S&P/ASX 200 (INDEXASX:XJO) (ASX:XJO) futures are down 1.2% heading into the open but have rebounded from their earlier lows with optimistic investors calling for a bounce today.
Overnight, the S&P 500 Index (INDEX:. INX) closed at 2,237.40, −67.52 or down 2.93% and the Nasdaq Composite (INDEXNASDAQ: .IXIC) closed at 6,860.67, −18.84 or down 0.27%.
With two red sessions in the US now on Friday and Monday, the market is due for good news.
US Congress is debating an economic stimulus bill, which when passed could provide the reprieve the market desperately needs short term.
Alternatively, the market may focus on the US FDA this morning granting potential COVID19 treatment drug Remdesivir with an Orphan Drug Designation.
Remdesivir is a novel antiviral drug developed by Gilead Sciences, Inc. (NASDAQ:GILD).
Gold and oil higher overnight
Gold was up 5.1% overnight to US$1,560 per ounce and Crude Oil WTI was up 5.1% to US$23.80 per barrel.
The AUD is buying 58.2 US cents which is largely unchanged at -0.2% overnight.
[REPORT] Wall St falls further as investors wait on a US stimulus package to pass the Senate https://t.co/YwmhB4ZKJi #ausbiz #markets pic.twitter.com/20M141Dgcv
— CommSec (@CommSec) March 23, 2020