Business

Stock futures hit three-month high on prospects of economic recovery

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REUTERS: U.S. stock index futures hit a three-month high on Tuesday as hopes of a rebound from a coronavirus-led economic slump prevailed over fears of disruption from widespread protests over race in the country.

Some of the worst-hit stocks in the travel sector, including American Airlines Group Inc , United Airlines , Norwegian Cruise Line and Carnival Corp , climbed between 3.1per cent and 5.0per cent in premarket trading.

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Economic data pointing to a quick recovery, trillions of dollars in stimulus and a restart in business have helped the S&P 500 climb about 38per cent from its March lows, leaving it only about 11per cent below its Feb. 19 record high.

Investors, however, are keeping a close eye on Sino-U.S. tensions and protests in the United States over the death of a black man in police custody.

Demonstrators set fire to a strip mall in Los Angeles, looted stores in New York City and at least five U.S. police were hit by gunfire, hours after President Donald Trump vowed to deploy the U.S. military to regain control of the streetRead More – Source