Futures go red hours after ‘limit up’ moment

U.S. stock futures soared late Monday, hitting a 4% “limit up” halt at one point, following Wall Street’s worst day since the 1987 crash.

S&P 500 futures were last up 3.2%, while the SPDR S&P 500 Trust ETF (NYSEARCA:SPY) is nearly 6% higher in premarket trading.

“The United States will be powerfully supporting those industries, like Airlines and others, that are particularly affected by the Chinese Virus. We will be stronger than ever before!” read a tweet from President Trump.

At least 4,281 coronavirus cases have been confirmed in the U.S. along with more than 70 deaths, while Trump warned the crisis could stretch into August.

“Although the contemporary crisis is loaded with bad news, this has not been its primary problem. It’s the ‘unknown,'” said Jim Paulsen, chief investment strategist at The Leuthold Group. “Give me bad news any day over complete uncertainty.”

Update (5:15 a.m. ET): A big turnaround for S&P 500 futures now suggests only a 0.3% advance.

Update (5:50 a.m. ET): Dow and S&P 500 futures are off 1%, while Nasdaq futures are down 0.5%.

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