Stocks in the travel industry including American Airlines Group
Inc, United Airlines Holdings Inc, Alaska Air Group Inc and
Marriott International Inc shed between 4.5% and 9.0% in
premarket trading after surging on Monday.
While no major policy announcements are expected when the U.S.
central bank wraps up its meeting on Wednesday, policymakers
will issue economic projections for the first time since
December, before a decade-long economic expansion was brought to
a grinding halt due to coronavirus-induced lockdowns.
Last week's strikingly strong employment data for May
strengthened views that the worst of the economic fallout from
the pandemic was over, and is also expected to be discussed at
the meeting.
The Nasdaq's record closing high on Monday confirmed a bull
market began when markets hit a low on March 23, according to a
widely used definition. The S&P 500, which is about 5% below its
own all-time high, also erased its year-to-date losses.
At 6:19 a.m. ET, Dow e-minis were down 333 points, or 1.21%. S&P
500 e-minis were down 34 points, or 1.05% and Nasdaq 100 e-minis
were down 63.75 points, or 0.64%.
Department store chain Macy's Inc rose 5.8% after raising $4.5
billion in financing, as it tries to navigate through the
fallout from the COVID-19 pandemic.
(Reporting by Medha Singh and Devik Jain in Bengaluru; Editing
by Shounak Dasgupta)
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