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Stock futures rose on Sunday after a four-week loss on Wall Street in night trading.
The futures on the Dow Jones Industrial Average rose by around 100 points. The S&P 500 futures were up 0.3% and the Nasdaq 100 futures were also up 0.3%.
The S&P 500 and 30 stock Dow left their fourth consecutive negative week, down 0.6% and 1.8%, respectively. It was the first time since August 2019 that the two benchmarks had a four-week losing streak.
Tech-intensive Nasdaq was up 1% last week and had its first positive week in four years as the tech sector bounced slightly from the recent deep crisis.
Signs of a worsening pandemic continue to keep investors informed. The number of new daily coronavirus cases in New York state was over 1,000 as of Saturday. This is the first time since early June that the state's new infections have exceeded the 1,000 threshold.
Key averages are on track to post heavy losses in September, a historically weak month for stocks. The Dow and S&P 500 are down 4.4% and 5.8%, respectively, while the Nasdaq is down 7.3%. The declines followed a massive comeback following the coronavirus sell-off, which saw the S&P 500 gain more than 50% from its low in March.
"If markets reach the extremes we saw a month ago, a profound correction will be needed before the worst is behind us," said Matthew Maley, chief marketing strategist at Miller Tobacco, in a note on Sunday. "It also usually sees multiple 'waves' of a decline."
Investors continue to watch the development of further fiscal stimulus after negotiations between House Democrats and the Trump administration fell apart in early August.
House spokeswoman Nancy Pelosi said Sunday that a last-minute coronavirus aid deal was still on the table as House Democrats try to push a smaller aid package worth about $ 2.4 trillion. The chamber could vote on the bill as early as next week.
Meanwhile, President Donald Trump announced on Saturday that he would appoint Judge Amy Coney Barrett to fill the Supreme Court position vacated by the death of Judge Ruth Bader Ginsburg.
The move leads to a confirmation battle a few weeks before election day. The hearings to review Trump's nomination are due to begin October 12, Senator Lindsey Graham said late Saturday.
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