Stock market signals optimism that the virus may be abating and that oil market will stabilize

CNBC:

U.S. stock futures surged on Monday, pointing to a big rebound to start the week.

The bullish sentiment was driven by a number of things:

• While the White House acknowledged this week could be among the toughest for coronavirus hot spots like New York, the administration had a more optimistic tone overall at a press conference on Sunday, noting signs of stabilization in hospital rates and other factors.
• New York State reported 594 new coronavirus deaths on Sunday, fewer than 630 on Saturday, marking the first daily decline in coronavirus-related deaths, according to Governor Andrew Cuomo.
• Slowing death rates in Europe offered up some hope that the U.S would be nearing its peak soon as well and that social distancing measures are working.
• Oil cut its losses after Russia’s sovereign wealth fund chief said that Russia and Saudi Arabia were very close to a deal on production losses. U.S. crude was still off by 4%, but off its biggest losses of overnight trading, easing concerns the oil market would further destabilize the global economy.

Dow Jones Industrial Average futures were up 716 points, or 3.4%, indicating a gain of more than 700 points at the open. S&P 500 futures were up 3.4%. Nasdaq 100 futures gained 3.6%.

“Incoming data suggests NY state might peak sooner than Cuomo’s optimistic case,” Tom Lee, head of research at Fundstrat, said in a note to clients. “With better visibility on the healthcare crisis in the US, particularly, on a potential to model a national peak, we believe buyers are now taking control.”
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The market is usually a leading indicator of where the economy is headed.  There are also indications that the models predicting more deaths from the virus are not being realized.  That is an indication that many of the underlying assumptions of "experts" were invalid.