U.S. stock index futures slip on fears of the new wave of coronavirus cases

• 2020-05-11
• Traiding Idea

U.S. stock index futures slip on fears of the new wave of coronavirus cases

U.S. stock index futures dipped on Monday as investors expressed concern about the second wave of coronavirus infections.

While oil prices fell and COVID-19 cases in Germany and South Korea rose again after lockdowns were lifted, Exxon Mobil Corp and Chevron Corp dropped more than 1% in premarket trading.

Cruise lines and airlines including Carnival Corp, Norwegian Cruise Line Holdings Ltd, American Airlines Group Inc and United Airlines Holdings Inc, which have been hit hard by the coronavirus crises, also declined today.

The Nasdaq wiped out all of its losses for 2020 last week as investors ignored negative economic data, including loses a record 20.5 million jobs in April.

However, the S&P 500 is still more than 13 % lower than its February high, and analysts have warned that the global recession is expected to be deep and lasting as the macroeconomic situation worsens.