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US STOCKS-Futures surge on early signs of coronavirus slowdown in hot spots

Published 07/04/2020, 10:47
Updated 07/04/2020, 10:48

(For a live blog on the U.S. stock market, click LIVE/ or
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* Futures up: Dow 2.97%, S&P 2.68%, Nasdaq 2.37%

By Uday Sampath Kumar
April 7 (Reuters) - U.S. stock index futures bounced for a
second straight day on Tuesday as risk appetite returned on
tentative signs the coronavirus outbreak was starting to plateau
in hard-hit U.S. states.
All three major indexes rallied more than 7% on Monday after
the governors of New York and New Jersey said their states, hot
spots of the COVID-19 disease, were showing early signs of a
"flattening" of the outbreak. But they warned against complacency as the nationwide death
toll approached 11,000 and global infections surged past 1.3
million, while companies braced for an earnings recession in the
face of fading demand. Exxon Mobil XOM.N , Marathon Oil MRO.N and Apache Corp
APA.N rose between 4% and 8% as oil prices rallied amid hopes
that the world's main oil producers including Saudi Arabia and
Russia would agreeing to cut output at a meeting on Thursday.
O/R
At 05:36 a.m. EDT, Dow e-minis 1YMcv1 were up 668 points,
or 2.97%, S&P 500 e-minis EScv1 were up 70.75 points, or 2.68%
and Nasdaq 100 e-minis NQcv1 were up 190.5 points, or 2.37%.
SPDR S&P 500 ETFs SPY.P were up 2.56%.

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