Stock market news live: Wall Street roars at the open as investors bet on coronavirus rescue bill – Yahoo Finance

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Stocks surged Tuesday, recouping some losses as market participants anxiously awaited further fiscal stimulus measures from policymakers to combat the economic fallout from the coronavirus pandemic.

During pre-market trading, contracts of each of the S&P 500, Nasdaq 100 and Dow Jones Industrial Average rallied about 5% to hit their upper trading limits, which are established each day by CME Group. The indices were pinned to “limit up” as of Tuesday morning, with about two hours to go until the opening bell.

Monday was yet another ugly day on Wall Street, which saw the Dow erase nearly all of its gains from the presidential election day in November 2016. It capped a second straight session in the red after the U.S. Senate again failed to approve a nearly $2 trillion economic rescue package, disappointing investors hoping to see a speedy authorization of the relief legislation.

Late Monday, House Speaker Nancy Pelosi unveiled a $2.5 trillion coronavirus economic rescue package as a countermeasure to the Senate’s polarized debate. She signaled optimism on Tuesday that the warring parties were closing in on an agreement.

The repeat stalling of the Senate bill came just hours after the U.S. Federal Reserve unleashed its own set of new and extensive measures to help keep corporate credit flows and other critical parts of financial markets functioning smoothly. The new program included unprecedented measures from the Fed, including purchases of eligible corporate bonds from companies and exchange-traded funds, and purchases of commercial mortgage-backed securities.

“With the Fed now all-in and then some, the onus will be largely on fiscal policy to provide any further support for consumers and businesses,” Ben Ayers, senior economist for Nationwide, said in an email Monday. Early signals suggest widespread layoffs and cutbacks by businesses with the sudden economic stop seen across the globe, necessitating further action to cushion the harm to the economy.”

Damage from the outbreak has taken a massive toll on small and local businesses, as well as the country’s largest corporations, as residents practice social distancing and shun leisure and travel. These huge, if temporary, societal changes have been aimed at slowing the spread of the coronavirus, which has sickened more than 46,000 U.S. citizens as of Tuesday morning, according to Johns Hopkins data.

The ensuing business disruptions and economic uncertainty has weighed heavily on risk assets, with the S&P 500 tumbling by about 34% from its recent closing high on February 19.

9:45 a.m. ET: IHS/Markit Purchasing Manager Index slumps to worst levels since 2009

The U.S. manufacturing sector is doing just as badly as you’d expect in a pandemic, with IHS/Markit’s PMI for March showing the sector contracted by more than expected. The flash reading plunged to a record low of 39.1, all the way from a reading of 49.4 in February and well below consensus forecasts.

For markets, much of March’s data is likely to be baked into prices, with investors now focused on stimulus efforts — and a timetable for when the economy (and life in America) can begin normalizing.

9:30 a.m. ET: Stocks surge at the opening bell

Growing hopes for consensus on a coronavirus economic rescue package sent the Dow skyrocketing by over 1,000 points at the opening bell, as investors hoped that Congress and the White House will break the political log jam as the pandemic keeps the economy shuttered.

Here were the main moves in markets as of 9:30 a.m. ET:

  • S&P 500 (^GSPC): 2,361.77, +124.37 (+5.56%)

  • Dow (^DJI): 19,753.78, +1,161.85 (+6.25%)

  • Nasdaq (^IXIC): 7,207.26, +346.59 (+5.05%)

  • Crude (CL=F): $24.31 per barrel, +0.95 (+4.07%)

  • Gold (GC=F): $1,671.90, +$104.30 (+6.65%)

  • 10-year Treasury (^TNX): yielding 0.8580, up 0.0940 basis points

7:15 a.m. ET Tuesday: Stock futures rally to hit “limit up”

Contracts on the S&P 500, Dow and Nasdaq extended gains Tuesday morning in an at least temporary bid to recover some steep losses from recent sessions.

Here were the main moves in markets, as of 7:15 a.m. ET:

  • S&P 500 futures (ES=F): 2,33.50, +5.09% or +113 points

  • Dow futures (YM=F): 19,408.00 +4.93% or +911 points

  • Nasdaq futures (NQ=F): 7,321.5, +4.82% or +337.00 points

  • Crude (CL=F): $24.60 per barrel, +5.31% or +$1.24

  • Gold (GC=F): $1,662.40 per ounce, +$94.80 or +6.05%

  • 10-year Treasury note (^TNX): yielding 0.805%, up 3.8 bps

6:02 p.m. ET Monday: Stock futures open higher, reversing some losses from the regular session

Futures for each of the three major indices rose Monday evening as investors looked to Washington policymakers to provide relief in the face of the escalating domestic coronavirus outbreak.

Here were the main moves in markets, as of 6:02 p.m. ET:

  • S&P 500 futures (ES=F): 2,246.5, +1.17% or +26 points

  • Dow futures (YM=F): 18,733.00, +1.28% or +236 points

  • Nasdaq futures (NQ=F): 7,062.75, +1.12% or +78.25 points

NEW YORK, NY – JANUARY 10: An empty trading floor is seen after the closing of the New York Stock Exchange (NYSE) on January 10, 2020 in New York City. Amid new sanctions on Iran and 145k more U.S. jobs added and wage growth in December, the Dow topped the 29,000 milestone before pulling back to 28,823.77. (Photo by Kena Betancur/Getty Images)

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