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US pre-open: Futures slide as tech rout continues, stimulus talks remain in focus

By Iain Gilbert

Date: Monday 21 Sep 2020

US pre-open: Futures slide as tech rout continues, stimulus talks remain in focus

(Sharecast News) - Wall Street futures had stocks opening lower ahead of the bell on Monday as tech stocks struggled again and stimulus negotiations remained in focus.
As of 1235 BST, Dow Jones futures were down 2.02%, while S&P 500 and Nasdaq-100 futures had the indices opening 1.76% and 1.86% weaker, respectively.

The Dow Jones closed 244.56 points lower on Friday.

Talks surrounding a second US stimulus bill were in focus before the open on Monday as the passing of Supreme Court Justice Ruth Bader Ginsburg, and the nomination process for her successor ahead of the election, was seen as potentially throwing a spanner in the works and delaying the bill until sometime after 3 November.

Also on investors' minds, technology shares were under pressure before the start of trading amid valuation concerns.

Oanda's Edward Moya said: "Global stock markets are tumbling as coronavirus cases surge in Europe, political tensions in the US will likely derail any further fiscal support efforts.

"With little on the economic calendar, risk aversion could remain steady throughout on the session."

On the macro front, the Chicago Federal Reserve's national activity index for August will be released at 1330 BST.

Elsewhere, Federal Reserve heads Lael Brainard, John Williams and Robert Kaplan will all deliver speeches throughout the course of the day.

No major corporate earnings were slated for release on Monday.

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