S&P, Dow futures edge higher on stimulus, rebound hopes

Futures tracking the S&P 500 and the Dow Jones indexes edged higher on Monday following a selloff on Wall Street last week as investors weighed hopes of more stimulus and improving data against a resurgence in global coronavirus cases.

The spread of the coronavirus disease (COVID-19) in New York
FILE PHOTO: Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease (COVID-19) continues in the Manhattan borough of New York, U.S., May 28, 2020. REUTERS/Lucas Jackson

REUTERS: Futures tracking the S&P 500 and the Dow Jones indexes edged higher on Monday following a selloff on Wall Street last week as investors weighed hopes of more stimulus and improving data against a resurgence in global coronavirus cases.

Wall Street’s major indexes had tumbled more than 2per cent on Friday as several U.S. states imposed business restrictions in response to the surge in COVID-19 cases. Stocks in Asia and Europe were muted overnight as the global death toll from the respiratory illness crossed half a million on Sunday.

The benchmark S&P 500 has rallied since a coronavirus-driven crash in March, up about 16per cent since April and set for its best quarter since 1998, partly on a raft of U.S. fiscal and monetary stimulus.

This week, investors will focus on employment, consumer confidence and manufacturing data for June for signs of whether the U.S. economy will continue to rebound after indications of a pickup in May.

At 6:44 a.m. ET, Dow e-minis were up 54 points, or 0.22per cent, S&P 500 e-minis were up 1.75 points, or 0.06per cent and Nasdaq 100 e-minis were down 30 points, or 0.3per cent.

Among stocks, Boeing Co rose 3.2per cent in premarket trade after the Federal Aviation Administration confirmed on Sunday it had approved key certification test flights for the grounded 737 MAX that could begin as soon Monday.

Facebook Inc looked set to extend declines from Friday as a report said PepsiCo Inc was set to join a growing number of companies pulling ad dollars from the social media platform.

(Reporting by Pawel Goraj in Gdansk; Editing by Saumyadeb Chakrabarty)