US stocks look set for an early recovery on Monday after Friday’s jolts to market complacency from the US jobs numbers and news of President Trump succumbing to the coronavirus.
Hopes that Trump will be released from the hospital today look set to encourage buyers back into the market while some are also looking for progress on talks over the proposed stimulus package for the US economy.
Spread betting quotes indicate the Dow Jones Industrials Average will open around 179 points higher at about 27,862 while the S&P 500 is tipped to open 23 points firmer at 3,371.
The tech-heavy Nasdaq Composite is set to start some 285 points higher at about 11,360.
“US politicians have yet to reach a deal on the proposed Covid-19 relief package. The Democrats are pushing for a package of $2.2 trillion, while the Republicans are interested in a scheme worth $1.6 trillion. Nancy Pelosi of the Democrats has been in contact with the Treasury Secretary, Steven Mnuchin, recently. The stimulus package talks are likely to remain in focus,” noted CMC Markets’ David Madden.
“Over the weekend, President Trump called upon both sides to reach an agreement. It is clear the US leader wants to pump out positive headlines going into the last few weeks of the presidential election. Yesterday, Pelosi said that progress was being made in relation to a package,” he added.
On the macroeconomic front, the cupboard is not entirely bare but neither is it choc-a-bloc.
The ISM Non-Manufacturing Survey is scheduled for release, with the consensus forecast being a reading of 56.2 from the previous value of 56.9.
“The initial huge rebound in the index is over, but with retail sales back on their pre-Covid track last month, we would be surprised to see a significant weakening,” said Pantheon Macroeconomics.
“Later in the fall, though, we expect the index to decline further as consumers’ spending softens in the wake of the hit from the expiration of enhanced unemployment benefits,” it added.
Story by ProactiveInvestors
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