NEW YORK - Volatility eased in US equity futures on Sunday as optimism over President Donald Mr Trump's medical prognosis and hopes for fresh economic stimulus put a brake on selling that whipped up on Fr iday.
"The dramatic turn of events may be a catalyst for a stimulus agreement - or it may not; we wait for bills to be put to Congress and votes to be taken," said Julian Emanuel, chief equity strategist for BTIG, wrote in a note."With key economic data extending its run of disappointments versus expectations and high-profile corporate layoffs, additional aid would seem imperative."
Futures on the S&P 500 gained 0.7 per cent at 8:41pm in New York. The underlying gauge rose 1.5 per cent last week, though Friday saw a 1 per cent selloff. Contracts on the Dow Jones Industrial Average added 0.7 per cent, while Nasdaq 100 futures climbed 1 per cent. There's some precedent for stocks to stay calm in the face of presidential health shocks. Historically they have had a fleeting impact on asset prices, according to Sam Stovall, chief investment strategist at CFRA Research. Everything from hospitalizations to deaths have mostly resulted in declines of 3 per cent or less that lasted just a few days, his study shows.
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