U.S. Futures Slump as Virus Hits Travel Stocks: Markets Wrap
Bloomberg 13 mins ago Cecile Gutscher
(Bloomberg) U.S. futures fell with stocks as investors weighed corporate earnings and recent spikes in virus cases hit travel stocks. Oil rose and bond yields steadied.
Contracts on both the S&P 500 and Nasdaq 100 slid Tuesday, with the biggest declines in premarket trading centered on the holiday industry, including United Airlines Holdings Inc., American Airlines Group Inc. and Carnival Corp.
Even with this latest pullback in major indexes, and the relentess spread of Covid-19, global stocks are not far from record highs, prompting concern that markets have overplayed expectations for a global growth rebound as the pandemic rages through South America, Africa and parts of Asia.
Oil Marks Anniversary of Crash Below Zero With Rally Above $64
Bloomberg 1 hr ago Sharon Cho
(Bloomberg) Oil surged above $64 a barrel a year to the day after futures for the U.S. benchmark collapsed below zero, with the world’s most important commodity extending a powerful rally on bets for better demand as leading economies battle the pandemic. The gains were aided by a weaker dollar.
West Texas Intermediate surged 1.1%, extending Monday’s modest climb, and last week’s significant jump. In the U.S., refinery runs have climbed to the highest in over a year as activity picks up, with that optimism overshadowing concerns that demand in India is suffering amid a fresh wave of infections. An additional boost for crude came from the drop in the dollar, which fell for a seventh session, boosting the appeal of commodities priced in the currency.
Oil surged above $64 a barrel a year to the day after futures for the U.S. benchmark collapsed below zero.
(Bloomberg) Oil surged above $64 a barrel a year to the day after futures for the U.S. benchmark collapsed below zero, with the world’s most important commodity extending a powerful rally on bets for better demand as leading economies battle the pandemic. The gains were aided by a weaker dollar.
West Texas Intermediate surged 1.1%, extending Monday’s modest climb, and last week’s significant jump. In the U.S., refinery runs have climbed to the highest in over a year as activity picks up, with that optimism overshadowing concerns that demand in India is suffering amid a fresh wave of infections. An additional boost for crude came from the drop in the dollar, which fell for a seventh session, boosting the appeal of commodities priced in the currency.
by Bloomberg
|Tuesday, April 20, 2021
Oil slumped the most in two weeks.
(Bloomberg) Oil slumped the most in two weeks alongside a broader market rout as a resurgent virus in some of the world’s top oil importers highlighted the uneven road to recovery.
West Texas Intermediate fell 1.5% to the lowest in a week as S&P 500 Index headed for its first back-to-back decline since late March. The rampant virus spread in countries such as India is casting a shadow on optimism over the global economic rebound. Annual crude imports in the Asian country fell for the first fiscal year since the late 1990s with refiners cutting run-rates.
by Tyler Durden
Tuesday, Apr 20, 2021 - 07:52 AM
S&P 500 and Nasdaq 100 stock futures extend declines for a second day, with both down about 0.5% as of 7:00 am in New York as travel and leisure stocks led the move, indicating fresh concerns over reopenings. US futures tracked Europe’s Stoxx 600 index which was 1.1% lower, its biggest drop in a month as a growing tally of virus cases primarily in emerging markets tempered enthusiasm for a global growth rebound. Bond yields fell.
Some notable premarket moves:
United Airlines dropped 2.1% after the carrier booked a bigger-than-expected loss for the first quarter.
IBM gained 2.8% as it reported its biggest revenue gain in 11 quarters boosted by its bets on the high-margin cloud computing business.