Stock futures recoup some losses from biggest rout since 1987

U.S. equity futures are pointing to a higher open a day after markets suffered their steepest single-day loss since 1987. Dow futures were up 101 points, or 0.5 percent, ahead of the opening bell, but had been higher by as much as 800 points in overnight trading. S&P 500 and Nasdaq futures were higher by 1.1 percent and 0.9 percent respectively. Treasury Secretary Steven Mnuchin is making the rounds on Capitol Hill discussing further stimulus measures that could be taken to boost the U.S. economy amid the coronavirus crisis. West Texas Intermediate crude oil futures for May delivery were up 2.1 percent at $29.62 a barrel while gold futures for April delivery traded lower by 1.4 percent at $1,466 an ounce. The Dow Jones Industrial Average plunged 2,997 points, or 12.9 percent, during Monday’s session while the S&P 500 and Nasdaq Composite lost 12.3 percent and 12 percent, respectively. The drop was the steepest for all three of the major averages since the 1987 Black Monday crash. President Trump, during the coronavirus task force update on Monday, signaled the crisis could wade deep into July or August. In Europe, London’s FTSE fell 1 percent, Germany’s DAX added 0.4 percent and France’s CAC gained 0.9 percent. In Asian markets on Tuesday, Japan’s Nikkei added 0.1 percent, Hong Kong’s Hang Seng gained 0.8 percent and China’s Shanghai Composite slipped 0.3 percent.

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