Stock futures opened slightly higher Sunday evening, indicating a higher open when Wall Street begins trading Monday, even as coronavirus cases continued to march higher globally and domestically.
Developments in the crisis continued to march from bad to worse over the long holiday weekend. New COVID-19 cases in some of the new hot spots in the South and West rose by records — including in current epicenters Florida and Texas on Saturday. The World Health Organization said a record 212,326 coronavirus diagnoses were confirmed globally in 24 hours as of Saturday, with the United States, Brazil and India showing the largest increases.
The Lone Star State reported 3,449 new cases of COVID-19 as of Sunday for a 1.8% rise over the prior day — bringing the total number of infections so far in the state to 195,239. Meanwhile, California’s new cases rose by 5,410 for a 2.1% one-day increase, coming in below the 14-day average for new case growth in the state. Arizona’s one-day case increase of 3,536, or 3.7% over the prior day, was slightly below the state’s two-week average growth of 4.1%.
The recent resurgences in coronavirus cases in some parts of the country led economists at Goldman Sachs to lower their expectations for U.S. gross domestic product (GDP) growth this year. This comes despite new economic data, including the June jobs report, come in well above expectations.
“A combination of tighter state restrictions and voluntary social distancing is already having a noticeable impact on economic activity,” Goldman Sachs economist led by Jan Hatzius said in a note Sunday.
“States with the most severe deterioration in the COVID situation saw declines in consumer and workplace activity at the end of June that will likely continue into July, and activity flattened in other states.”
With the expected third quarter rebound now restrained by the surge in new cases, some of the pent-up demand will set the economy up for a stronger 2021, Hatzius estimated. On a full-year basis, our forecast now implies -4.6% GDP growth in 2020 (vs. -4.2% before) and +5.8% growth in 2021 (vs. +5.8%).”
Facing a potential protracted slump in the economy, government officials have taken steps to expand stimulus efforts to support individuals and businesses.
President Donald Trump on Saturday signed into law an extension for applications into the Paycheck Protection Program (PPP), a key component of the virus-related fiscal stimulus intended to help small businesses receive subsidies for costs including payrolls. The legislation extended the June 30 deadline to apply for the program to August 8.
On Thursday, Treasury Secretary Steven Mnuchin told reporters at the White House that the Trump administration was “going to seriously consider” another round of direct checks to taxpayers, following the $1,200 checks sent to Americans under a certain income threshold that had been approved in March.
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6:12 p.m. ET: Stock futures open slightly higher
Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:12 p.m. ET:
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S&P 500 futures (ES=F): 3,129.5, up 0.5 points or 0.02%
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Dow futures (YM=F): 25,766.00, up 7 points, or 0.03%
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Nasdaq futures (NQ=F): 10,378.00, up 22.25 points, or 0.21%
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