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Stock futures rise in overnight trading after a 4-week losing streak

Spencer Platt | Getty Images News | Getty Images

Stock futures rose in overnight trading on Sunday after a four-week losing streak on Wall Street.

Futures on the Dow Jones Industrial Average rose about 100 points. The S&P 500 futures gained 0.3% and the Nasdaq 100 futures were also up 0.3%.

The S&P 500 and the 30-stock Dow were exiting their fourth consecutive negative week, losing 0.6% and 1

.8% respectively. It was the first time since August 2019 that the two benchmarks have suffered a four-week losing streak.

Last week, the high-tech Nasdaq made a 1% gain, posting its first in four positive week, as the tech sector recovered slightly from its recent deep rout.

Signs of a worsening pandemic continue to keep investors in check. New daily coronavirus cases surpassed 1,000 in New York state on Saturday, marking the first time new infections in the state have crossed the 1,000 mark since early June.

The major averages are on track to post heavy losses for September, a historically weak month for equities. The Dow and the S&P 500 were down 4.4% and 5.8% respectively, while the Nasdaq was down 7.3%. The drop followed a massive recovery from the coronavirus sell-off that saw the S&P 500 climb more than 50% from its March low.

“When markets reach the kinds of extremes we saw a month ago, they tend to require a very deep correction before the worst is over,” Matthew Maley, Miller Tabak’s chief market strategist, said in a statement on Sunday. “Also, it usually sees several” waves “of decline.”

Investors continue to monitor developments on further fiscal stimulus after negotiations between House Democrats and the Trump administration failed in early August.

House Speaker Nancy Pelosi said on Sunday that a last-minute coronavirus aid deal remains on the table as House Democrats try to move forward with a smaller aid package costing about $ 2.4 trillion. The chamber could vote on the bill as early as next week.

Meanwhile, on Saturday, President Donald Trump announced that he will appoint Judge Amy Coney Barrett to fill the vacancy left by the death of Judge Ruth Bader Ginsburg on the Supreme Court.

The move starts a fight for confirmation just weeks before election day. Hearings to consider Trump’s candidate will begin on October 12, Senator Lindsey Graham said Saturday.

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