Stock futures limp into new week following selloff

Unemployment could increase as coronavirus resurges: Alan Patricof

Greycroft founder Alan Patricoff believes White House economic adviser Larry Kudlow’s growth production won’t happen as coronavirus cases and deaths increase, especially if companies can’t recover their revenue quickly enough. Patricof also explains what happened in the IPO market during COVID-19 and what could happen in the future.

U.S. equity futures are trading lower to start the holiday shortened new week, following a week that saw drastic selling.

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The major futures indexes are suggesting a decline of 0.1 percent when Wall Street trading begins on Monday.

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Traders have been nervous as rising coronavirus cases causing some U.S. states to backtrack on pandemic reopenings.

In Asia on Monday, Tokyo’s Nikkei lost 2.3 percent, the Hang Seng in Hong Kong dropped 1.4 percent and China's Shanghai Composite lost 0.8 percent.

On Friday, the S&P 500 fell 2.4 percent as Texas and Florida reversed course and clamped down on bars again in the nation’s biggest retreat yet. The new coronavirus has surged back in many places, especially the American South and West.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 25015.55 -730.05 -2.84%
SP500 S&P 500 3009.05 -74.71 -2.42%
I:COMP NASDAQ COMPOSITE INDEX 9757.219071 -259.78 -2.59%

The Dow Jones Industrial Average had its worst day in two weeks, losing 2.8 percent and the Nasdaq, which hit an all-time high earlier this week, dropped 2.6 percent.

Concern that a pullback in the reopening of businesses could hamper demand for energy is pulling oil prices lower. Benchmark U.S. crude oil for August delivery lost 75 cents to $37.75 per barrel in electronic trading on the New York Mercantile Exchange. It fell 23 cents on Friday to settle at $38.49 a barrel.

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Brent crude oil for August delivery slipped 94 cents to $40.08 per barrel.

The Associated Press contributed to this article.

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