US stocks were expected to rebound after a week of heavy losses on Monday as investors braced for Tuesday’s controversial presidential election
Futures linked to the Dow Jones industrial average climbed 44,500 points, or about 17 percent to 26,83900 as of 6:49 am after fears of an increase in coronavirus infections in the world led the blue chip index to its worst week since March
Futures on the benchmark S&P 500 also rose 14 percent at 6:50 a.m., while futures on the high-tech Nasdaq 100 were up around 12%, putting Wall Street on pace to follow global market gains after opening bell
Monday’s push appears to be fueled by strong economic data from China showing that country’s manufacturing activity is growing for the eighth consecutive month in October This market nervousness offset after Germany, France and UK have reinstated lockdowns to control spread of deadly coronavirus
But investors are also bracing for any uncertainty that Election Day could bring Joe Biden is ahead of President Trump nationally, but the race is tighter in key battlefield states , raising the possibility that a winner will not be determined for days or weeks as election officials count large numbers of ballots in the mail amid the COVID-19 pandemic
« A few surveys of fund managers floating around the markets still have a ‘contested election’ up there with ‘COVID-19’ as the most significant market risk right now, » Stephen Innes said, Chief Global Market Strategist at Axi « The nervousness of the asset markets until Tuesday makes sense »
Oil prices, however, were hit on Monday as new lockdowns fueled concerns over lower energy demand West Texas Intermediate crude oil prices fell about 26 percent to $ 34.84 a barrel as of 6:51 am, while Brent was recently down about 22 percent to $ 37.12 a barrel
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World News – UK – Stocks rebound as Wall Street braces for the day of the poll
