Stock futures inch higher
U.S. stocks are set to open clearly higher on Tuesday following solid gains in the previous session, as traders continue to cheer global stimulus measures implemented by dozens of countries to tackle the economic fallout from the novel coronavirus (COVID-19) pandemic.
However, analysts believe market volatility is likely to continue both up and down until the severity of the pandemic eases. The virus has infected nearly 800,000 people around the world and killed more than 37,500.
As of 5:30 a.m. ET, the blue-chip Dow futures indicated a gain of 181.5 points, or 0.82% to 22,348.5. The S&P 500 futures were up 20.63 points, or 0.79% to 2,631.88 while the tech-heavy Nasdaq 100 futures rose 95.13 points, or 1.21% to 7,949.88.
Crude jumps on U.S.-Russia talks optimism
Oil prices also inched higher on Tuesday after a phone call between U.S. Donald Trump and his Russian counterpart Vladimir Putin rekindled hopes that Moscow and Saudi Arabia could make a deal to end their ongoing oil price war.
The Kremlin issued a statement on Monday saying Trump and Putin “exchanged views on the current state of the global oil market and agreed that Russian and American energy ministers should hold consultations on this topic,” according to Reuters. The two leaders also discussed the coronavirus pandemic, according to the statement.
By 5:30 a.m. ET, U.S. West Texas Intermediate crude futures were at $21.31 a barrel, up $1.22, or 6.07%. International Brent crude futures were up 88 cents, or 3.33% to $27.30 per barrel.
DOJ said to be probing alleged insider trading by lawmakers
CNN is reporting says that the Justice Department is investigating several U.S. Senators for allegations that they dumped stocks after certain committee briefings about the coronavirus pandemic that recently sent the stock market spiraling down to record lows.
According to the report, which cited sources familiar with the matter, the probe is still in its early stages and being done in coordination with the U.S. Securities and Exchange Commission and the Federal Bureau of Investigation.
The investigators are seeking information on the trades of at least one lawmaker, North Carolina senator Richard Burr, who sold stocks worth between $628,000 and $1.7 million on February 13 in 33 separate transactions.
However, it is not clear whether the DOJ is also looking at several other senators including Kelly Loeffler, Jim Inhofe, and Dianne Feinstein who sold and bought stocks ahead of the market crash.