U.S. stock index futures tumbled on Monday as a recent jump in coronavirus cases in China and parts of the United States doused investor hopes of ...
REUTERS: Wall Street was set to drop sharply at the open on Monday as a recent jump in coronavirus cases in China and parts of the United States dashed investor hopes of a quick economic rebound that had powered the Nasdaq to record levels last week.
Beijing re-imposed measures to curb the spread of the virus after a wholesale food market saw an unexpected spike of cases. A record number of new infections and hospitalizations were reported in more U.S. states, including Florida and Texas, over the weekend. "People are fearful about new cases rising, but at some point when you move 45per cent off the lows in such a short period of time, any excuse will do to have a nice consolidation of the gains," said Thomas Hayes, managing member at Great Hill Capital Llc in New York.Trillions of dollars in fiscal and monetary stimulus along with easing of restrictions had lifted the S&P 500 earlier last week as much as 47.
Beginning Tuesday, investors will focus on Fed Chair Jerome Powell's two-day testimony before the Congress on the monetary policy report.
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