Stock Futures Point to a Rebound Following Steep Declines
(Reuters) – U.S. stock index futures climbed on Monday, following steep declines in the previous session, as China took steps to relieve pressure on its economy from the impact of the coronavirus epidemic.
The country’s central bank cut reverse repo rates by 10 basis points and injected 1.2 trillion yuan ($171 billion) to limit the damage from travel curbs and business shut-downs on the economy.
However, that could not stop a near 8% plunge in Chinese .CSI300 stocks as investors played catch-up after an extended Lunar New year holiday.
Fears surrounding the spread of coronavirus, which has been declared a global emergency, had led the S&P 500 .SPX and the Dow Jones Industrials .DJI to record on Friday their worst weekly losses in at least five months.