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* Coty jumps after selling majority stake in unit
* Marriott drops as profit misses lowered estimates
* Energy stocks slide as oil prices weaken
* Futures off: Dow 0.92%, S&P 0.95%, Nasdaq 0.67% (Adds details, comment; Updates prices)
By Medha Singh
May 11 (Reuters) - U.S. stock index futures fell on Monday following a strong week of gains for Wall Street, as investors turned cautious about a second wave of coronavirus infections with several countries reopening economies.
Exxon Mobil Corp and Chevron Corp fell more than 1% in premarket trading, as oil prices tumbled after Germany and South Korea reported a surge in COVID-19 cases after easing lockdowns.
Battered travel-related stocks, including Carnival Corp , Norwegian Cruise Line Holdings Ltd, American Airlines Group Inc and United Airlines Holdings Inc dropped more than 2% each.
Marriott International Inc shed 1.8% as its quarterly profit fell short of already drastically lowered expectations, as bookings plunged.
Hopes of a pickup in business activity powered a Wall Street rally last week, with the Nasdaq recouping all its losses for 2020 as investors looked past dire economic data, including a historic 20.5 million jobs wiped out in April.
“The market’s confidence in positive news on coronavirus is looking overly optimistic, and there is a sizeable risk the opening up of the economy will be much slower than many think,” said Ewout van Schaick, head of multi asset at NN Investment Partners in Netherlands.
However, the benchmark S&P 500 is still more than 13% below its February record high and analysts have warned of another selloff as macroeconomic data gets worse, foreshadowing a deep and lasting global recession.
“We think it’s likely a stretch for investors to chase the move much higher from here,” said Eoin Murray, head of investment at Federated Hermes.
After financial markets began pricing in negative U.S. interest rates for the first time ever last week, all eyes will be on Federal Reserve Chair Jerome Powell’s outlook on the economy at a webcast event on Wednesday.
At 7:50 a.m. ET, Dow e-minis were down 223 points, or 0.92%. S&P 500 e-minis were down 27.75 points, or 0.95% and Nasdaq 100 e-minis were down 61.75 points, or 0.67%.
In a bright spot, cosmetics maker Coty Inc jumped 13.3% after agreeing to sell a majority stake in its professional beauty and retail hair businesses to investment firm KKR in a deal valued at $4.3 billion. (Reporting by Medha Singh in Bengaluru; Editing by Shounak Dasgupta)