Stock futures rise as recovery hopes offset virus fears

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Stock futures rose Monday morning as market participants weighed prospects that the virus-stricken economy would rebound quickly against fears over an extended rise in new cases over the weekend.

The pre-market gains for equity futures extended came on the heels of last week’s choppy equity trading sessions. The S&P 500 and Dow dipped at the end of last week but held onto weekly advances after Apple said it was closing retail stores in states where Covid-19 cases were spiking anew.

A number of states continued to struggle this weekend with rising coronavirus cases as businesses reopen, with states across the South, West and Midwest hit especially hard. California on Sunday reported a record 4,515 new cases in a 24-hour period, marking the highest so far in one day for the state during the pandemic. Cases in Florida rose by a single-day record of 4,049 based on Saturday’s tally, and cases on Sunday increased by another 3,494.

States including Arizona, Nevada, Missouri, South Carolina, Montana and Utah also saw cases rise by one-day records this weekend, stoking concerns of a broad-based resurgence in the pandemic that could threaten to stunt the nation’s reopening process.

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