Key US stock indexes saw a second week of declines, as virus cases continue to surge globally and the IMF projects grim prospects for economic recovery in the wake of the COVID-19 pandemic.

US stock futures dropped in overnight trading on Sunday, according to CNBC News.

Futures contracts tied to the Dow Jones Industrial Average dipped 178 points, or 0.7 percent. S&P 500 futures and Nasdaq-100 futures also dropped 0.7 percent and 0.8 percent, respectively.

Meanwhile, major stock indexes fell last week, with the Dow sliding 3.3 percent. The S&P 500 slipped 2.9 percent, while the tech-heavy Nasdaq Composite was 1.9 percent down. Wednesday's losses were the biggest for the Dow since 1 May.

Several parts of the US have reported a surge in COVID-19 cases, including the states of California, Texas, Florida, Arizona, North and South Carolina, and some have restored lockdown measures that had recently been relaxed. In total, the country has registered more than 2.5 million virus cases, according to the Johns Hopkins University count. The death toll surpassed 125,000 on Friday.

The IMF predicted a decline of almost 5 percent in world growth for 2020, substantially worse than its forecast in April.