In a rollercoaster overnight session, futures dropped as much as 1% in early trading, before paring all losses only to slide once again while Nasdaq 100 contracts swung between modest losses and gains. At last check, the Emini was down 0.4% to 3,555 as coronavirus infections surged and investors weighed the timeline of the roll-out of an effective vaccine, while technology stocks headed higher for the second straight day.
“Defensive”, work-from-home stocks such as Amazon.com, Apple and Microsoft rose about 0.5% each in premarket trading, while futures for the Nasdaq 100 were up 0.4%. Meanwhile, American Airlines, United and Royal Caribbean Cruises fell between 1.0% and 2.3%.
Fears that an intensifying pandemic will curb the economic rebound threaten this month’s almost 10% surge in global equities, while the value-to-growth rotation reversed after new coronavirus cases in the United States surged above 100,000 for an eighth consecutive day, and global deaths jumping by more than 12,000 with the situation expected to worsen as winter sets in. New York became the latest state to re-introduce social distancing restrictions on Wednesday: New York City ordered bars and restaurants with liquor licenses to close at 10 p.m. as officials. New infections may be steadying or easing in some of Europe’s virus hot spots.