US futures fall and dollar climbs as possible Trump impeachment and rising COVID cases spark jitters over record-high stocks

US futures fall and dollar climbs as possible Trump impeachment and rising COVID cases spark jitters over record-high stocks

House speaker Nancy Pelosi said the Democrats would push ahead with plans to impeach Donald Trump unless his cabinet acted

J. Scott Applewhite/Associated Press

US stocks were set to open lower after a stellar rally took them to all-time highs last week, knocked back as investors fretted about rising COVID cases and Donald Trump's possible impeachment.

The dollar rose, driven by a degree of risk aversion and by rising bond yields and expected higher growth, which make the greenback more attractive to non-US investors.

Asian and European stocks also slipped, as rising coronavirus cases caused traders to step back and reassess the recent rally.

Visit Business Insider's homepage for more stories.

US stocks were set to open lower on Monday, while the dollar continued its mini-rally, as markets questioned record-high equity prices given a possible impeachment of President Donald Trump and rising coronavirus cases.

S&P 500 futures were down 0.59%, Dow Jones futures were off by 0.51% and Nasdaq futures were 0.36% lower.

Stocks moved broadly lower in Asia overnight, with China's CSI 300 index shedding nearly 1%. South Korea's Kospi slipped 0.12% while Australia's S&P ASX 200 fell 0.9%.

As investors cooled on stocks, they warmed to the dollar, a traditional safe-haven asset. It rose 0.22% against a