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

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

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This is a live blog. Check back for updates.

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.

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