U.S. stock futures rose on Sunday night as Wall Street tried to recover from another decline last week.
. West Texas Intermediate futures rallied 12% last week. WTI also jumped 24% on Thursday for its best day on record, lifting equity prices that day as concern about financial and job losses in the energy sector eased.
Crude has taken a beating this year as Saudi Arabia-led OPEC and Russia failed to reach a deal on production cuts while the global spread of the coronavirus dampens the demand outlook for oil. Year to date, WTI has lost more than half of its value. More than 1.2 million coronavirus cases have been confirmed, according to Johns Hopkins University. The U.S. is by far the country with the most cases at over 330,000. On Saturday, Trump warned "there will be a lot of death," noting the U.S. faces its "toughest week" in its fight against the virus.
In New York, the state with the most confirmed cases, the death toll has risen to 4,159 from 3,565 on Saturday, Gov. Andrew Cuomo said Sunday. New York City Mayor Bill De Blasio also said the city will likely run out of ventilators for coronavirus patients by Wednesday. To be sure, there may be some positive news on the virus front. The number of coronavirus-related hospitalizations has fallen slightly in New York while discharges are up, Cuomo said Sunday. Italy also reported Sunday its smallest daily increase in deaths in two weeks."Until the spread of the COVID-19 virus peaks and we are closer to a reopening of the U.S. economy, sell rallies and sit on your cash," said Chaikin.
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