Wall Street slips at open on worries over rising coronavirus cases

U.S. Stock Index Futures Rise as Investors Assess Virus Count

In company news, Translate Bio soared 73% in premarket trading on plans to expand a vaccine collaboration with Sanofi, in a deal that could earn the USA biotech company more than US$2 billion from the French drugmaker.

The S&P 500 index fell 17.60 points, or 0.6%, to close at 3,097.74, and the Nasdaq Composite Index gained 3.07 points, less than 0.1%, to close at 9,946.12.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. "Are we going to be able to get back to business as fast as it has been priced into equities?"

Battered U.S. airlines, resorts and cruise operators fell again, with the S&P 1500 airlines index down 5.1%. Despite the shedding its gains for June, the S&P 500 is on pace for its best quarter since the fourth quarter of 1998.

Japan's benchmark Nikkei 225 added 0.5% to finish at 22,549.05.

After European stock markets were boosted by better-than-feared business activity surveys for June, all eyes will be on USA manufacturing and services sector PMI numbers, due 9:45 a.m. ET (1345 GMT). Recently, some encouraging economic reports have fueled optimism that the reopening of businesses in the U.S. and elsewhere could pull the economy out of a deep recession sooner rather than later.

"People are feeling incrementally negative about new coronavirus cases both in the United States and the world". New cases nationwide are back near their peak level of two months ago.

On Tuesday, Federal health officials told Congress to brace for a second wave of coronavirus infections in the fall and winter of this year. Investors are weighing the risks that rising coronavirus cases could pose to hopes for an economic recovery.

World Health Organization chief: Coronavirus pandemic still accelerating
It is an economic crisis, a social crisis, and in many countries - a political crisis. Some countries are continuing to see a rapid increase in cases and deaths.

After some early losses, markets pressed higher.

Investors were also looking past the current quarter and into 2021, when earnings are expected to start improving according to Sam Stovall, chief investment strategist at CFRA.

U.S. stock index futures rose on Tuesday after President Donald Trump reassured investors the trade agreement with China is intact, while upbeat business activity data from Europe boded well for USA surveys due later. Germany's DAX dropped 3.4 per cent, while France's CAC 40 slid 2.9 per cent. Britain's FTSE 100 lost 3.1 per cent. Markets in Asia closed mostly higher.

The yield on the 10-year Treasury note rose to 0.71% from 0.70% late Tuesday.

Investors are favoring retailers and other companies that are poised to do well now that more businesses have been given the go-ahead to reopen.

In energy trading, benchmark USA crude oil slid 5.5% to $38.13 a barrel. Brent crude, the global standard, rose 86 cents to $43.93 per barrel.

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