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Stock futures rise as traders weigh rising coronavirus cases, US stimulus negotiations

A passenger wears a protective mask at Wall Street Subway Station in New York on Monday, March 30, 2020.

Michael Nagle | Bloomberg via Getty Images

U.S. stock futures rose Sunday night as the number of recently confirmed coronavirus cases continues to rise while lawmakers remain at a dead end over a new stimulus deal.

Dow Jones Industrial Average futures rose 77 points, or 0.3%. The S&P 500 and Nasdaq 1

00 futures also gained 0.3% each.

A CNBC analysis of Johns Hopkins University data showed that Covid-19 cases grew by 5% or more in 38 states per year. Friday. Nationwide, the daily case average has increased by more than 16% on a weekly basis to almost 55,000. New coronavirus infections in Europe are rising by about 97,000 a day, an increase of 44% from the previous week.

In Washington, House Speaker Nancy Pelosi’s office said Saturday night that she gives the Trump administration 48 hours to reach an aid deal before the Nov. 3 election. Pelosi and Finance Minister Steven Mnuchin continued their discussions over the weekend. They agreed to speak again on Monday.

“The 48 only apply if we want to get it done before the election, which we do,” Pelosi told ABC’s “This Week” on Sunday. “We tell them we have to freeze the design on some of these things – are we going with it or not, and what’s the language? I’m optimistic because we’ve been back and forth on all this again.”

Pelosi’s comments came as hope among market experts that an agreement was reached before the election takes place. This, along with the seemingly new wave of coronavirus infections, contributed to a hacked action last week.

The S&P 500 and Dow fell for three days in a row last week before closing slightly higher on Friday. Nasdaq Composite posted its first four-day loss series since September.

“The many cross-currents we have been concerned about in recent weeks are still ubiquitous,” Sheriff Hamid, a strategist at Jefferies, said in a note. “The US election is imminent, fiscal stimulus remains a key potential catalyst in the short term, and developments on the virus front remain critical to the long-term outlook.”

“It is very likely to happen over the next few weeks, and the broader macro picture may change quite massively depending on developments along all these fronts,” Hamid added.

On the earnings front, IBM is expected to announce its latest quarterly results after Monday. Meanwhile, Federal Reserve Chairman Jerome Powell is scheduled to speak Monday morning.

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