U.S. equities markets could see something of a rebound Friday as futures trading in major indices soared in the early hours before the trading session begins at 9:30 a.m. ET.
Dow futures were up 1,100 points, following Thursday’s bloodbath that saw the worst declines for the Dow and other indices since the Black Monday meltdown in October 1987. NASDAQ and S&P 500 futures were also up sharply, suggesting investor optimism that Thursday’s panicky sell off will not be repeated today. However, the jolt of coronavirus-related shutdowns and cancellations is seen as pushing the country into what economists believe is an overdue recession.
The hardest hit media stocks on Thursday included Disney, which is vulnerable to a sharp downturn in attendance at its many theme parks and resorts because of the COVID-19 threat, and ViacomCBS, which was already struggling to prove its post-merger strategic plan to Wall Street.
More to come