U.S. Stocks Set for Rebound After Worst Selloff in Four Months [Yahoo! Finance News]
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Source: Yahoo! Finance News
(Bloomberg) -- U.S. stock futures are pointing to a rebound in the S&P 500 Index after concerns over coronavirus infections and tougher lockdowns Wednesday spurred the gauge’s worst decline in more than four months.S&P 500 contracts expiring in December jumped 1.4% as of 6:30 a.m. in London. Contracts on the Nasdaq 100 and Dow Jones Industrial Average also rose about 1.4% each. The underlying S&P gauge slumped 3.5% on Wednesday, the biggest drop since June 11, amid a surge in Covid-19 hospitalizations, especially in the Midwest.“There’s a degree of short covering and opportunistic buying after the big selloff,” said Ilya Spivak, head Asia Pacific strategist at DailyFX. “I don’t think it means anything in terms of a big leg up for U.S. stocks. This is just a short-term, tactical move.”Meanwhile, Asian stocks emerged less scathed Thursday as U.S. futures turned higher. The MSCI Asia Pacific Index fell 0.2%. Japan’s Topix closed down 0.1%, paring its loss after the Bank of Japan maintain
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