Futures Hit Limit Up, Treasuries Extend Drop As $2 Trillion Stimulus Deal Nears

US equities hit 'limit up' in pre-market trading on Tuesday on news that the Senate and the White House are close to an agreement on a $2 trillion coronavirus aid package which was delayed after Democrats held it hostage for a wish list of unrelated pork.

It's unclear on whether they've agreed to eliminate the controversial demands - including several 'Green New Deal' type emissios restrictions on airlines, funding to keep the JFK Performing Arts Center going, or $7 million for one specific DC charter school with a $180 million endowment - but Nancy Pelosi will be on CNBC this morning to discuss.

House Speaker Nancy Pelosi came out with House Democrats’ $2.5 trillion bill. President Donald Trump, meanwhile, suggested he wants to urge businesses to reopen, sooner rather than later. “I’m not looking at months,” the president said at a news conference Monday evening. -CNBC

The Dow was down 37% from its recent February highs as of Monday's close.

US Treasuries, meanwhile, extended an overnight drop on news of the impending deal.

According to CNBC, investors have been more concerned about the stimulus package than the Federal Reserve's Monday announcement of a massive, open-ended asset purchase program.