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The
benchmark index has rebounded about 18% since April on a raft of
fiscal and monetary stimulus and the easing of restrictions, but
is still down about 5% on the year as a resurgence in
coronavirus cases raises fears of another round of lockdowns.
With California and Texas marking a record spike in cases on
Monday, investors are counting on more stimulus to shore up the
domestic economy.
Federal Reserve Chair Jerome Powell, who is due to testify
before the U.S. House of Representatives Financial Services
Committee at 12:30 p.m. ET, said in prepared remarks that the
outlook for the world's biggest economy was "extraordinarily
uncertain".
Sino-U.S. tensions are also heating up again with Washington
beginning to eliminate Hong Kong's special status under U.S. law
in response to China's national security law on the territory.
China said on Tuesday it would retaliate.
Meanwhile, kicking off a data-heavy week for Wall Street,
consumer confidence is expected to have climbed to 91.8 in June
from 86.6 in May. Data on manufacturing activity and employment
are due on Wednesday and Thursday.
At 6:57 a.m. ET, Dow e-minis <1YMcv1> were down 66 points, or
0.26%, S&P 500 e-minis <EScv1> were down 4.5 points, or 0.15%
and Nasdaq 100 e-minis <NQcv1> were down 6.25 points, or 0.06%.
In company news, Micron Technology Inc jumped 5.3% in premarket
trading as it forecast higher-than expected current-quarter
revenue on higher demand for its chips that power notebooks and
data centers.
Uber Technologies Inc <UBER.N> rose 3.1% after reports said the
ride-hailing services company was in talks to buy food-delivery
app Postmates.
(Reporting by Pawel Goraj in Gdansk; Editing by Arun Koyyur)
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