Stock futures opened little changed Wednesday evening as investors weighed rising COVID-19 cases in the U.S. and increased restrictions against hopes for an effective vaccine.
At least on Wednesday, the bad outweighed the good. The Dow posted its biggest loss in three weeks, dropping nearly 350 points, or 1.2%, amid more signs of deterioration in the battle to keep COVID-19 cases at bay. New York City, home to the largest public school system in the country, is set to end in-person schooling starting Thursday, as the rate of infections in the city hit 3%.
Average daily cases in the U.S. held above 150,000 over the past seven days, for a level worse than even the initial virus surge in April. And on Wednesday, total virus-related deaths in the U.S. crossed the grim milestone of 250,000.
Positive news on the vaccine front did little to assuage investors. Pfizer (PFE) said its final clinical trial data showed its vaccine candidate was 95% effective in preventing COVID-19, and that the company intends to file for emergency use authorization with the Food and Drug Administration within days.
Still, even with approval, distribution of a vaccine likely won’t occur en masse for months, meaning social distancing and restrictions will remain the primary tools for combatting transmission through the latest spike in cases. The worsening pandemic, coupled with uncertainty over final results of the Senate elections and size and contents of another round of fiscal stimulus, has created a host of near-term risks.
“The market has really been in a celebratory mode since Election Day and rode through it again last week. I think the idea now is people are beginning to consider taking some profits ahead of expectations that taxes related to capital gains could rise in 2021. I also think there’s the consideration of the transition in COVID to post-COVID,” John Stoltzfus, chief investment strategist for Oppenheimer, told Yahoo Finance. “Even with the resurgence, all the vaccine news tells us [is] there is a post-COVID ahead.”
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6:02 p.m. ET Wednesday: Stock futures open lower
Here were the main moves in markets, as of 6:02 p.m. ET Tuesday evening:
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S&P 500 futures (ES=F): 3,564.00, down 1 point or 0.03%
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Dow futures (YM=F): 29,399.00, up 8 points or 0.03%
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Nasdaq futures (NQ=F): 11,883.25, down 13.75 points or 0.12%
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November 19, 2020 at 06:14AM
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Stock market news live updates: Stock futures open flat as virus spread triggers more restrictions - Yahoo Finance
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