US pre-open: Futures mixed after Dow Jones and S&P 500 fall from record highs
By Iain Gilbert
Date: Tuesday 10 Aug 2021
(Sharecast News) - Wall Street futures were mixed ahead of the bell on Tuesday after a rise in new cases of Covid-19 cases knocked both the Dow Jones Industrial Average and the S&P 500 off their all-time highs in the previous session.
As of 1230 BST, Dow Jones futures were 0.07% weaker, while S&P 500 and Nasdaq-100 futures had the indices coming out the gate 0.21% and 0.14% firmer, respectively.
The Dow closed 106.66 points lower on Monday, falling from its record high amid concerns about a resurgence in new coronavirus cases.
Tuesday's primary focus will likely be centred on Washington, with news that the Senate could pass a $1.0trn bipartisan infrastructure bill by the end of the day. The plan, which includes $550.0bn in new spending on transportation and broadband, would give the US economy boost as peak growth slows as the nation reopens from the Covid-19 pandemic.
Also in focus, the yield on the benchmark 10-year Treasury note also traded slightly lower at 1.314%.
AvaTrade's Naeem Aslam said: "European and US futures are trading lower as investors are concerned about the rise in Delta cases around the globe. The Dow and S&P 500 retraced from their record highs as bears took control of major indices.
"Having said that, rise in Delta cases may be more of temporary issue as vaccination numbers continue to increase in the US and in other parts of the world."
In the corporate space, energy stocks were leading losses as oil prices fell 4% around fears of a potential slowdown in demand, while reopening plays like Norwegian Cruise Line and United Airlines were also trading lower amid the spike in fresh Covid-19 cases.
Coinbase, Softbank and Sysco will all report earnings on Tuesday.
No major data points were slated for release.
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