Fri. Oct 30th, 2020

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US stocks rise

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US stocks

U.S. stock futures rose on Sunday night as the number of newly confirmed coronavirus cases continues to rise while lawmakers remain at an impasse over a new stimulus deal.

Dow Jones Industrial Average futures were up 131 points, or 0.5%. S&P 500 and Nasdaq 100 futures rose 0.5% and 0.7%, respectively.

The S&P 500 and Dow fell for three straight days last week before closing slightly higher on Friday. The Nasdaq Composite posted its first four-day losing streak since September.

“The many cross-currents we have been fretting over in recent weeks remain omnipresent,” said Sherif Hamid, a strategist at Jefferies, in a note. “The US elections are close at hand, fiscal stimulus remains a key near-term potential catalyst, and developments on the virus front remain critical to the longer-term outlook.”

“A lot is very likely to happen over the next several weeks, and the broader macro picture could thus change pretty massively depending on developments along all of those fronts,” Hamid added.

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