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Stock futures are rising as traders weigh growing coronavirus cases, US stimulus says



The passenger wears a protective mask at the 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 as the number of recently confirmed coronavirus cases continues to rise, while lawmakers remain at a dead end on a new stimulus deal.

Futures on the Dow Jones Industrial Average rose by 77 points, or 0.3%. Futures on the S&P 500 and Nasdaq 1

00 also received 0.3%.

An analysis of CNBC data from Johns Hopkins University showed that as of Friday, the incidence of Covid-19 increased by 5% or more in 38 states. In the country as a whole, the average daily incidence has risen by more than 16% each week to almost 55,000. New coronavirus infections in Europe are growing by about 97,000 a day, up 44% from the previous week.

In Washington, the office of House Speaker Nancy Pelosi said Saturday night that she was giving the Trump administration 48 hours to reach an agreement to help with the Nov. 3 election. Pelosi and Finance Minister Stephen Mnuchin continued discussions over the weekend. They agreed to speak again on Monday.

“48 is only about if we want to do it before the election, which we are doing,” Pelosi told ABC’s This Week on Sunday. “We tell them we have to freeze the design for some of these things – will we be with it or not, and what language? I’m optimistic because we’ve been back and forth in all this again.”

Pelosi’s comments became a hope among market experts for an agreement reached before the election. This, along with the apparent new wave of coronavirus infections, contributed to last week’s volatile trade.

The S&P 500 and Dow fell for three days in a row last week and closed slightly higher on Friday. The Nasdaq Composite has released its first four-day losing streak since September.

“Many of the cross-currents we’ve been worried about in recent weeks remain ubiquitous,” said Sheriff Hamid, a Jefferies strategist, in a note. “The US election is near, the fiscal stimulus remains a key immediate potential catalyst, and developments on the virus front remain critical for the long term.”

“It is very likely that a lot will happen in the next few weeks, and thus the broader macro picture may change quite a bit depending on developments on all these fronts,” Hamid added.

In terms of earnings, IBM plans to release its latest quarterly results after Monday’s call. Meanwhile, Federal Reserve Chairman Jerome Powell is scheduled to speak Monday morning.

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