Dow futures fall 200 points, with Wall Street set to give back some of May's strong gains

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U.S. stock futures fall slightly, with Wall Street set to give back some of May's strong gains

Dow Jones Industrial Average futures traded 217 points lower, or 0.9%. S&P 500 and Nasdaq 100 futures slid 0.9% each. Dampening market sentiment in early trading were disappointing trial results from Pfizer for a breast cancer drug. The company made the announcement Friday evening, sending its stock down more than 6% in after-hours trading.

The S&P 500 and Dow each gained at least 3% last week while the Nasdaq Composite advanced 1.8% to close out May. Those gains were propelled by increasing bets by traders that the global economy will successfully reopen after the coronavirus forces a shutdown of most economic activity. Last week's gains led the major averages to their first back-to-back monthly advances since late 2019. The Dow and S&P 500 gained 4.3% and 4.5%, respectively, for May while the Nasdaq Composite advanced 6.8%.

"The main downside risk facing stocks is a second wave of the disease," said Peter Berezin, chief global strategist at BCA Research, in a note to clients. "If fears of a new outbreak were to escalate, risk assets would suffer." Berezin added, however, he recommends a "modest overweight" portfolio allocation to stocks, noting: "Even if a vaccine does not become available later this year, increased testing should allow for a more economically palatable approach to containment strategies."

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I guess the FED will print regardless of the chaos happening.

Are you sure it's slightly?

Keep those retirement fund flowing into Wall Street with but orders. The 1% need to sell at higher prices.

a real good quarantine flick. major drama with a happy ending. The Crash (1932)

Slightly lmao 😂 you permabull charlatans are unreal

federalreserve goes brrr infinite printing at expense of the American people. Why to pay taxes when the FED can print trillions?

You suck CNBC!

Markets love everything good or bad or horrific. It's almost like they're not free anymore. 🤔

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