Stock futures drop as U.S. coronavirus cases surge to record levels – CNBC

Traders using masks work inside posts, on the very first day of in-person trading given that the closure throughout the break out of the coronavirus disease (COVID-19) on the flooring at the New York Stock Exchange (NYSE) in New York City, U.S., May 26, 2020.

Brendan McDermid|Reuters

” The bearish argument for the existing market is breadth has actually not strengthened throughout this period of combination,” stated Andrew Thrasher, creator of Thrasher Analytics, in a note. “Thats discouraging as more stocks have broken down together with the index.”.

Dow Jones Industrial Average futures traded 178 points lower, or 0.7%. S&P 500 futures slid by 0.7% and Nasdaq-100 futures dipped 0.8%.

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He also noted the S&P 500 closed below its 200-day moving average– a level closely viewed by traders– as Wall Street “paused to examine not only the near-term implications of these dangers.”.

Thrasher noted 3,150 will be a key level to expect investors. “Im less thinking about dangerous possessions till we get back to that level,” he stated.

Data compiled by Johns Hopkins University revealed more than 2.5 million cases have been validated throughout the U.S. On Friday alone, there were 45,255 additional cases were reported, bringing the nations seven-day average to more than 41% from the prior week.

U.S. stock futures fell on Sunday night as coronavirus cases keep surging in the U.S., stoking issues about the financial reopening and healing.

Texas– another state that has actually seen record spikes in coronavirus infections– rolled back on Friday some of its resuming procedures. Arizona Gov. Dough Ducey stated Friday cases in the state are “growing quickly throughout all age groups and demographics.”

” Reopening plans stumbled– this not only in brand-new infection hotspots like TX and FL, however likewise impacting worldwide travel– as everyday U.S. virus cases exceeded what all had actually hoped would be their peak in April,” composed Julian Emanuel, chief equity and derivatives strategist at BTIG.

Texas– another state that has actually seen record spikes in coronavirus infections– rolled back on Friday some of its resuming procedures. The Dow dropped 3.3% last week while the S&P 500 lost 2.9%. The Nasdaq Composite fell 1.9% last week. On Friday, the Dow dropped more than 700 points while the S&P 500 and Nasdaq each fell over 2.4%.

Health and Human Services Secretary Alex Azar cautioned on Sunday that the “window is closing” for the U.S. to suppress the coronavirus break out..

The Dow dropped 3.3% last week while the S&P 500 lost 2.9%. On Friday, the Dow dropped more than 700 points while the S&P 500 and Nasdaq each fell over 2.4%.