US pre-open: Futures point to solid gains following record losses
US futures had stocks rebounding on Friday following the Dow’s worst day since Black Monday in 1987 in the previous session.
As of 1230 GMT, Dow futures were 5.30%, while S&P 500 and Nasdaq-100 futures had the indices opening 5.13% and 5.66% stronger, respectively.
The Dow closed 2,352.60 points lower on Thursday as trading ended in misery as consternation around the global COVID-19 pandemic raged on.
S&P 500 futures hit "limit up" in pre-market trading, just 24 hours after hitting "limit down" in the previous session which resulted in a 15-minute halt to trading.
Sentiment was boosted after House Speaker Nancy Pelosi said Republicans and Democrats were close to reaching a deal on an economic relief package aimed at helping lessen some of the damage caused by the coronavirus outbreak.
"We've resolved most of our differences," said Pelosi.
Also in focus was news that the US Federal Reserve had injected trillions of dollars into the treasury market in order to improve liquidity.
CMC Markets' Michael Hewson said: "US markets look set to open higher in the wake of the more positive tone in Europe this morning though given the volatility seen this week that could well change in the next few hours, as markets oscillate to and fro.
"There is an expectation that the Federal Reserve may well act further on rates, when they meet next week, as well as embarking on further money market operations to keep Treasury markets functioning. Yields this week have jumped sharply from their Monday lows, which is hugely counterintuitive in a week that has seen massive falls in stock markets."
On the macro front, February's import and export price index was due out at 1230 GMT, while the University of Michigan's preliminary consumer sentiment index was set to follow at 1400 GMT.
No major corporate earnings were scheduled for release on Friday.