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US pre-open: Stocks set to dip as stimulus talks continue, but new Covid-19 cases slip

Tue, 4th Aug 2020 11:30

(Sharecast News) - Futures for all three of Wall Street's main stock market gauges are pointing lower with analysts pointing to the drag from the ongoing negotiations on Capitol Hill regarding a fourth stimulus package.
Nonetheless, overnight, Ian Shepherdson at Pantheon Macroeconomics pointed out that there was some good news to be had on the novel coronavirus front.

Data in the US for Monday had revealed the biggest week-on-week decline in new Covid-19 infections since late July, a 19.2% decline to roughly 45,600, with new cases down in 32 states plus Washington D.C..

Yet Shepherdson was cautious, also highlighting a decline in testing in many hotspot states while he said left them vulnerable to new outbreaks.

As of 1130 BST, S&P 500 futures were slipping by 9.75 points to 3,278.75, alongside a 47.0-point dip for those on the Dow Jones Industrials, while Nasdaq-100 futures were 36.25 points lower to 11,008.0.

In parallel, front-dated West Texas Intermediate was down by 1.56% to $40.37 a barrel on the ICE and December gold was up 0.33% to $1,992.6/oz. on COMEX.

To take note of, the tech-heavy Nasdaq Composite had notched up a fresh record high overnight, even as some equity strategists, such as those at Morgan Stanley, had argued that a correction in stocks was likely before the 'bull market' resumed.

Among the corporate results that investors were expected to be following most closely were those from Walt Disney and Beyond Meat which were due out after the close of regular trading in New York.

Alternative-fuel truck manufacturer Nikola was also due to report earnings.

On the economic front meanwhile, durable goods orders data for June were due out at 1330 BST.

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