U.S. Index Futures Extend Losses as Rising Virus Cases Sour Mood

(Bloomberg) -- U.S. equity index futures extended declines, signaling losses at the open on Wall Street, as global stocks were hit by concern about new restrictions spurred by rising coronavirus cases.Futures contracts on the S&P 500 Index dropped 1.8% as of 9:53 a.m. in London, pointing to a fourth straight daily decline for the gauge. Contracts on the Dow Jones Industrial Average and Nasdaq 100 fell 2.3% and 1.6%, respectively.U.S. deaths related to Covid-19 are nearing 200,000 and the nation’s new cases rose in line with a one-week average. At least one more cycle of the virus is expected in the fall and winter, the U.S.’s former Food & Drug Administration Commissioner Scott Gottlieb said.Federal Reserve Chair Jerome Powell will testify before Congress from Tuesday to Thursday to discuss pandemic relief efforts as investors are watch central bankers and policymakers to find clues on additional fiscal stimulus.In Europe, the benchmark Stoxx Europe 600 Index dropped 2.6% amid growing speculation that London might be heading for a second lockdown. U.K. Chief Medical Officer Chris Whitty is set to warn on Monday that the country is at a “critical point” and Germany’s health minister said the trend of cases in Europe is “worrying.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.