Stocks, futures slide on virus angst; dollar gains

Stocks, futures slide on virus angst; dollar gains

Bloomberg

Global stocks dropped for a second day and US equity-index futures tumbled amid concern more economic shutdowns are becoming necessary to contain a fast spreading pandemic. A stronger dollar and a slide in Treasury yields underscored the risk-off mood on Tuesday as New Zealand discovered a positive case and announced a lockdown. Gold rises for a fifth day and oil declined. Contracts on the S&P 500 and Nasdaq 100 gauges lost at least 0.4% each. Investor confidence is getting hit by concern that the economic impact of the pandemic will linger, compounding the risks posed by any tapering of Federal Reserve stimulus, regulatory clampdowns by China and travel curbs. The next cue on monetary policy was likely to come later when Fed Chair Jerome Powell speaks at a town hall. Market gyrations this week are “coming alongside eight consecutive weeks of rising Covid cases at the global level that’s raised the prospect of a further deterioration in the outlook over the weeks and months ahead,” Deutsche Bank AG strategists including Karthik Nagalingam wrote in a note. European stocks headed for the worst two-day losses in four weeks with stocks closely tied to economic activity, such as retail, travel, cars and