US pre-open: Dow futures higher despite flurry of negative Covid-19 headlines
By Iain Gilbert
Date: Monday 29 Jun 2020
(Sharecast News) - Wall Street futures were pointing to a somewhat mixed open on Monday amid spiking coronavirus cases in certain US states over the weekend.
As of 1255 BST, Dow Jones and S&P 500 futures had the indices opening 0.55% and 0.27% firmer, respectively, while Nasdaq-100 futures were down 0.21%.
The Dow closed 730.05 points lower on Friday as 45,255 additional coronavirus cases were reported on that day alone.
On Saturday, Florida reported a single-day increase of 9,636 on Saturday and an additional 8,577 on Sunday, after authorities had already again banned drinking at bars across the state.
Texas has also rolled back some of its reopening plans as a result of record spikes in infections, while Arizona Governor Doug Ducey warned that new Covid-19 cases were "growing fast across all age groups and demographics".
Health and human services secretary Alex Azar warned over the weekend that the "window is closing" for the country to stem the outbreak.
However, despite the flurry of negative Covid-19 headlines, financial markets continued to err on the positive side of cautious.
SpreadEx's Connor Campbell said: "The Dow Jones is set to join in with this baffling optimism when traders clock-in stateside. The futures are pointing to a 200 point surge post-open, one that would leave the Dow painfully close to 25,250.
"For context, it closed out last Monday at 26,150, meaning it still has a lot of catching up to do if it wants to claw back its end of June decline."
On the macro front, pending home sales will be published at 1500 BST, while the Dallas Federal Reserve's manufacturing index for June will be posted at 1530 BST.
San Francisco Fed president Mary Daly will deliver a speech at 1600 BST and New York Fed head John Williams will make an address at 2000 BST.
On the corporate front, Boeing shares were heading roughly 6% higher ahead of the open as the aeronautical manufacturer was set to begin certification flights for its beleaguered 737 Max aircraft later in the day.
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