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Dow futures fall as resurgence of coronavirus cases and trade tensions take focus
MarketWatch
Published: June 24, 2020 at 8:46 a.m. ET
By Mark DeCambre
The seven-day average of U.S. cases grew by 30% on Tuesday; U.S. considers import tariffs on Europe and Canada
What’s driving the market?
Fresh data underscoring signs of an acceleration of COVID-19 cases in the U.S. that could threaten reopening efforts were helping to deflate appetite for stocks on Wall Street, as was a report that the Trump administration was considering imposing billions of import duties on goods from Europe.
The 7-day average of daily new COVID-19 cases increased more than 30% compared with a week ago, according to a CNBC analysis of Johns Hopkins University data, while Bloomberg noted coronavirus cases are surging in Texas, Florida, Arizona and California with city and state officials in hot spots starting to consider slowing or reversing business reopening plans.
The Wall Street Journal reported that Texas Gov. Greg Abbott and Florida Gov. Ron DeSantis are increasing reinforcement of social-distancing protocols, while California Gov. Gavin Newsom, which saw reported more than 5,000 new cases and 3,700 hospitalizations on Tuesday, also has been stepping up precautions to prevent a possible second wave of the disease.
On Tuesday, at a Congressional hearing public-health expert Dr. Anthony Fauci described the rise in cases as “disturbing,” but did say he was hopeful about a vaccine.
Fresh data underscoring signs of an acceleration of COVID-19 cases in the U.S. that could threaten reopening efforts were helping to deflate appetite for stocks on Wall Street, as was a report that the Trump administration was considering imposing billions of import duties on goods from Europe.
The 7-day average of daily new COVID-19 cases increased more than 30% compared with a week ago, according to a CNBC analysis of Johns Hopkins University data, while Bloomberg noted coronavirus cases are surging in Texas, Florida, Arizona and California with city and state officials in hot spots starting to consider slowing or reversing business reopening plans.
The Wall Street Journal reported that Texas Gov. Greg Abbott and Florida Gov. Ron DeSantis are increasing reinforcement of social-distancing protocols, while California Gov. Gavin Newsom, which saw reported more than 5,000 new cases and 3,700 hospitalizations on Tuesday, also has been stepping up precautions to prevent a possible second wave of the disease.
On Tuesday, at a Congressional hearing public-health expert Dr. Anthony Fauci described the rise in cases as “disturbing,” but did say he was hopeful about a vaccine.
Read more: https://www.marketwatch.com/amp/story/dow-futures-slump-220-points-as-resurgence-of-coronavirus-cases-and-trade-tensions-take-focus-2020-06-24
