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U.S. Stock Futures Edge Lower, Signaling More Turbulence

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09/22/2020 | 06:02am EDT

By Joe Wallace

U.S. stock futures ticked lower Tuesday, signaling fresh losses for investors as they weigh the prospect of renewed restrictions due to rising coronavirus infections weighing on the economic recovery.

Futures tied to the S&P 500 edged down less than 0.2% while contracts for the technology-heavy Nasdaq Composite ticked up 0.1%. The market retreated sharply Monday, pushing the S&P 500 to a fourth-straight day of losses, the longest losing streak for the broad gauge since late February.

Stocks have gyrated in recent trading sessions, after marching higher for much of the summer. The turbulence entered a new phase Monday, when shares in sectors that are highly sensitive to economic growth, such as banks, materials and industrials, endured the biggest declines. Technology stocks, whose swings had weighed on markets in recent weeks, advanced.

Investors say they are contending with a clutch of risks, including the dwindling chances that lawmakers agree on a second round of economic relief before the November election. Money managers are also increasingly concerned about the possibility of a protracted period of uncertainty following the election.

Surging cases in Europe have knocked confidence in the world economy's recovery from the downturn sparked by coronavirus. Reported new cases increased sharply in the U.S. Monday, to 52,000. That was the highest single-day increase since Aug. 14, according to Johns Hopkins University.

"The volatility will continue for a little while longer," said Andrew Sheets, chief cross-asset strategist at Morgan Stanley. Ultimately, the turbulence is likely to be a blip in a long-running bull market, he said. But for now, "investors should keep their powder dry" and not seek to buy stocks at discounted prices, Mr. Sheets added.

Write to Joe Wallace at Joe.Wallace@wsj.com

 


Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.97% 26780.38 Delayed Quote.-7.07%
MORGAN STANLEY 2.08% 48.21 Delayed Quote.-6.94%
NASDAQ 100 2.46% 11415.881777 Delayed Quote.32.82%
NASDAQ COMP. 2.14% 11239.525294 Delayed Quote.27.40%
S&P 500 1.69% 3326.77 Delayed Quote.1.25%
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