Hereâ€™s what we are watching as markets kick into gear Monday.Futures tied to the S&P 500 dropped 1.6%, as a fast-spreading strain of coronavirus emerging from England promptedÂ fresh travel restrictions, dealing another blow to prospects for the global economic recovery. Futures linked to the technology heavy Nasdaq-100 index fell 1.1%.
Whatâ€™s Coming Up
Financial data provider FactSet publishes quarterly earnings today, as does industrial machinery maker Enerpac Tool Group. EPAC 1.25% In Washington, Congress will look to move forward on legislation for a $900 billion Covid-19 relief plan that leaders agreed upon over the weekend.
Market Movers to Watch
â€” Shares in travel companies dipped premarket amid fears of further travel restrictions. Delta Air Lines fell 4.1%, Southwest and United fell 3% and 4.1% respectively, and Royal Caribbean shed 4.6%. Boeing BA -1.16% was off 4.1%.â€” Energy companies declined in off-hours trading as oil prices fell nearly 5% on fears travel restrictions could curb demand. Occidental Petroleum fell 8.1%. Natural gas company ONEOK fell 5%.â€” Zoom Video Communications, ZM -2.27% which has benefited from stay-at-home orders, jumped 4.3% premarket.
â€” Shares in Global Payments rose 3.1% premarket. The payments-technology company recently held unsuccessful merger talks with Fidelity National Information Services, the Wall Street Journal reported.
The British pound was on course for itsÂ steepest one-day fall against the U.S. dollar since the worst of Marchâ€™s market routÂ as the continuing failure to arrive at a post-Brexit trade agreement and new measures in the U.K. to curtail the spread of Covid-19 weighed on British assets.
Chart of the Day
Teslaâ€™s bull run has been so powerful that many bearish investors have abandoned their money-losing bets, sendingÂ short positions on the stock to a record low.Â Â
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