Futures rebound more than 1% with focus on White House race

In this news, we discuss the Futures rebound more than 1% with focus on White House race.

(Reuters) – U.S. stock index futures rebounded on Monday after Wall Street posted its biggest weekly loss since March as investors braced for a busy week starting with the U.S. presidential election.

Market participants anticipate short-term market turmoil and large long-term policy changes related to taxes, government spending, trade, and regulation depending on whether President Donald Trump or his Democratic challenger Joe Biden wins the White House race.

Biden leads national opinion polls, but the race is tight in the battlefield states that could tip the election to Trump. Analysts said the outcome most likely to shake the markets in the near term would not be an immediate outcome at all on Tuesday night.

The S&P 500 ended a turbulent week at an almost six-week low on Friday, with tech mega-caps failing to impress and the surge in coronavirus cases in the US and Europe, as well as fears of a contested election in the United States have dampened risk appetite.

This week’s focus will also be on the two-day Federal Reserve policy meeting, the monthly employment and earnings report of about a quarter of S&P 500 companies, including chipmaker Qualcomm, automaker General Motors and insurer American International Group Inc.

At 6:30 a.m. ET, Dow E-minis were up 477 points, or 1.81%, and S&P E-minis were up 55.5 points, or 1.55%. The Nasdaq 100 E-minis rose 135.25 points, or 1.23%

Apple Inc, Facebook Inc and Amazon.com Inc grew 1% to 1.7% in pre-market trading after falling sharply in the previous session.

Report by Medha Singh in Bengaluru; Edited by Anil D’Silva

Original © Thomson Reuters

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