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US STOCKS-Futures fall as recovery rally pauses ahead of Fed meeting

Published 06/09/2020, 06:44 PM
Updated 06/09/2020, 06:50 PM
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UAL
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IXIC
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* Futures down: Dow 1.21%, S&P 1.05%, Nasdaq 0.64%

By Medha Singh
June 9 (Reuters) - U.S. stock index futures dropped on
Tuesday, giving back some gains after the Nasdaq notched a
record closing high in the previous session, with focus now on
the Federal Reserve's two-day policy meeting.
Stocks in the travel industry including American Airlines
Group Inc AAL.O , United Airlines Holdings Inc UAL.O , Alaska
Air Group Inc ALK.N and Marriott International Inc MAR.O
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 .IXIC 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 1YMcv1 were down 333 points,
or 1.21%. S&P 500 e-minis EScv1 were down 34 points, or 1.05%
and Nasdaq 100 e-minis NQcv1 were down 63.75 points, or 0.64%.
Department store chain Macy's Inc M.N rose 5.8% after
raising $4.5 billion in financing, as it tries to navigate
through the fallout from the COVID-19 pandemic.

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