Stock futures turn higher despite concerns about reopening the country too soon
Optimism over plans for reopening has taken some hits from reports of new waves of infection
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U.S. equity futures are pointing to a higher open after trading lower overnight as fresh outbreaks of coronavirus cases overshadowed hopes over reopening economies.
The major futures indexes are indicating a rise of 0.2 percent when Wall Street begins trading.
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That followed a mixed session on Wall Street, where gains for technology and health care stocks helped offset more prevalent losses elsewhere.
Optimism over plans for reopening in many countries after shutdowns aimed at battling the pandemic has taken some hits from reports of new waves of infections in states and countries that are further ahead in lifting lockdown measures.
President Trump insisted Monday his administration has “met the moment” and “prevailed” on coronavirus testing, even as the White House ordered everyone who enters the West Wing, apart from Trump, to wear a mask after two aides tested positive for COVID-19 late last week.
Dr. Anthony Fauci will testify before the Senate on Tuesday about the coronavirus and according to the New York Times, will warn about the dangers of reopening the country too soon
FAUCI WILL ISSUE A STARK WARNING ON THE RISKS OF REOPENING TOO SOON: REPORT
On Monday, Vice President Mike Pence and three of the nation’s top medical experts were in various states of isolation as a precaution.
China reported that auto sales fell again in April but losses narrowed in a sign the industry’s biggest global market is recovering from the coronavirus pandemic as Beijing eases anti-disease controls.
China's Shanghai Composite fell 0.1 percent, Hong Kong's Hang Seng lost 1.5 percent and Japan's Nikkei edged 0.1 percent lower.
Toyota Motor reported its net profit dropped nearly 90 percent in the January-March quarter from a year earlier, though it said it expected a recovery as the pandemic is brought under control.
In Europe, London's FTSE added 0.9 percent, Germany's DAX rose 0.4 percent and France's CAC was off 0.2 percent.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 40589.34 | +654.27 | +1.64% |
| SP500 | S&P 500 | 5459.1 | +59.88 | +1.11% |
| I:COMP | NASDAQ COMPOSITE INDEX | 17357.881578 | +176.16 | +1.03% |
On Monday, the S&P 500 ended the day at a virtual standstill, rallying back from a 0.9 percent loss in the morning. The Dow Jones Industrial Average fell 0.4 percent, while the Nasdaq composite added 0.8 percent.
Benchmark U.S. crude oil climbed $1.33 to $25.48 per barrel in electronic trading on the New York Mercantile Exchange. It fell 60 cents, or 2.4 percent, to settle at $24.14 a barrel on Monday. Brent crude oil, the international standard, added 85 cents to $30.50 per barrel.
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The Associated Press contributed to this article.