U.S. stock futures fall slightly, with Wall Street set to give back some of May's strong gains
Dow Jones Industrial Average futures traded 217 points lower, or 0.9%. S&P 500 and Nasdaq 100 futures slid 0.9% each. Dampening market sentiment in early trading were disappointing trial results from Pfizer for a breast cancer drug. The company made the announcement Friday evening, sending its stock down more than 6% in after-hours trading.
The S&P 500 and Dow each gained at least 3% last week while the Nasdaq Composite advanced 1.8% to close out May. Those gains were propelled by increasing bets by traders that the global economy will successfully reopen after the coronavirus forces a shutdown of most economic activity. Last week's gains led the major averages to their first back-to-back monthly advances since late 2019. The Dow and S&P 500 gained 4.3% and 4.5%, respectively, for May while the Nasdaq Composite advanced 6.8%.
"The main downside risk facing stocks is a second wave of the disease," said Peter Berezin, chief global strategist at BCA Research, in a note to clients. "If fears of a new outbreak were to escalate, risk assets would suffer." Berezin added, however, he recommends a "modest overweight" portfolio allocation to stocks, noting: "Even if a vaccine does not become available later this year, increased testing should allow for a more economically palatable approach to containment strategies."
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