Wall Street Likely To Open Notably Lower

Sharply lower U.S. futures and weak global cues point to a gap-down opening for U.S. stocks Monday morning.

A surge in coronavirus cases across the world over the weekend, and an update from the U.S. Centers for Disease Control and Prevention (CDC) that coronavirus can spread through Air are likely to render the mood bearish.

Concerns over tensions between the U.S. and China, and a lack of fresh stimulus from the government are also likely to force investors to stay cautious.

The Dow futures are down as much as 2.1%, the S&P futures are lower by 1.7# and the Nasdaq futures are sliding 1.6%.

European stocks plunging sharply today, hitting two-week lows in the process, amid doubts about economic recovery as surging cases of Covid-19 in Europe prompted renewed lockdown measures in some countries.

Among the major European indices, pan European Stoxx 600 is tumbling 2.7%, the U.K.’s FTSE is sliding 3.25%, Germany’s DAX is falling 3.1% and France’s CAC 40 is down 3%.

Stock markets across the Asia-Pacific region closed lower amid continued worries about spikes in virus cases and uncertainty about the pace of economic recovery.

In commodities, West Texas Intermediate Crude oil futures are down $0.78 or nearly 2% at $40.33 a barrel. Gold futures are falling $22.80 or 1.16% at $1,939.30 an ounce.

U.S. stocks ended notably lower on Friday, led by declines in the technology space.

The Dow slid 244.56 points or 0.9% to 27,657.42, the Nasdaq tumbled 116.99 points or 1.1% to 10,793.28 and the S&P 500 slumped 37.54 points or 1.1% to 3,319.47.

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