REUTERS: Wall Street's main indexes looked set to open lower on Tuesday following the benchmark S&P 500's longest streak of gains this year as investors weighed the risks to the economy from tens of thousands of new coronavirus cases nationwide.
It looks like it will be a slight retracement of Monday and Thursday's impressive gains, said Ryan Giannotto, director of research at GraniteShares ETFs in New York. The benchmark S&P 500 and Nasdaq wrapped up five straight sessions of gains on Monday, with the latter closing at a record level.The conundrum of growing cases and rising stock prices indicates that the liquidity from monetary stimulus is overriding fears over the immediate impact of coronavirus on the economy, Giannotto said.
Novavax Inc jumped 33.8per cent as the U.S. government awarded US$1.6 billion to the drugmaker to cover testing, commercialization and manufacturing of a potential coronavirus vaccine in the United States.
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