zvi
Gershom Zvi Jun 15, 2020 8:40AM ET
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This hapens due to dems are trying to get rid of Trump Sounds crazy fear of second wave !!!
Vicky Howard
Vicky Howard Jun 15, 2020 8:37AM ET
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Bears will be winning for a couple more days.... Until the dust settles and bulls reign in the long run
John El
John El Jun 15, 2020 8:27AM ET
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Still buying Hertz robin hood buffoons?
Warren Nugget
Warren Nugget Jun 15, 2020 8:26AM ET
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Americans cant sit still, should’ve lockdown for 2 months to contain the virus first until they start reopening. Now they’re stuck.
Trumpster Rocks
Trumpster Rocks Jun 15, 2020 8:26AM ET
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LOL, such nonsense! You do know that the states (RED btw) that did not shut down are doing better than all the other states considerably. Especially the (blue) one! FACT !
Mo mebrouk
Mo mebrouk Jun 15, 2020 8:20AM ET
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today 3% down and still another 3 to 5 % down coming this week
Mo mebrouk
Mo mebrouk Jun 15, 2020 8:19AM ET
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it was obvious an extremely overvalued market will go down for sure
Tyler Lee
Tyler Lee Jun 15, 2020 8:04AM ET
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It's funny how everything was okay when the riots were going on. But literally as soon as Trump mentioned he will have his rallies again, all of a sudden we are worried about the 2nd wave. I really hate the hypocrisy that blatantly happens right in front of us..
Show previous replies (3)
Warren Nugget
Warren Nugget Jun 15, 2020 8:04AM ET
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Tyler Lee China Uncensored reported by an American and u called that unbiased reporting? LOL i just love seeing these double standards
Tyler Lee
Tyler Lee Jun 15, 2020 8:04AM ET
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because China's state ran media is so honest.... oh wait what's this!
Carol Baskin
Carol Baskin Jun 15, 2020 8:04AM ET
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Nah, the entire time protests and large gatherings have been taking place, COVID was a huge focus. This has absolutely nothing to do with his rallies. It was never “Okay” and COVID has never “gone away” either. Which is why you have to sign a liability release waiver if you want to attend his ralies. Google it.
Tyler Lee
Tyler Lee Jun 15, 2020 8:04AM ET
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Literal "scientists" were stating that these "protests" wouldn't cause a spike in cases. In fact, those same scientists said that the anti lockdown protests would cause spikes. So which is it? Or, is it possibly politically motivated. Google the mortality rate. Sorry, I'm not convinced.
Warren Nugget
Warren Nugget Jun 15, 2020 8:04AM ET
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Tyler Lee  I would say both sides are dishonest lol rather not believe any of them...just gotta trust ur own eyes now...
James Doe
James Doe Jun 15, 2020 8:04AM ET
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bye, let them (hedges, Goldman...) fight against each other. I turn off my laptop, the news and go on holiday for a few months. feel sorry all the eu/Fed trillions, reopenning, hard works the last 3 months gone with the wind. they should focus their energy on demanding CN reparations. I think only Eliot Spitzer can fix wall Street greedy issues. Robinhood stay away
Camaro Camero
Camaro Jun 15, 2020 7:49AM ET
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Annnnnd we're off! Not spinning the wheel of misfortune today.
el karl
el karl Jun 15, 2020 7:42AM ET
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Next random main title keywords:  Virus fear Beijing fear Protesters rally fear US Covid19 unlimited wave fear Trade War fear China Covid19 second wave fear hot money hope Trump win president election hope casino hope gambling hope  晒冷 life or death hope Unlimited QE hope Vaccine hope Year 2021 economy recovery hope hahaha!!!
Camaro Camero
Camaro Jun 15, 2020 7:42AM ET
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Nailed it! You should work for Investing.com
Andrew carson
Andrew carson Jun 15, 2020 7:42AM ET
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Protesters are most likely starting a lot of the spikes... send them home.
Dilip Kumar Pramanik
Dilip Kumar Pramanik Jun 15, 2020 7:42AM ET
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creating panic to ********ur long position
Andre Viparich
Andre Viparich Jun 15, 2020 7:35AM ET
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Babado, confusão e gritaria
Jama Warsame
Jama Warsame Jun 15, 2020 7:34AM ET
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They didnt take advantage of the first wave so they create an artificial second wave to get back in. 🥱🥱 this game is getting boring.
John Long
John Long Jun 15, 2020 7:34AM ET
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Exactly.
John El
John El Jun 15, 2020 7:34AM ET
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go buy some hertz stock robin hoody
Zhikang Sim
Zhikang Sim Jun 15, 2020 7:28AM ET
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lame article
Ben Ramirez
Ben Ramirez Jun 15, 2020 7:28AM ET
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Sucks when it doesn't give you what you want, right?
 
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