On Wednesday evening, stock futures rallied, adding to the gains of Wednesday. This saw the S&P500 and the DOW Jones climb more than 6%.
This is for the third straight day that US stocks ended higher and it is largely thanks to the $2 trillion package bill that was passed by the Senate earlier this week.
Today, the House of Representatives is set to vote for the bill to be passed and the President already mentioned that he will sign.
However early this morning, the US overtook China in the number of confirmed cases and this should affect the futures market.
While governments around the world are stepping up their efforts to soften the economic fallout from the outbreak, the pandemic shows no sign of slowing down outside of China and the US is said to be the new epicentre for the virus in the coming few days.
Zoom technologies trading suspended
As more than a third of the world's population is confined to their homes, more and more companies are setting up their employees to work from home. This led to companies using virtual meeting software to coordinate their operations.
Zoom Video Communications Inc (ZM) is one of these companies that employees are using at the moment and as it holds a similar name to Zoom technologies Inc. (ZOOM), investors got confused. The share prices for ZOOM tripled in a period of 3 days and the SEC had to halt trading for the Delaware-based company.
The confusion led hundreds of investors to buy shares for the wrong company. This shows how much demand there is at the moment for stay-at-home stocks.
Asian markets gain
Following the gain on Wall Street, Asian markets rallied today. The main benchmarks in Japan and South Korea gained 1.2% and in Shanghai, it gained around 0.6%.
The results were different in Australia as the S&P/ASX200 slumped compared to its Asian counterparts.
The gains in Asia were mostly due to the Senate's $2 trillion package relief.
Financial Events to watch for today
19:30 CFTC Crude Oil speculative net positions