U.S. stock futures experienced an increase early Monday despite the rise of COVID-19 cases and disputes between lawmakers for another pandemic stimulus deal. The DOW futures were 257 points higher, while S&P 500 and NASDAQ 100 futures also showed positive signs Monday morning.
According to John Hopkins University data, coronavirus cases are increasing by 5 percent or higher in more than .5 states before last week was over. All over the country, the case average per day has increased by more than 16 percent every week to around 55,000. In Europe, new cases are increasing by 97,000 daily, which is 44% higher than the data last week.
House Speaker Nancy Pelosi released a statement Saturday that she gives the White House a deadline of 48 hours to strike a deal before Election Day. Her office said that the House Speaker and U.S. Treasury Secretary Steven Mnuchin resumed their talks over the past weekend and have agreed to continue on Monday.
In an interview, Pelosi said that she feels optimistic, recalling that talks have been going on for the past weeks. The Speaker’s statements shed a ray of hope on experts who have been looking for breakthroughs despite the election only a few days away. The second wave of coronavirus infections worldwide has also led to many trading hurdles for the past week.
The DOW and S&P suffered a loss for three days the previous week before ending on a slightly positive note last Friday. NASDAQ Composite suffered its first loss for four days since September.
According to strategists, many are worried about the next few weeks or days that remain before the U. S. Elections. Experts are also considering the stimulus deal as a crucial factor and any developments in vaccines or drugs that will work against COVID-19.
Economic experts also predict that it’s going to be a very rocky next few weeks, but it’s best to take a look at the economy as a broader picture. Experts say that everything will change dramatically, depending on the outcome of these factors.
Meanwhile, IBM is scheduled to release its quarterly report after Monday’s bell. Information coming from other tech giants are also expected to follow IBM quarterly results release. Federal Reserve Chairman Jerome Powell will even speak Monday and is expected to mention the pros and cons of digital currencies like Bitcoin.
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