CNBC: Dow futures bounce by 500 points as Wall Street tries to recover from its worst day since March

CNBC reports:

U.S. stock futures rebounded Friday, a day after the worst market drop since March which came on fears a resurgence in coronavirus cases.

Dow Jones Industrial Average futures rose 478 points, or 2% on Friday. The move implied an opening gain of about 520 points. S&P 500 futures gained 1.6%. Nasdaq-100 futures added 1.4%.

Investors on Friday went right back into the plays whose fates hinge on a successful reopening of the economy. Carnival Corp jumped 10% in premarket trading. United Airlines climbed 8%. Other premarket winners included brick-and-mortar retailers Kohl’s and Gap. Those stocks were hit big time during Thursday’s sell-off as investors feared the reopening of the economy could be delayed by a second wave of cases.

The Dow, S&P 500 and Nasdaq on Thursday all recorded their biggest one-day losses since mid-March, posting losses of at least 5%. Thursday’s declines put the major averages on pace for their biggest weekly losses since March 20, when they all dropped at least 12% amid broad economic shutdowns stemming from the pandemic.

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Now read this: “Buy-the-dip rally vanishes“.

Then this: “Stocks bounce but close the week with losses“.