Dow Jones Industrial Average futures lost 257 points, or 0.9%. S&P 500 futures lost 0.8%. Nasdaq-100 futures dropped 0.3%.
Stock futures fell on Tuesday as investors took some money off the table following a relentless comeback rally that pushed the S&P 500 into positive territory for the year amid a recession from the coronavirus pandemic.
The speculative trades that have led the latest leg of the market’s comeback on optimism about the reopening of the economy were lower in early trading Tuesday. United Airlines, Delta Air Lines each dropped more than 6% in premarket trading. Cruise lines Carnival and Royal Caribbean declined more than 5%. Retail-related trades Gap and Simon Property Group dropped as well.
The moves early Tuesday followed sharp gains on Wall Street a day earlier, with the S&P 500 returning to positive territory for 2020 as fears over the coronavirus continued to give way to optimism about the reopening of the American economy.
The S&P 500 leaped 1.2%, or 38.46 points, to 3,232.39 during Monday’s regular session and turned positive for the year in a quick about-face following the springtime fears over the virus. The broad market index is now more than 47% off its March low. At one point this year, the S&P 500 was down more than 30% from its all-time highs. It’s now positive for 2020 by 0.05%.