Futures climb after Wall Street’s worst day in three months

By Medha Singh

(Reuters) – U.S. stock index futures surged about 2% on Friday, pointing to a quick rebound for Wall Street from its biggest one-day dive in about three months on fears of a resurgence in coronnavirus infections.

Big U.S. lenders including Bank of America Corp , Citigroup Inc and Morgan Stanley rose between 3% and 5% in premarket trading after taking a hammering earlier this week.

The S&P 500 closed about 6% lower on Thursday as nerves over a rising number of new infections in several U.S. states replaced expectations of a swift recovery that drove the Nasdaq to a record high and led the S&P 500 well above its March lows.

The Federal Reserve’s indication of a long road to recovery on Wednesday also heightened concerns, putting the three main U.S. stock indexes on track for their worst week in about three months.

At 6:09 a.m. ET (10:08 GMT), U.S. e-minis stocks futures rose 1.99% to 3,070.25 points. The daily up trading limit for S&P futures is at 3,152.

Dow E-minis were up 608 points, or 2.42%, with 59,444 contracts changing hands. Nasdaq 100 E-minis were up 163 points, or 1.68%.

The CBOE volatility index <.vix> eased about 4.5 points after spiking to 40, its highest level since April 23.

Photoshop maker Adobe Inc rose 5.2% after posting better-than-expected quarterly profit, driven by strong demand for its Creative Cloud and Document Cloud software.

Yoga apparel maker Lululemon Athletica Inc fell 4.9% after posting lower-than-expected quarterly revenue and profit due to coronavirus-led store closures.

(Reporting by Medha Singh and Devik Jain in Bengaluru; Editing by Saumyadeb Chakrabarty)