Stock market news live updates: Stock futures edge lower, steadying after rally

Stock futures opened slightly lower Monday evening following another strong session of gains.

Stocks earlier powered higher for a fifth straight session, with the Nasdaq Composite rising to a record high. Big tech stocks led advances, and Amazon (AMZN) rocketed above $3,000 per share for the primary time ever. Other tech names including Apple, Microsoft, Netflix, Nvidia and Adobe also rose to record levels.

The jump came after economic data Monday morning showed a way stronger than expected rebound in US service sector activity in June, underscoring a recovery within the industries hardest hit by the pandemic. Airlines and cruise stocks rose during the regular session, but pared some gains as overnight trading began .

Earlier within the day, an article in China’s state-run media outlet the Securities Journal suggested the country should prioritize fostering a “healthy” market after the pandemic, sending global equities higher and US stocks tracking these advances.

Still, an eruption of cases within the South and West continued over the vacation weekend and into in the week , leaving the danger that ensuing business re-closures could jeopardize the pace of the recovery. The mayor of Miami-Dade in Florida said he intends to shut restaurants and gymnasiums again on Wednesday. Cases throughout Florida rose 3.2% on a one-day basis as of Monday, coming in below the state’s seven-day average increase of 5.1%, but holding at a high level relative to other regions. Arizona, another new hot spot, reported a 3.4% one-day increase in cases, which was also below its seven-day average.