Stock futures opened higher Sunday evening as investors mostly shrugged off a relentless climb in coronavirus cases in some regions in the US, and looked ahead to the start of corporate earnings season.
Over the weekend, some states again reported surging numbers of new coronavirus cases, as parts of the country struggled to keep new infections at bay. Florida reported a record 15,300 new Covid-19 cases as of Sunday, the highest one-day total for any US state so far during the pandemic, while new deaths in Florida fell by more than half versus the prior day to 45.
Despite the ongoing surge in the state, Disney’s (DIS) Walt Disney World Resort began reopening in Florida on Saturday to join competitors including Comcast’s (CMCSA) Universal Studios and SeaWorld Entertainment in opening their park gates to customers in the state.
Elsewhere, new deaths in Arizona increased for a third straight day, with 86 reported as of Sunday. The state’s new case count of 2,537 marked a step down from the 3,038 from the day prior. California’s 8,460 new cases were below the state’s average one-day increase over the past seven days.
“The economic implications of the second wave are pretty clear, qualitatively at least. The third quarter recovery will be slower than we previous expected, but we’re hoping that some of the deferred spending will be pushed into the fourth quarter rather than abandoned altogether,” Ian Shepherdson, chief economist for Pantheon Macroeconomics, wrote in a note.
“Markets are caught in the middle. We have…