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Futures fall after bumper session as virus threat rages on

imageStock Markets53 minutes ago (Mar 25, 2020 07:55AM ET)

(C) Reuters. Traders work on the floor of the NYSE in New York

By Uday Sampath Kumar and Medha Singh

(Reuters) – U.S. stock index futures fell on Wednesday after a strong rebound in the previous session, as an imminent $2 trillion rescue package failed to completely allay investor concerns over the economic threat from the coronavirus pandemic.

After the White House and Senators agreed to the deal to aid businesses and millions of Americans hit by the health crisis, futures briefly surged but soon reversed course as traders said much of the stimulus had been priced into financial markets.

On Tuesday, the Dow Jones (DJI) had soared over 11% in its best day since 1933, while the S&P 500 (SPX) jumped 9.4%, recouping about $1.8 trillion in market value.

“It’s too early to be positive,” said Andrea Cicione, head of strategy at TS Lombard.

“We still haven’t seen evidence that things are improving in terms of contagion. We also haven’t fully appreciated how far this recession will go.”

The benchmark S&P 500 was nearly $8 trillion below its mid February high, and investors expect more violent swings. Wall Street’s fear gauge (VIX), which nudged lower following reports of the Senate agreeing on the stimulus package, was up 4.3 points at 66.01.

The Senate will vote on the bill later on Wednesday and the House of Representatives is expected to follow soon after.

Airlines, hotels and cruise operators, among the hardest hit U.S. sectors, were some of the biggest gainers in premarket trading.

American Airlines (O:AAL), Carnival Corp (N:CCL) MGM Resorts (N:MGM) and Norwegian Cruise Line Holdings (N:NCLH) jumped between 15% and 23%.

Nike Inc (N:NKE) rose 9% after the sportswear giant beat quarterly revenue estimates and said sales in China were rebounding, helped by online orders.

Boeing Co (N:BA) continued its rally, jumping nearly 15% as sources said the planemaker planned to restart 737 MAX production by May, ending a months-long halt triggered by a safety ban.

At 07:13 a.m. EDT, Dow e-minis were down 70 points, or 0.34%, S&P 500 e-minis were down 30.75 points, or 1.26% and Nasdaq 100 e-minis were down 70.75 points, or 0.94%.

Futures fall after bumper session as virus threat rages on

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