Stock futures rise as traders consider increasing coronavirus, US stimulus talks

Passengers will wear protective masks at a Wall Street subway station in New York on Monday, March 30, 2020.

Michael Nagle | Bloomberg via Getty Images

US stock futures rose on Sunday night. This is because while the number of newly identified cases of coronavirus continues to grow, lawmakers are stuck on new stimuli.

The Dow Jones Industrial Average futures rose 77 points (0.3%). S & P 500 and Nasdaq 100 futures also rose 0.3% each.

A CNBC analysis of Johns Hopkins University data showed that as of Friday, Covid-19 cases increased by more than 5% in 38 states. Nationally, the average daily case increased by more than 16% weekly to nearly 55,000. New coronavirus infections in Europe increased by 44% from the previous week, increasing by about 97,000 per day.

In Washington, Speaker of the House Nancy Pelosi’s office said Saturday night that it had given the Trump administration 48 hours to conclude an aid agreement before the November 3 elections. Pelosi and Treasury Secretary Steven Mnuchin continued discussions over the weekend. They agreed to speak again on Monday.

“48 is only about whether you want to get it done before the election,” Pelosi told ABC “this week” on Sunday. “We’re telling them, we have to freeze some of these designs-whether we use it, and what the language is? I’m optimistic, Because we’ve been to all of this many times. “

Pelosi’s comment came as a hope among market experts to reach an agreement before elections diminished. This contributed to the volatile trading behavior last week, along with a clear new wave of coronavirus infections.

The S & P 500 and the Dow rose slightly on Friday after falling for the third straight day last week. The Nasdaq Composite recorded the first four consecutive days of losses since September.

“In recent weeks, many of the crossstreams we’ve been struggling with are still ubiquitous,” said Jeffreys strategist Sheriff Hamid. “US elections are imminent, fiscal stimulus remains an important short-term potential catalyst, and virus front-line development remains important to the long-term outlook.”

“It’s very likely that a lot will happen in the coming weeks, so the broader macro image can change significantly over the course of all these aspects,” Hamid added. ..

On the earnings side, IBM will announce its latest quarterly earnings after the bell on Monday. Meanwhile, Federal Reserve Board Chair Jerome Powell will speak on Monday morning.

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