Stock futures flat following best day for market in six weeks on vaccine hopes

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -
A view of the fearless girl wearing a mask in front of the New York Stock Exchange in New York City USA during coronavirus pandemic on April 25, 2020.
A view of the fearless girl wearing a mask in front of the New York Stock Exchange in New York City USA during coronavirus pandemic on April 25, 2020.
John Nacion | NurPhoto | Getty Images

Stock futures held steady in overnight trading on Monday after the market scored its best day in six weeks on rising optimism about a coronavirus vaccine.

Futures on the Dow Jones Industrial Average rose about 20 points, while the S&P 500 futures were flat. The Nasdaq 100 futures were also little changed.

The overnight action followed a strong rally on Wall Street that saw the Dow and S&P 500 both enjoying their biggest one-day gains since April 6. Investors cheered news that an experimental coronavirus vaccine from Moderna showed promising early signs. The 30-stock Dow jumped more than 900 points, while the S&P 500 closed the day up 3.2%, hit its highest level since March 6.

Stocks that would benefit from a reopening of the economy led the market higher on Monday. Cruise operator Carnival gained 15.2%, while Delta and United Airlines both popped more than 13%.

“With over 100 treatments and vaccines under development, a medical breakthrough, a more sophisticated test and trace model, and government support could drive more upside,” Mark Haefele, chief investment officer at UBS Global Wealth Management. “But our downside scenario cannot be ruled out. This could be triggered by a significant second wave of virus cases breaking out.”

With Monday’s gains, the S&P 500 has rebounded 32% from its March 23 low, now sitting about 13% below its record high in February.

On Tuesday, Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin will testify virtually before the Senate Committee on Banking, Housing, and Urban Affairs in the first required update to Congress on the economic response to the coronavirus pandemic.

Powell is expected to reiterate the central bank’s commitment to using its “full range of tools” aimed at keeping markets functioning and getting money to those in need.

Originally published on CNBC.com

Home of Science
Follow me

- Advertisement -

Discover

Sponsor

Latest

Mesothelioma Attorney

If you are thinking about mesothelioma as a legal problem, there are many things you should know. Specifically, if you or someone you know...

Half of all Americans are canceling their summer vacations — what to expect in refunds from cruise lines, hotels and airlines

Vacation is all Americans ever wanted this summer, but because of the coronavirus pandemic, many people are looking at lost money instead. Forty-eight percent of...

An ‘unprecedented’ effort to find a coronavirus vaccine has over 100 horses in the race

The gradual relaxation of coronavirus restrictions is stoking hopes for an economic rebound, with the biotechnology industry riding a wave of expectations in the hunt for...

An Overview of a Mesothelioma Attorney

When an individual develops mesothelioma, a cancerous tumor in the mesothelium - the protective membrane that surrounds the body's internal organs, the only legal...

Vonage CEO: Coronavirus outbreak ‘will create a permanent shift’ in how people work outside the office, exercise and visit their doctor

We’ve heard plenty from the usual suspects who are benefiting from millions of people working from home. Zoom Video Communications Inc. ZM, -0.71% , Slack Technologies Inc. WORK, +4.09% , and...
Home of Science
Follow me