Stock market live updates: Futures spike, 10-year Treasury jumps, oil climbs 9% - CNBC

Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE).

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7:57 am: S&P 500 futures briefly hit 'limit up' prices

S&P 500 futures briefly traded 5% above the index's closing price on Monday to hit their so-called limit up prices. Price limits are implemented by the CME Group — where stock futures trade — as a way to cap upside or downside volatility. On Monday, S&P 500 futures reached their downside price limit in a historic sell-off sparked by coronavirus fears and an all-out oil price war between Russia and Saudi Arabia. —Imbert, Schacknow

7:52 am: Treasury yields roar back from record lows

Treasury yields rebounded sharply from their all-time lows as investors flocked to the stock market following its worst day since the financial crisis. The yield on the benchmark 10-year Treasury note jumped 22 basis points to around 0.722%. The benchmark rate tanked to a record low of 0.318% on Monday. The yield on the 30-year Treasury bond also climbed back above 1%, last trading at 1.222%. - Li

7:13 am: Stocks come roaring back to life

U.S. futures pointed to a monster 1,041-point gain for the Dow Jones Industrial Average, one day after the 30-stock index posted its worst day in more than a decade and single largest point drop on record. The index is set to open with a gain of more than 4%, with the S&P 500 and Nasdaq Composite also on track for 4% jumps.

Stock futures erased big losses in after-hours trading Monday and turned positive after President Donald Trump floated the idea of "a payroll tax cut or relief" to offset the negative impact from the coronavirus. The potential tax incentives come on top of an $8.3 billion spending package Trump signed last month.

The jump higher comes amid a roller-coaster ride that's seen stocks whipsaw in either direction. On Monday fear gripped Wall Street as oil slid 24% amid escalating tensions between Saudi Arabia and Russia. The yield on the 10-year Treasury fell to a record low as investors sought safety amid the wave of selling. - Stevens

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2020-03-10 11:54:09Z
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