U.S. stock-index futures opened lower on Sunday evening amid uncertainty about the impact of demonstrations in major U.S. cities that looked set to continue for another night.
The killing of a Minneapolis man, George Floyd, has led to mass protests and conflicts between police officers and civilians across the U.S., with violence reported in Atlanta, Brooklyn, Chicago, Los Angeles, Minneapolis, Philadelphia, and Oakland, among other cities. Some major retailers are temporarily closing stores to avoid looting or property damage.
Markets were initially sanguine about the protests, as investors focused on the economic recovery from the coronavirus pandemic. But after tensions and violence ratcheted up over the weekend—and as officials struggled to deal with the unrest—U. S. equity-index futures opened with moderate losses late Sunday.
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S&P 500 futures were down 0.8% around 7 p.m. Eastern time on Sunday evening. Dow Jones Industrial Average futures were down 0.8%, and Nasdaq-100 futures were down 0.7%.
“I don’t know what the outcome of the protests will be,” Peter Tchir, head of macro strategy at Academy Securities, wrote in a Sunday note to clients. “How long will they last? Will escalation occur? Will something good come out of it that changes the underlying issues that seem to have caused it?”
“I don’t know what the impact for the economy and markets will be,” he said.
Write to Alexandra Scaggs at alexandra.scaggs@barrons.com
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June 01, 2020 at 06:43AM
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U.S. Stock-Index Futures Open Lower After Weekend of Protests - Barron's
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