Futures pare losses; S&P 500 still off 3%

Following a big turnaround on Friday that resumed a selloff on Wall Street, markets went into another tailspin overnight as a Senate vote on a coronavirus rescue package failed to gain sufficient traction.

In the words of Chuck Schumer, the $1.8T package was a “large corporate bailout with no protections for workers and virtually no oversight.” The decision (47-47) came up short of the required 60 votes.

Futures have now trimmed their losses, with S&P 500 futures down 3%, as Schumer said “disagreements over the bill could be overcome in the next 24 hours.”

The U.S.’s inability to move things forwards stands in contrast to many of its now free-spending peers, though equities are still selling off across most of the globe.

Asia: KOSPI -5.3%; Hang Seng -4.9%; Shanghai -3.1%; S&P/ASX 200 -5.6%

Europe: FTSE 100 -4.5%; CAC 40 -3.9%; DAX -4.2%.

https://seekingalpha.com/news/3554076-futures-pare-losses-s-and-p-500-still-off-3