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US STOCKS-Futures cling to hopes of recovery as virus cases rise

Published 22/06/2020, 11:44
© Reuters.
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* Futures up: Dow 0.76%, S&P 0.85%, Nasdaq 0.87%

By Medha Singh
June 22 (Reuters) - U.S. stock index futures rose on Monday
on hopes of stimulus-fueled economic recovery even though
sentiment remained fragile amid growing evidence of a surge in
the coronavirus infections.
Trillions of dollars in monetary and fiscal support, the
reopening of businesses and improving economic data have helped
the S&P 500 .SPX climb about 41% from its March lows, leaving
it only about 9% of its Feb. 19 record high.
Rising virus infection rates, however, remained an overhang
on the markets, especially after the World Health Organization
reported a record rise in global coronavirus cases on Sunday.
On Friday, both the S&P 500 .SPX and the Dow .DJI ended
a choppy session in the red after Apple Inc's AAPL.O move to
temporarily shut some U.S. stores brought back concerns of a
delay in recovery of business activity.
At 6:18 a.m. ET, Dow e-minis 1YMcv1 were up 194 points, or
0.76%. S&P 500 e-minis EScv1 were up 26 points, or 0.85% and
Nasdaq 100 e-minis NQcv1 were up 86.5 points, or 0.87%.
American Airlines Group Inc AAL.O slipped 5.8% in
premarket trading as it planned to secure $3.5 billion in new
financing, to improve the airline's liquidity as it grapples
with travel restrictions caused by the coronavirus.

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