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S&P Futures, Global Stocks Slump As European Banks Crash To All-Time Low

US equity futures and European stocks slumped as investor skepticism for a new American stimulus deal grew against a sharp uptick in global coronavirus cases. Both bonds and the dollar advanced amid the flight from risk. The Emini was down 0.5% last, set to retest Thursday’s lows.

Costco Wholesale Corp fell 2.5% as the warehouse chain recorded high coronavirus-related costs for the second straight quarter, overshadowing its better-than-expected results. The FAAMG tech mega-caps headed lower after leading gains on Wall Street in the previous session. Nikola fell another 5.2% in premarket trading, with the stock heading for the worst weekly performance on record, already being down 44% in a rout fueled by the resignation of its founder and executive chairman.

Boeing Co inched higher after Europe’s chief aviation safety regulator said the planemaker’s grounded 737 MAX could receive regulatory approval to resume flying in November and enter service by the end of the year. United Airlines, Southwest Airlines and Alaska Air Group were little changed in premarket trading even as airline unions hoped further aid would be announced before the current program ends on Oct. 1. After weeks of stalemate in talks over a fifth coronavirus relief bill, a key lawmaker said on Thursday Democrats in the U.S. House of Representatives were working on a $2.2 trillion package that could be voted on next week. Failure to reach a deal by then would result in another round of mass furloughs.

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