Inventory futures rise as merchants weigh rising coronavirus instances, U.S. stimulus talks
Michael Nagle | Bloomberg by way of Getty Photographs
Dow Jones Industrial Common futures had been up 131 factors, or 0.5%. S&P 500 and Nasdaq 100 futures rose 0.5% and 0.7%, respectively.
A CNBC evaluation of Johns Hopkins College knowledge confirmed Covid-19 instances had been rising by 5% or extra in 38 states as of Friday. Nationwide, the day by day case common has risen by greater than 16% on a week-over-week foundation to almost 55,000. New coronavirus infections in Europe are rising by about 97,000 per day, up 44% from the prior week.
In Washington, Home Speaker Nancy Pelosi’s workplace mentioned Saturday night that she is giving the Trump administration 48 hours to achieve an assist deal earlier than the Nov. 3 election. Pelosi and Treasury Secretary Steven Mnuchin continued their discussions over the weekend. They agreed to talk once more Monday.
“The 48 solely pertains to if we need to get it carried out earlier than the election, which we do,” Pelosi advised ABC’s “This Week” on Sunday. “We’re saying to them, we have now to freeze the design on a few of these issues — are we going with it or not and what’s the language? I am optimistic, as a result of once more we have been forwards and backwards on all this.”
Pelosi’s feedback got here as hope amongst market consultants for a deal being reached forward of the election dwindles. This, together with the obvious new wave in coronavirus infections, contributed to a uneven buying and selling motion final week.
The S&P 500 and Dow fell for 3 straight days final week earlier than closing barely larger on Friday. The Nasdaq Composite posted its first four-day shedding streak since September.
“The various cross-currents we have now been fretting over in current weeks stay omnipresent,” mentioned Sherif Hamid, a strategist at Jefferies, in a notice. “The US elections are shut at hand, fiscal stimulus stays a key near-term potential catalyst, and developments on the virus entrance stay essential to the longer-term outlook.”
“Quite a bit could be very prone to occur over the subsequent a number of weeks, and the broader macro image may thus change fairly massively relying on developments alongside all of these fronts,” Hamid added.
On the earnings entrance, IBM is slated to launch its newest quarterly outcomes after the bell on Monday. In the meantime, Federal Reserve Chairman Jerome Powell is scheduled to talk Monday morning.
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