Narrative shifts to restarting economy – futures hit limit up

The volatility on Wall Street is continuing today as U.S. stock index futures climbed 5% to hit ‘limit up’ levels.

A day late? Equities plunged on Monday despite unprecedented efforts by the Fed to expand purchases of U.S. Treasury and MBSs “as needed,” and implement measures to backstop credit for households, small businesses and major employers.

While the U.S. Senate is still at odds over a coronavirus stimulus package, there is some hopeful news as both new cases and deaths dropped for two days in Italy.

“It means it took Italy 43 days from first case to peak case and 12 days after implementing the strictest travel restrictions. 43 days was exactly the same amount of time as it took South Korea to reach its apex. And if such is the case, the U.S. would be 14 days behind Italy,” said Thomas Lee, head of research at Fundstrat Global Advisors.

Previously: China’s Hubei to ease coronavirus lockdown (Mar. 24 2020)

https://seekingalpha.com/news/3554524-narrative-shifts-to-restarting-economy-futures-hit-limit-up