Wall Street set for lower open as coronavirus cases flare up

REUTERS: Wall Street's main indexes were set to open lower on Wednesday, a day after Nasdaq hit another closing high, as investors assessed the risk to the domestic economy from a rise in coronavirus cases in several U.S. states.

A slate of better-than-expected economic data, easing lockdowns and massive stimulus measures have powered the Nasdaq to an all-time high and put the benchmark S&P 500 on track for its best quarterly performance since 1975. "When you have a market that has rebounded so exceptionally quickly from the lows, these sort of day-to-day reversals could be investors taking a breather really," said Allen Sukholitsky, chief macro strategist at Xallarap Advisory in New York."The hopes of swift recover are absolutely intact and at least through the end of the year the market is going to move considerably higher.

U.S. airlines, resorts and cruise operators, who are among the worst hit by the pandemic's fallout, declined with United Airlines Holdings Inc, Royal Caribbean Cruises Ltd and Norwegian Cruise Line Holdings Ltd down between 3per cent and 4per cent in premarket trading.

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