Futures ahead by 5%; hit ‘limit up’ level

Volatility is returning to Wall Street after the major averages suffered their worst sessions since the “Black Monday” market crash in 1987.

Dow futures started the night indicating an opening loss of 700 points at the lows, but are now pointing to gains of 515 points, while S&P 500 and Nasdaq futures are ahead by 2.4%.

Coronavirus uncertainty quickly morphed into panic on Thursday as the S&P 500 plummeted 9.5%, joining the Dow (which fell 2,300 points) in a bear market.

The plunge also highlighted the diminishing ability of stimulus to dampen shockwaves as the Fed announced $1T in repo operations, while the ECB expanded its asset purchase program by €120B.

Crude futures are up 2.6% to $32.33/bbl, gold is down 0.3% to $1586/oz and the 10-year Treasury yield is flat at 0.86%.

Update (4:30 a.m. ET): U.S. stock index futures are now ahead by 4%.

Update (7:15 a.m. ET): Futures have hit ‘limit up’ levels at 5%. That makes it two ‘limit down’ days and two ‘limit up’ days so far this week.

https://seekingalpha.com/news/3551410-futures-ahead-5-hit-limit-up-level