Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Stocks - U.S. Futures Surge Higher; More Stimulus Eyed

Stock MarketsApr 07, 2020 07:05AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Peter Nurse    

Investing.com - U.S. stocks are set to push higher at the open Tuesday, continuing Monday’s strong gains, on tentative signs the spread of coronavirus is slowing as well as talk of more funds to support the battered economy.

At 7:00 AM ET (1100 GMT), futures for the S&P 500 traded 89 points, or 3.4%, higher, futures for the Nasdaq up 251 points, or 3.1%. The Dow futures contract rose 817 points, or 3.6%. 

Wall Street closed firmly higher Monday, with all three major cash indices up over 7%, the best session out of the last nine.

The number of Covid-19 cases in the U.S. have continued to rise, with Johns Hopkins University Tuesday registering over 368,000 cases, and nearly 11,000 deaths. However, there has been some positive news out of New York, the epicentre of the U.S. outbreak, as Governor Andrew Cuomo said late Monday the virus-related fatality rate was effectively flat for two days.

This is supported by further evidence that the virus has peaked in many countries in Europe, with some starting to present their 'exit strategy' from the strict lockdown measures. Also, for the first time since January, China reported no daily deaths.

Adding to the bullish tone are reports which emerged late Monday that another stimulus package could come from Capitol Hill. Another round could be agreed by May and be around $1.5 trillion, Fox Business reported, citing sources briefed by the White House and Congressional leaders.

Earlier Tuesday, Japanese Prime Minister Shinzo Abe announced a much larger-than-expected stimulus package of 108 trillion yen ($988 billion) to support his country’s struggling households and businesses. 

In corporate news, Boeing (NYSE:BA) will be in focus after the troubled aircraft manufacturer announced Monday it will suspend all 787 operations at its South Carolina factory, following orders by the state governor, effectively putting the company’s entire commercial airplane production on hiatus.

Oil giant Exxon Mobil (NYSE:XOM) announced it was cutting its 2020 capital expenditure plans by 30%, but still planned to pay its dividend.

On the flip side, Fiat Chrysler (MI:FCHA) announced plans to progressively restart its manufacturing facilities in the United States and Canada on Monday, May 4.

Oil prices gained Tuesday as investors focused on the possibility of a global cut in crude production. Russia has confirmed it will join members of OPEC for a virtual meeting on Thursday, that many expect to end with an agreement.

The American Petroleum Institute will issue its measure of weekly U.S. oil stockpiles after the bell Tuesday. Last week it reported a huge build of more than 10 million barrels.

At 7:00 AM ET, U.S. crude futures traded 3.1% higher at $26.88 a barrel, while the international benchmark Brent contract fell 2.5% to $33.88.

Additionally, gold futures rose 0.7% to $1,705.10/oz, after earlier climbing to a new seven-year high of $1,742.20, while EUR/USD traded at $1.0875, up 0.8%.

Stocks - U.S. Futures Surge Higher; More Stimulus Eyed
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (6)
Diego Messa
Diego Messa Apr 07, 2020 9:35AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
it is incredible how something this negative they can transformed to something positive.. very unrealistic and irresponsible...
Howl Jenkins
Howl Jenkins Apr 07, 2020 9:21AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Straight up ******on economic misery. Nice Jerome. Good luck when all these broke unemployed people storm the Bastille
Kristof Naessens
Kristof Naessens Apr 07, 2020 8:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The whole world economy is going down the drain and the markets are gapping up like nothing is happening. Just crazy, expect a big takedown a whole lot below the lows of march.
Anthony Crowley
Anthony Crowley Apr 07, 2020 8:57AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The whole thing makes no sense. I can only speculate that the Fed is funneling billions to institutional investors to prop this up and give the impression that everything is just fine.
Larry Glickman
Larry Glickman Apr 07, 2020 8:08AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
keep up the solid unbiased reports
Andrew Allen
Andrew Allen Apr 07, 2020 8:08AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
lol nice
Vivek Agarwal
Vivek Agarwal Apr 07, 2020 7:45AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Amazing summary. Keep up the good work.
Kashif Bashir
Kashif Bashir Apr 07, 2020 7:31AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
nice report .
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email