US Stocks Futures Up On Latest Trump Comments On Stimulus

US stocks futures were higher early Wednesday after President Donald Trump partially reversed his move to end talks on a fiscal package and called for stimulus payments, among other initiatives

New York, (UrduPoint / Pakistan Point News - 7th Oct, 2020 ) :US stocks futures were higher early Wednesday after President Donald Trump partially reversed his move to end talks on a fiscal package and called for stimulus payments, among other initiatives.

Near 1230 GMT, Dow futures were up 0.8 percent at 27,927.00.

S&P futures rose 0.8 percent to 3,380.75, while Nasdaq futures jumped 0.9 percent to 11,369.50.

Trump on Tuesday said he was directing his staff to end the talks, accusing House Speaker Nancy Pelosi of negotiating in bad faith and saying the measure would be taken up after the election.

Stocks fell sharply following Trump's shock announcement on Tuesday, which came only hours after Federal Reserve Chair Jay Powell urged lawmakers to enact measures to boost the economic after it was hit hard by coronavirus shutdowns.

On Tuesday night, Trump called for Congress to "immediately" pass legislation to extend aid for airline workers and small businesses. Trump also said he would back another round of $1,200 stimulus payments for workers.

The partial recovery in futures markets Wednesday suggested investors see a boosted chance for some kind of relief following Trump's latest comments.

But that outcome isn't guaranteed, said a note from FHN Financial's Chris Low.

"For the time being, Senate Republicans believe no aid is preferable to a big package while House Democrats believe no aid is preferable to a 'skinny' compromise," Low said.

"In the meantime, there is no evidence of disaster in the economic data. Still, it's hard to imagine the President's announcement will not further hurt him in the polls."