Stock futures were little changed Tuesday evening, struggling for direction after equities sputtered into the close earlier in the day.
The three major indices ended Tuesday’s regular session lower, and the S&P 500 and Nasdaq each snapped a five-session winning streak. Still, the S&P 500 remained higher by 1.5% for July.
Shares of airlines, cruise lines and lodging firms dropped during regular trading and held mostly lower overnight, as an ongoing rise in coronavirus cases, deaths and hospitalizations domestically threatened the recovery of companies of these industries. United Airlines (UAL) warned in a securities filing Tuesday that it expects “demand to remain suppressed until a widely accepted treatment and/or vaccine for Covid-19 is available.” Year over year industry revenue was down 78% as of July 2, the company added.
Shares of Novavax (NVAX) and Regeneron (REGN), meanwhile, steadied in late trading Tuesday, after closing higher by 31% and 2%, respectively, during the regular session. The companies each announced earlier that they had received federal funding from US Operation Warp Speed to expedite the development of a vaccine and treatment, respectively, for Covid-19. Novavax – which is working on one of more than 130 Covid-19 vaccine candidates worldwide – is set to deliver 100 million doses of the vaccine as soon as late 2020, assuming clinical trials are successful.
The steady march higher in virus cases continued unabated in some parts of the US. Texas posted its largest one-day rise in cases ever at more than 10,000, bringing the state-wide total to 210,585. Deaths in Arizona rose by a record 117 to more than 1,900. California’s virus hospitalizations rose by 3.4% to a record 5,989, and San Francisco Mayor London Breed pushed back the city’s planned return of indoor dining past the original date of July 13.
Levi Strauss (LEVI) was one of the few companies to report earnings results this week after market close Tuesday. Shares fell in late trading after the company reported a 62% drop in second-quarter net revenue over last year, or a greater decline than expected, and said it would be cutting 700 jobs.
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6:08 p.m. ET Tuesday: Stock futures flat to slightly higher as overnight trading kicks off
Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:08 p.m. ET:
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S&P 500 futures (ES=F): 3,138.75, up 2.25 points or 0.07%
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Dow futures (YM=F): 25,807.00, up 37 points, or 0.14%
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Nasdaq futures (NQ=F): 10,542.00, up 9.75 points, or 0.09%
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Stock market news live updates: Stock futures open flat after regular session drop - Yahoo Finance
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