S&P 500 Futures Fall After Worst Weekly Decline Since March
Added 11-01-20 08:04:03pm EST - “(Bloomberg) -- After a calm start, futures traders in U.S. equities again turned skittish as oil tumbled before a week laden with political and economic risk.December contracts on the S&P 500 fell in Asia trading, extending a loss…” - Finance.yahoo.com
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(Bloomberg) -- After a calm start, futures traders in U.S. equities again turned skittish as oil tumbled before a week laden with political and economic risk.
December contracts on the S&P 500 fell in Asia trading, extending a loss that reached more than 5% over the previous five sessions, as traders awaited the outcome of the U.S. presidential election on Tuesday and a Federal Reserve decision on Thursday. Futures dropped as crude slid for a fourth day on concern about tightening lockdowns and higher production.
Weekend developments did little to soothe investor nerves just two days before the end of the election. Polls continue to show Democrat Joe Biden ahead, though battleground states remain tight. The U.S. reported a slight slowdown in virus cases, but several states continued to notch record numbers of infections. The U.K.’s prime minister ordered England into a four-week partial lockdown, all but shuttering the economy, while other European countries prepared to increase restrictions.
“The next few weeks are critical in terms of how much the economy suffers due to the current COVID wave,” Evercore ISI strategist Dennis DeBusschere wrote in a report. “Increasing hospital utilization and deaths would encourage self-quarantining, reducing economic activity and potentially derailing gains seen over the past two quarters.”
Contracts on the S&P 500 fell 0.5% as of 9:38 a.m. in Tokyo. Nasdaq 100 futures dropped 0.4%. The broader index is coming off its worst weekly rout since March, led by shares of megacap tech companies that reported solid quarterly results just days earlier.
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