Futures bounce off stimulus hopes, Trump hospital discharge hints By Reuters


© Reuters. The American flag is seen outside the New York Stock Exchange (NYSE) in New York City

Par devik jain

(Reuters) – U.S. stock index futures rebounded on Monday as medics said President Donald Trump could be discharged from the hospital where he is being treated for COVID-19, while signs of progress with a new fiscal stimulus bill also raised sentiment.

Sequestered at Walter Reed National Military Medical Center outside Washington since Friday, Trump has released a series of videos in an attempt to reassure the public of his recovery, though his condition remains uncertain and outside experts warn his case could be serious.

Major Wall Street indices sold off strongly on Friday after Trump’s announcement that he had contracted the disease added to political uncertainty just a month away from voting in the presidential election.

Comments from House Speaker Nancy Pelosi said on Sunday that progress was being made in talks with Treasury Secretary Steven Mnuchin on a new bipartisan coronavirus relief package.

As of 6:23 a.m. ET, S&P 500 e-minis were up 151 points, or 0.55% increased by 18.5 points, or 0.55%, and were up 107.5 points, or 0.96%.

Doubts about the extent of additional budget support and the slowing economic recovery have weighed on the S&P 500 recently, with the benchmark in September recording its worst month since the coronavirus crash earlier this year.

A Reuters / Ipsos poll on Sunday showed that Trump’s rival Joe Biden was opening his biggest lead in a month in the presidential race, with a majority of Americans believing Trump could have avoided infection if he had took the virus more seriously.

Investors believe that a Biden victory, and an accompanying higher capital gains tax, could trigger a series of profit-taking in sectors such as technology.

Heavy truck technology stocks including Apple Inc (O :), Nvidia Corp. (O :), Netflix Inc (O :), Amazon.com Inc (O 🙂 et Microsoft Corp (O 🙂 was up about one percent in pre-market trading after weighing heavily on the Nasdaq () on Friday.

Later today, the focus will be on a reading of the service sector, which accounts for more than two-thirds of the U.S. economy, after data last week showed activity in the manufacturing sector had unexpectedly slowed down in September.

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