ER Shares founder and managing director Joel Shulman discusses his outlook for the markets.
U.S. equity markets slid Monday amid a surge in global COVID-19 cases and as New York City began Phase 2 of its reopening plan.
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The Dow Jones Industrial Average fell 52 points, or 0.2 percent, in the opening minutes of trading while the S&P 500 slid 0.17 percent. The Nasdaq Composite, which finished Friday less than 2 percent below a record high, was little changed.
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The World Health Organization announced more than 183,000 new cases of the novel coronavirus on Sunday, the biggest single-day total since the outbreak began. The U.S. on Saturday record 31,963 new cases, its largest one-day new case count since May 1.
New York City entered Phase 2 of its reopening plan on Monday, possibly sending 300,000 laborers back to work as outdoor dining, in-store retail and barbershops and salons are allowed to open their doors.
Looking at stocks, American Airlines plans to raise $1.5 billion through the sale of stock and notes as the air carrier aims to bolster its balance sheet. Meanwhile, rival United Airlines is considering a $5 billion debt sale, according to Bloomberg.
Virgin Galactic and NASA reached an agreement to encourage commercial participation of astronaut missions to the International Space Station,
Tesla CEO Elon Musk announced a tentative date of Sept. 15 for the electric-vehicle maker’s shareholder meeting at Battery Day.
China’s customs agency has reportedly suspended chicken purchases from a Tyson Foods plant in Springdale, Arkansas, after hundreds of workers tested positive for COVID-19.
Commodities traded mixed with West Texas Intermediate crude oil off 25 cents at $39.50 a barrel and gold higher by $5.70 at $1,758.40 an ounce.
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U.S. Treasurys were little changed as the yield on the 10-year note held near 0.695 percent.
In Europe, France’s CAC was pacing the decline, down 0.53 percent, while Germany’s DAX and Britain’s FTSE were weaker by 0.5 percent and 0.31 percent, respectively.
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Markets were lower across Asia, with Hong Kong’s Hang Seng losing 0.54 percent, Japan’s Nikkei falling 0.18 percent and China’s Shanghai Composite slipping 0.08 percent.
