United States stocks open lower on renewed virus fears

United States stocks open lower on renewed virus fears”

The Dow Jones Industrial Average added 158 points, 0.6%, to close near 25,763, after being down by as many as 762 points, or almost 3%; while the S&P 500 rose 25 points or 0.8%, to close near 3,067.

Futures for the NASDAQ Composite Index lost 133.75 points, or 1.4%, to 9,498.50.

In Europe, the pan-continental Stoxx Europe 600 dropped 1.1%. Just on Friday, U.S. indexes surged, with the Dow soaring 477 points.

A flood of liquidity in the form of fiscal and economic stimulus, along with uneven but steady re-openings of state and local economies, sparked a remarkable rally in the stock market since its late-March trough. That led investors to dump stocks across the board on Monday, with those closely tied to the reopening of the economy suffering the biggest losses.

All the 11 primary S&P 500 sectors traded noticeably lower, with energy down about 4 percent in morning trading, leading the losses.

Netflix stock climbed 1.78 percent, Facebook gained 1.71 percent, Apple increased 1.24 percent and Amazon rose 1.09 percent.

"The timeline for the virus is being extended".

More news: China's Sinovac gets positive results in COVID-19 vaccine trials

Volatility has returned to the markets.

But surging new cases of COVID-19 in China, where the pandemic originated, prompted the reintroduction of containment measures, and record hospitalizations in several USA states dampened investor risk appetite.

In the USA, cases are surging in many states that have lifted lockdown orders, raising fears that an economic recovery will stall if lockdowns resume.

Data from China published Monday showed economic activity improved in May, but retail sales figures weren't as strong as some had hoped.

A sign for Wall Street hangs outside at the New York Stock Exchange on Wall Street in New York City. Among the losers: United Airlines, Norwegian Cruise Line and Wynn Resorts. Retailers Kohl's and Gap declined.

WTI crude oil prices fell 2.2% to $ 35.47 a barrel, while Brent crude futures fell 1.2% to $ 38.25.

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