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US pre-open: Futures point to early gains as stimulus talks remain in focus

Fri, 9th Oct 2020 10:28

(Sharecast News) - Wall Street futures had stocks opening higher ahead of the bell on Friday as market participants continued to wait for details regarding a new potential stimulus bill.
As of 1200 BST, Dow Jones futures were up 0.32%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.29% and 0.16% higher, respectively.

The Dow closed 122.05 points higher on Thursday as investors thumbed over some weaker-than-expected jobless figures and stimulus headlines remained in focus.

In focus on Friday, Nancy Pelosi's deputy chief of staff said on Thursday that the House Speaker and Treasury Secretary Steven Mnuchin had a roughly 40-minute discussion focused on determining whether there was "any prospect of an imminent agreement on a comprehensive bill". During the call, Mnuchin was also said to have "made clear" the President's interest in reaching "an agreement".

Pelosi said earlier that she would oppose aid to US airlines without a broader stimulus package, another thing Trump hinted earlier in the week that he was in favour of.

CMC Markets' David Madden said: "The prospect of some form of stimulus in the US is trumping the health crisis, even though a political settlement is far from agreed upon.

"Things are still up in the air when it comes to the relief package in the US, as President Trump is keen for smaller individual relief schemes, while Nancy Pelosi, the House Speaker, is driving for a large all-or-nothing package. Pelosi said she is hopeful that a deal can be struck."

On the macro front, wholesale inventories figures for August will be published at 1500 BST.

In the corporate space, GenMark Diagnostics revealed that the Food and Drug Administration had given the company emergency clearance to run a test that screens for the flu and coronavirus.

No major corporate earnings were slated for release on Friday.

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