Stock futures were flat in overnight trading on Sunday amid rising concerns that coronavirus cases could slow the global economy.

The move came as England adopted a stay-at-home order and as traders braced for Tuesday’s U.S. presidential election, where a contested fight for president or the Senate could delay a much-needed fiscal stimulus for the U.S. economy.

The U.S. is also grappling with rising new coronavirus infections. The nation reported 99,321 new Covid-19 cases on Friday, beating its previous record set only a day prior, according to Johns Hopkins University. The top five records in daily cases have all been reported within the last eight days.

The major averages are coming off their worst week since March 20 as coronavirus cases surged, fiscal stimulus negotiations fell apart and as shares of megacap tech companies including Apple and Amazon slumped following their quarterly earnings reports.

Apart from the election, investors are faced with other key events later this week, including a Federal Reserve policy meeting and October’s jobs report.

Plan A : Long if market supported firm above 3278. Targets are 3295, 3309 and 3330.

Plan B : Short if market failed to support above 3278. Targets are 3254, 3225 and 3203. 

E-Mini Nasdaq
 

Stocks fell on Friday, led by major tech shares, as Wall Street wrapped up a difficult week in which coronavirus cases rose, U.S. fiscal stimulus talks broke down and traders braced for next week’s presidential election.

The Dow closed 157.51 points lower, or 0.6%, at 26,501.60. At one point, the Dow was down more than 500 points. The S&P 500 dropped 1.2% to 3,269.96 and the Nasdaq Composite pulled back 2.5% to 10,911.59.

Those weekly losses came as the seven-day average of new coronavirus cases in the U.S. hit an all-time high this week, according to data from Johns Hopkins University. In Europe, Germany and France announced new lockdown measures to curb the virus’ spread.

Traders had been betting on both sides reaching a stimulus deal before Tuesday’s vote as some recent data shows the economic recovery could stall without new aid. This is all taking place as traders prepare for choppy market moves next week amid the U.S. presidential election.

Plan A : Long if market supported firm above 11112. Targets are 11140, 11175 and 11199.

Plan B : Short if market failed to support above 11112. Targets are 11079, 11030 and 10991.

HSI