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U.S. Stock Index Futures Rise as Investors Assess Virus Count

(Bloomberg) — U.S. stock index futures rose, erasing losses, as investors weighed the latest infection count against prospects for stimulus measures.September contracts on the S&P 500 gained 0.6% as of 1:47 p.m. in Tokyo, after sliding as much as 1.1%. Futures on the Dow Jones Industrial Average and
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(Bloomberg) — U.S. stock index futures rose, erasing losses, as investors weighed the latest infection count against prospects for stimulus measures.

September contracts on the S&P 500 gained 0.6% as of 1:47 p.m. in Tokyo, after sliding as much as 1.1%. Futures on the Dow Jones Industrial Average and those on the Nasdaq 100 Index both climbed 0.6%. Beijing reported only nine new infections, in a sign that a recent outbreak is coming under control, while South Korea saw the smallest daily increase in about a month. California’s new cases rose by a record and Florida infections jumped.

“With respect to U.S. futures, we have seen dips reverse into gains thus far in the morning, though the moves have been kept mostly modest,” said Jingyi Pan, a market strategist at IG Asia. “While there remains a painful vacuum for fresh catalysts in the market, some of the attention had been tuned toward central banks and potential yield curve control as the next form of support.”

U.S. stocks dropped the most in more than a week on Friday amid a renewal of uncertainty over how quickly states can emerge from lockdowns. The S&P 500 fell 0.6% in volatile trading, led by declines in utilities, energy and industrial shares. On the week, the benchmark index closed up 1.9%.

Coronavirus cases in the U.S. increased by 27,476 from the same time Saturday, to 2.27 million, according to data collected by Johns Hopkins University and Bloomberg News.

“Financial conditions are easing, and the early June surveys have improved markedly, but with U.S. case counts on the rise, and small clusters register globally, investors remain jittery,” Stephen Innes, the chief market strategist at AxiCorp Ltd., wrote in a note. “The market is caught between fears of a second Covid wave and improving data.”

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