US stocks set to jump, Dow futures point to a more than 800 point gain


A person wearing a face mask walks along Wall Street after further cases of coronavirus were confirmed in New York City, New York, U.S., March 6, 2020.

Andrew Kelly | Reuters

U.S. stock futures rose early Monday morning as slowing death rates in Europe have offered up some hope for international markets.

Dow Jones Industrial Average futures traded 774 points higher, implying a gain of about 802 points at the Monday open. S&P 500 and Nasdaq 100 futures also pointed to robust Monday opening gains for the two indexes. Earlier, futures had pointed to an opening surge of about 900 points for the Dow on Monday.

Last week, the major averages posted their third weekly decline in four. The Dow slid 2.7% while the S&P 500 lost 2.1%. The Nasdaq Composite closed last week down 1.7%. Stocks are also deep in bear-market territory as concerns over the coronavirus outbreak have virtually shut down the global economy and have dampened sentiment around corporate profits. 

However, weekend figures in Europe showed slower death rates and new infections in the hardest-hit countries, such as Italy and Spain. This has sparked some positive momentum in global equities, with Europe’s Stoxx 600 jumping 2.5% at the open.

However, the U.S. is by far the country with the most cases at over 330,000. On Saturday, Trump warned “there will be a lot of death,” noting the U.S. faces its “toughest week” in its fight against the virus.

Oil prices

There are no earnings or economic data releases to note Monday.

In oil markets, prices were down by more than 1%,  after a key meeting got postponed.

The meeting between OPEC and Russia was scheduled for Monday, but sources familiar with the matter told CNBC it will “likely” take place Thursday. The delay comes after President Donald Trump told CNBC last week he expected both countries to cut production by up to 15 million barrels.

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– CNBC’s Eustance Huang contributed to this report.



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