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Nike slipped 3.4%, the most among the 24 of 30 blue-chip Dow
Jones Industrials <.DJI> constituents trading before the bell,
as the footwear maker posted its first loss in more than two
years hurt by store closures.
U.S. lenders Bank of America Corp <BAC.N>, JPMorgan Chase & Co <JPM.N>,
Goldman Sachs <GS.N> fell between 1.4% and 3.2% after the Fed
capped dividend payments and barred share repurchases until at
least the fourth quarter following its annual stress test.
In the previous session, banks stocks had powered Wall Street's
main indexes higher, helping them offset investor fears due to
rising virus infections in several U.S. states.
The uptick in cases has also threatened to derail a strong rally
for Wall Street that brought the S&P 500 within 9% of its
February all-time high on the back of record government stimulus
measures.
At 6:26 a.m. ET, Dow e-minis <1YMcv1> were down 50 points, or
0.2%. S&P 500 e-minis <EScv1> were up 2 points, or 0.07% and
Nasdaq 100 e-minis <NQcv1> were up 15.25 points, or 0.15%.
Facebook Inc <FB.O> fell 0.8% after Verizon Communications Inc <VZ.N>
joined an advertising boycott that called out the social media
giant for not doing enough to stop hate speech on its platforms.
The U.S. Commerce Department's data at 8:30 a.m. ET is expected
to show personal income dropped 6% in May after surging 10.5% in
April.
Separately, a reading of core personal consumption expenditures
price index likely remained unchanged last month after easing
0.4% in April.
Friday also marks the reconstitution of the FTSE Russell
indexes, including large cap Russell 1000 <.RUI> and small cap
Russell 2000 <.RUT>, that often marks one of the biggest trading
volume days of the year.
(Reporting by Devik Jain and Medha Singh in Bengaluru; Editing
by Arun Koyyur)
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