A trader walks in front of the New York Stock Exchange on May 26, 2020 at Wall Street in New York City.6:44 am: Stock futures sharply lower
U.S. stock index futures pointed to a sell-off at the start of trading on Thursday as fears over a second wave of coronavirus cases sent the major averages tumbling. Thewas slated to open 560 points lower for a loss of 2%. The S&P 500 was poised to drop 1.7%, while the Nasdaq Composite was set to shed 1.4%. Stocks sensitive to the economy's reopening, which have been sharply higher in recent sessions, led the premarket declines.
The S&P 500 is on track for its third straight day of losses and is once again negative for the year. Earlier in the week the benchmark index briefly turned positive for 2020 before the rally took a breather. Still, the S&P 500 is now just 6% below its February record high. Meanwhile the Nasdaq Composite hit a new all-time high during Wednesday's session, and closed above 10,000 for the first time on record as Big Tech continues to outperform.
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