US stocks set for edgy start after big gains on Monday with coronavirus pandemic still the issue

8.45am: Retreat from highs US markets look set for an edgy start on Tuesday, falling back after the big gains made on Monday over relief at President’s Trump’s return to the White House from hospital following his coronavirus scare and hope for progress in Congress on a proposed coronavirus relief package. Spread betting quotes point to the Dow Jones Industrials Average opening its account 27 points lower at 28,122 and the S&P 500 starting 12 points softer at 3,396, though the tech-heavy Nasdaq Composite is seen opening at around 11,442, up 10 points on last night’s close. “President Trump has returned to the White House, but doctors cautioned that he is not out of the woods yet health-wise. In the past couple of sessions, traders have been fixated on The Donald’s health and the news that he was to leave the medical centre lifted market sentiment. It is still considered to be a step in the right direction, but the guarded language from the medical professionals has taken the wind out of the bulls’ sails,” suggested CMC markets’ David Madden. “It would be unrealistic for doctors not to express come caution but Mr Trump is already making plans to get back on the presidential campaign trail. The proposed US coronavirus relief package will remain in focus and no doubt Nancy Pelosi, the House Speaker, will continue talks with the Treasury Secretary, Steven Mnuchin. The two spoke for one hour yesterday, but no details of the conversation were released. As far as traders are concerned, talking is preferable to being in a stand-off and not engaging with each other,” Madden said. Five things to watch on Tuesday: Federal Reserve Chair Jerome Powell will give a speech at a virtual meeting of the National Association for Business Economics, where global central bankers are likely to present their plans about how much more they can do to prevent an economic depression. The US House of Representatives antitrust report on Big Tech firms contains a “thinly veiled call to break up” the companies, Republican Congressman Ken Buck said in a draft response seen by Reuters. US-listed shares of BioNTech jumped after the European health regulator said it had started a real-time review of the coronavirus (COVID-19) vaccine being developed by the German biotech firm and US drugs giant Pfizer Inc Daimler has said it will cut fixed costs, capex and research and development expenditure by more than 20% by 2025 compared with 2019 levels as part of a strategy overhaul to reposition Mercedes-Benz as a luxury brand. John McAfee, an anti-virus software creator indicted for fraud in the United States, was in jail on Tuesday pending extradition procedures after being arrested in Barcelona airport at the weekend, according to Reuters’ sources.