Futures rise at end of dismal first quarter

March 31, 2020 at 11:57AM

U.S. stock index futures rose on Tuesday at the end of one of Wall Street’s worst first quarters on record, as an unexpected expansion in Chinese factory activity raised hopes of a more stable economic recovery from the coronavirus pandemic.

A rebound in oil prices from 18-year lows after the United States and Russia agreed to discuss stabilizing energy markets helped lift shares of Exxon Mobil and Chevron about 4% in light premarket trading.

Cruise operators and airlines — among the most battered stocks as the corornavirus outbreak brought global travel to a standstill this month — also rose between 6% and 9%.

China’s official manufacturing purchasing managers’ index (PMI) bounced to 52.0 in March, up from a record-low 35.7 in February, but analysts cautioned that a durable near-term recovery is far from assured as the global coronavirus crisis knocks foreign demand. At 05:46 a.m. ET, Dow e-minis were up 122 points, or 0.55%, S&P 500 e-minis were up 14.5 points, or 0.56% and Nasdaq 100 e-minis were up 76 points, or 0.97%.

SPDR S&P 500 ETFs were up 0.46%. The S&P 500 index closed up 3.35% at 2,626.65​ on Monday. Despite the recent rally, the slump from the mid February record highs has set the Dow Jones .DJI on course for its worst first quarter ever, while the S&P 500 is on track for its worst since 1938. The tech-heavy Nasdaq is set to close out its worst first three months of the year since 2008.

Futures rise at end of dismal first quarter, Reuters, Mar 31

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From: The FxPro News Team
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