Stock futures bounce back after pandemic-driven carnage

New York (Mar 13)  U.S. stock index futures jumped over 5% on Friday after the S&P 500 and Dow posted their worst sessions since the 1987 “Black Monday” crash, lifted by hopes of a U.S. stimulus package to contain the economic damage of the coronavirus pandemic.

Fears about the damage to the travel industry were compounded on Thursday after sweeping U.S. restrictions on travel from Europe, which ended the longest bull run on Wall Street.

The crash erased over $2 trillion from the value of S&P-listed firms and plunged global equities into a bear market, but sentiment stabilized on Friday after indications that U.S. Democrats and Republicans could soon agree on a support measures. [nL1N2B52Q3]

U.S. energy firms Exxon Mobil (XOM.N) and Chevron Corp (CVX.N) rose more than 4%, tracking gains in oil prices. [O/R]

Cruise liners Carnival Corp (CCL.N), Royal Caribbean (RCL.N) and Norwegian Cruise Line Holdings (NCLH.N) looked set to advance after being hammered this week on a virtual halt in travel and business activity.

At 7:22 a.m. ET, S&P 500 e-minis EScv1 were up 126 points, or 5.1% at their upper trading limit.

Dow e-minis 1YMcv1 were up 1,110 points, or 5.26%, and Nasdaq 100 e-minis NQcv1 were up 407.5 points, or 5.65%.

Reuters