(Bloomberg) -- European stocks dropped on Tuesday amid concern about the relentless spread of coronavirus, while U.S. equity futures turned higher before some of the biggest drug companies report results.The Stoxx Europe 600 Index fell toward its lowest close since June. Declines in miners and energy firms overshadowed positive earnings from banking powerhouses HSBC Holdings Plc and Banco Santander SA, which both signaled a brighter outlook for dividends. BP Plc warned of many challenges ahead as the pace of recovery in oil demand remained uncertain.The modest move up in S&P 500 futures comes after the index suffered its biggest daily loss in a month. Crude oil nudged higher, while Treasuries and German bunds were steady.“Yesterday’s capitulation across equity markets may require a bit more of a wash-out before the bulls are happy to come in again,” Neil Wilson, Market.com’s chief market analyst, wrote in a note. “They may even decide to wait for the U.S. election to be over first.”With time running out to finish an aid package before Americans vote, investors are looking for market catalysts later on Tuesday from data and earnings. Durable-goods orders and consumer confidence reports are due, as well as results from Pfizer Inc., Merck & Co. and Eli Lilly and Co.In the meantime, surging coronavirus infections are adding to an already cautious mood. Europe took a step closer to the strict rules imposed during the initial wave of the pandemic, with leaders struggling to regain control of the spread while confronting growing opposition to restrictions. France’s government was told that its virus situation is moving toward that of early March, and the second wave will probably be worse than the first one.In Washington, House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin again attempted to reconcile differences on a virus relief package. Differences between the two sides “have narrowed,” but “the more it narrows, the more conditions come up on the other side,” White House economic adviser Larry Kudlow told reporters.These are some events to watch this week:The Chinese Communist Party’s Central Committee holds its all-important plenum, where it’s expected to chart the course for the economy’s development for the next 15 years. Through Oct. 29.Brexit negotiating teams have started intense daily negotiations, and these are likely to continue as both sides push to finalize a deal by the middle of November.Bank of Japan and the European Central Bank have monetary policy decisions Thursday, followed by briefings from Governor Kuroda and President Lagarde.The first reading of U.S. 3Q GDP Thursday is anticipated to be the strongest on record following a record dive in the prior quarter as many businesses were shuttered by the pandemic.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.