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Dow futures up 200 points following a 4-week losing streak

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Spencer Platt | Getty Images News | Getty Images

Stock futures climbed in early morning trading on Monday following a four-week losing streak on Wall Street.

Futures on the Dow Jones Industrial Average rose 213 points. S&P 500 futures and the Nasdaq 100 futures also traded in positive territory as well.

The S&P 500 and the 30-stock Dow were coming off their fourth straight negative week, shedding 0.6% and 1.8%, respectively. It marked the first time since August 2019 that the two benchmarks suffered a four-week losing streak.

The tech-heavy Nasdaq eked out a 1% gain last week, posting its first positive week in four as the technology sector rebounded slightly from the recent deep rout. 

Signs of a worsening pandemic continue to keep investors on edge. New daily coronavirus cases topped 1,000 in New York state on Saturday, marking the first time the state’s new infections have broken the 1,000 threshold since early June.

Major averages are on track to post steep losses for September, a historically weak month for stocks. The Dow and the S&P 500 have fallen 4.4% and 5.8%, respectively, while the Nasdaq has dropped 7.3%. The declines followed a massive comeback from the coronavirus sell-off that saw the S&P 500 climb more than 50% from its March bottom.

“When markets get to the kinds of extremes we saw a month ago, it tends to take a very deep correction before the worst is behind us,” Matthew Maley, chief market strategist at Miller Tabak, said in a note on Sunday. “It also usually sees several ‘waves’ of a decline.” 

Investors continue to monitor the developments on further fiscal stimulus after negotiations between House Democrats and the Trump administration fell apart in early August.

House Speaker Nancy Pelosi said Sunday a last-minute coronavirus aid deal remains on the table as House Democrats try to forge ahead on a smaller aid package costing about $2.4 trillion. The chamber could vote on the bill as soon as next week.

Meanwhile on Saturday, President Donald Trump announced that he will nominate Judge Amy Coney Barrett to fill the vacancy left by the death of Justice Ruth Bader Ginsburg on the Supreme Court.

The move sets up a confirmation fight just weeks before Election Day. Hearings to consider Trump’s nominee are set to begin Oct. 12, Senator Lindsey Graham said late Saturday.

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Asia-Pacific stocks mixed as investors monitor coronavirus developments

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Stock futures rise slightly as traders monitor stimulus talks, debate ahead

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An artist name Theodore Tsinias who wrapped himself next to the Charging Bull to show his attention about world’s behavior amid Covid-19 pandemic in Lower Manhattan, New York City, United States on May 25, 2020.

Tayfun Coskin | Anadolu Agency | Getty Images

U.S. stock futures rose on Thursday night as Wall Street weighed the potential for additional fiscal stimulus, news on the earnings and coronavirus treatment fronts while awaiting the final U.S. presidential debate.

Dow Jones Industrial Average futures were up by 44 points, or 0.2%. S&P 500 futures gained 0.1% and Nasdaq 100 futures traded higher by 0.2%.

Intel shares fell more than 9% in after-hours trading following the release of mixed quarterly numbers for the chip maker. The company’s earnings were in line with analyst expectations, but revenue from its data center business fell short of analyst estimates.

Meanwhile, Gilead Sciences gained 4% after the Food and Drug Administration approved the company’s drug, remdesivir, for use as a treatment against the coronavirus.

The Dow and S&P 500 each gained 0.5% during regular trading while the Nasdaq Composite advanced 0.2% after House Speaker Nancy Pelosi signaled she and Treasury Secretary Steven Mnuchin were making progress in their fiscal stimulus negotiations.

“If we were not making progress, I wouldn’t spend five seconds in these conversations. … This is not anything other than I think a serious attempt. I do believe that both sides want to reach an agreement,” Pelosi said.

However, Pelosi also tempered expectations over Democrats and Republicans reaching a deal before the election, saying it could take “a while” for a bill to be written and signed.

Traders have been keeping an eye on Washington in recent weeks as they gauge the prospects for new coronavirus aid to be pushed through. Several market experts and economists, including Federal Reserve Chairman Jerome Powell, think it is imperative that lawmakers reach a deal on another stimulus package.

“Governmental powers are still trying to put together another economic relief package,” said Jim Paulsen, chief investment strategist at The Leuthold Group. “However, despite the July expiration of unemployment benefits provided by the CARES Act, here, two-and-a-half months later, U.S. economic momentum is remarkably healthy.”

Paulsen’s comment came after the release of much better-than-expected U.S. unemployment data on Thursday.

Thursday’s moves came ahead of the second debate between President Donald Trump and former Vice President Joe Biden. The debate is set to start at 9 p.m. ET and will be the last one before the Nov. 3 presidential election.

Biden holds a lead in most national polls heading into the debate as the possibility for a so-called Blue Wave grows. Some market experts a Democratic sweep could lead to a pop in equity prices in the short term. However, legendary hedge fund manager Paul Tudor Jones warned Thursday that this scenario could pressure stocks in the long term.

“I think under a blue wave, and the Biden tax plan, financial assets over the long run suffer a great deal,” he said on CNBC’s “Squawk Box.”

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GM shares close at new year-to-date high following Hummer EV debut

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