Futures Losses Partially Undo Massive 3-Day Gains

U.S. stock futures pointed lower Friday following a sharp rally sparked by increasing expectations of massive fiscal stimulus while investors shook off grim unemployment data.

Futures for Dow Jones Industrials sank 665 points, or 3%, early Friday to 21,683. The 30-stock average is now up more than 20% over the past three sessions, a gain that meets the technical definition of a bull market. The S&P 500 also rallied more than 6% and is now up over 20% since Monday’s close as well.

Futures for the S&P 500 fell 72.5 points, or 2.8%, at 2,535.50

Futures for the NASDAQ Composite lost 194 points, on 2.5%, to 7,650.

Global cases of the coronavirus have surged to more than 542,700 with at least 85,996 in the U.S., according to data from Johns Hopkins University.

President Donald Trump held a phone call with Chinese leader Xi Jinping, saying the two countries are “working closely together” to fight the pandemic. Meanwhile, U.K. Prime Minister Boris Johnson has tested positive for the coronavirus.

Overseas, in Japan, the Nikkei 225 rebounded 3.9%, while Hong Kong, the Hang Seng Index gained 0.6%.

Oil prices tailed off 26 cents to $22.34 U.S. a barrel.

Gold prices drooped $23.70 to $1,636.60 U.S. an ounce.