Traders weigh in on increasing coronavirus cases as stock futures rise, U.S. Talks of excitement

A passenger wears a protective mask at the Wall Street subway station in New York on Monday, March 30, 2020.

Michael Nagley | Bloomberg by Getty Images

U.S. stock futures rose on Sunday night as the number of newly confirmed coronavirus cases continued to rise while legislators remained in motion over new stimulus deals.

Dow Jones Industrial Average futures were up 131 points, or 0.5%. The S&P 500 and Nasdaq 100 futures were up 0.5% and 0.7%, respectively.

A CNBC analysis of Johns Hopkins University data found that Covid-19 cases were up 5% or more in 38 states as of Friday. Across the country, the average daily case has increased by more than 16% on a week-to-week basis to about 55,000. New coronavirus infections in Europe are increasing by about 97,000 every day, up 44% from the previous week.

In Washington, DC, House Speaker Nancy Pelosi said Saturday evening that she was giving the Trump administration 48 hours to reach an aid deal before the Nov. 3 election. Pelosi and Treasury Secretary Steven Manucci continued their discussions over the weekend. They agreed to speak again on Monday.

“The reference to these 48 is only when we want to complete it before the election, which we do,” Pelosi told ABC’s “This Week” on Sunday. “We’re telling them, we have to stabilize the design on some of these things – are we going to go with it or not and what’s the language? I’m optimistic, because again we’re back and forth on all of this.”

Pelosi’s comment came as hope among market experts for a deal to be struck before the election falls. This, along with a clear new wave in coronavirus infection, contributed to the cattle trade last week.

The S&P 500 and Dow were down three straight days last week before closing slightly higher on Friday. The Nasdaq Composite posted its first four-day losing streak since September.

“We’ve been seeing a lot of cross-currents in recent weeks that are ubiquitous,” Sheriff Hamid, a strategist at Jefferies, said in a note. “The U.S. election is imminent, financial stimulus is the key to a potential catalyst in the near term, and developments on the virus front remain crucial to the long-term outlook.”

“A lot is likely to happen in the next few weeks, and the broader macro picture could change drastically depending on developments on all these fronts,” Hamid added.

On the earnings front, IBM is set to announce its latest quarterly results on Monday. Meanwhile, Federal Reserve Chairman Jerome Powell is scheduled to speak Monday morning.

To subscribe CNBC Pro For exclusive insights and analysis and live business day programming around the world.