US Futures return to negative territory as coronavirus cases rise alarmingly
U.S. stock futures shed gains to fall back into negative territory Monday morning, as the number of coronavirus cases in the U.S. continues to rise at an alarming rate.
At around 5:20 a.m. ET, Dow Jones Industrial Average futures were down 145 points, pointing to an implied fall of more than 217 points at the Monday open. S&P 500 futures and Nasdaq 100 futures also pointed to a lower open.
The moves came as crude prices fell sharply. Earlier, futures had pointed to opening gains.
The Dow last week posted its biggest weekly gain since 1938, surging more than 12%. The S&P 500 and Nasdaq are coming off their best week since 2009, after rising 10.3% and 9.1%, respectively. To be sure, it was a volatile ride for investors. The S&P 500 posted daily swings of at least 2.9% in four of the five sessions. That includes a 3.4% drop on Friday for the S&P 500.