Stock futures dropped in overnight trading on 1 November 2020, in the midst of fear that surging coronavirus cases might slow the economy.
The losses were incurred as England implemented a stay-at-home order and because traders prepare themselves for the upcoming US Presidential election on 3 November 2020. This event might also delay a much-required financial stimulus for the economy of the US.
England has closed down all non-essential businesses for next four weeks after more than 22,600 Covid-19 cases were reported in a week.
Besides, the US is also struggling with the surging new coronavirus cases. The country registered 99,321 new cases on 30 October 2020.