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US STOCKS-Futures slip as virus cases surge, stimulus uncertainty weighs

Credit: REUTERS/Andrew Kelly

U.S. stock index futures weakened on Monday, as surging coronavirus cases and a stalemate in Washington over the next fiscal aid bill darkened the economic outlook in the run up to Nov. 3 presidential elections.

By Medha Singh

Oct 26 (Reuters) - U.S. stock index futures weakened on Monday, as surging coronavirus cases and a stalemate in Washington over the next fiscal aid bill darkened the economic outlook in the run up to Nov. 3 presidential elections.

New infections touched record levels in the United States over the weekend with El Paso in Texas asking citizens to stay at home for the next two weeks.

Travel-related stocks that are vulnerable to COVID-19 news including American Airlines AAL.O and Booking Holdings Inc BKNG.O fell 3% and 2%, respectively, before the bell.

Wall Street's main indexes finished last week lower as investors closely monitored talks over the next round of fiscal package, while economic data pointed at a stalling recovery.

U.S. House Speaker Nancy Pelosi on Sunday said the Trump administration was reviewing the latest proposal for COVID-19 relief over the weekend and that she expected a response on Monday.

Meanwhile, more than 59.1 million Americans have already voted in person or by mail as President Donald Trump and Democratic challenger Joe Biden enter their final full week of campaigning.

It is also one of the busiest week of third-quarter earnings season that will see results from mega-cap U.S. tech firms including Apple Inc AAPL.O, Amazon.com Inc AMZN.O, Google-parent Alphabet Inc GOOGL.O and Facebook Inc FB.O.

Of the 135 companies in the S&P 500 that have reported earnings so far, 83.7% of them have beaten Wall Street expectations, according to Refinitiv data.

At 06:23 a.m. ET, Dow E-minis 1YMcv1 were down 0.9% at 27,933 points and S&P 500 E-minis EScv1 fell 0.91% to 3,420.25 points. Nasdaq 100 E-minis NQcv1 shed 0.79% at 11,571.5 points.

(Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur)

((Medha.Singh@thomsonreuters.com; within U.S. +1646 223 8780, outside U.S. +91 80 6182 2802; Twitter: https://twitter.com/medhasinghs;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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