US stock index futures dropped on Wednesday, as increasing coronavirus cases globally set off fears of lockdowns unsettling a developing economic recovery, while concerns over a contested presidential election also weighed.

Wynn Resorts and United Airlines Holdings, companies sensitive to restrictions, fell over 1% in premarket trading. Energy films such as Occidental Petroleum Corp dropped 2.8% on concerns regarding fuel demand.

Fresh cases and hospitalizations set records in the US Midwest, while in Europe, concerns over a national lockdown in France sapped investors appetite for risk.

Spiraling pandemic, increased jobless levels and US lawmakers failing to strike a deal on new fiscal stimulus before the November 3 election sent the S&P 500 and tech-oriented Nasdaq to their lowest close in three weeks on Tuesday.