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US STOCKS-Futures rebound more than 1% with focus on White House race

Published 11/02/2020, 07:52 PM
Updated 11/02/2020, 08:00 PM
© Reuters.
QCOM
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AAPL
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AMZN
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META
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window.)
* Futures up: Dow 1.8%, S&P 1.6%, Nasdaq 1.2%

By Medha Singh
Nov 2 (Reuters) - U.S. stock index futures bounced on Monday
after Wall Street recorded its steepest weekly loss since March
as investors geared up for an event-packed week starting with
the U.S. presidential election.
Market participants anticipate short-term trading turmoil
and major long-term policy shifts related to taxes, government
spending, trade and regulation depending on whether President
Donald Trump or his Democratic challenger Joe Biden wins the
White House race.
Biden is ahead in national opinion polls, but races are
tight in battleground states that could tip the election to
Trump. Analysts said the outcome most likely to shake markets in
the near term would be no immediate outcome at all on Tuesday
night. The S&P 500 ended a turbulent week at near six-week lows on
Friday as results from technology mega-caps failed to impress
and surging coronavirus cases in the United States and Europe as
well as fears of a contested U.S. election dampened risk
appetite.
Focus this week will also be on the Federal Reserve's
two-day policy meeting, the monthly jobs report and earnings
from about a quarter of the S&P 500 companies, including
chipmaker Qualcomm QCOM.O , carmaker General Motors GM.N and
insurer American International Group Inc AIG.N .
At 06:30 a.m. ET, Dow E-minis 1YMcv1 were up 477 points,
or 1.81% and S&P E-minis EScv1 rose 55.5 points or 1.55%.
Nasdaq 100 E-minis NQcv1 were up 135.25 points, or 1.23%
Apple Inc AAPL.O , Facebook Inc FB.O and Amazon.com Inc
AMZN.O rose between 1% and 1.7% in premarket trading after
falling sharply in the previous session.

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