Dow futures surge amid stimulus hopes
Early Monday, the U.S. stock futures went up as investors were expecting a stimulus deal from
Washington, although the second wave of Covid-19 cases have affected sentiment.
Futures contracts linked to the Dow Jones Industrial Average jumped 200 points, indicating a more than
100-point gain at the open. S&P 500 and Nasdaq 100 futures also remained in positive territory, as
reported by CNBC.
House Speaker Nancy Pelosi’s office stated in Saturday evening that she is giving the Trump
administration 48 hours to come up with an aid deal before the Nov. 3 election. Pelosi and Treasury
Secretary Steven Mnuchin continued their discussions over the weekend and made the decision to
speak again on Monday.
Meanwhile, as the economic recovery in China continued, it boosted sentiment on Monday. The world’s
second largest economy reported third-quarter GDP growth of 4.9%, although it was on the low end of
expectations, but showcases an improving outlook.
″[China’s] Q3 GDP fell a bit short of expectations, but the Sept figures (retail sales and IP) both exceeded
forecasts, and this is giving a boost to equity sentiment,” said Adam Crisafulli of Vital Knowledge.