|Day's Range||9,667.25 - 9,707.50|
Stock futures opened slightly lower Wednesday evening, pausing after a rally sent US equities to their highest level in three months.
Stocks rose, tracking advances in global equities as investors eyed stabilizing economic data alongside ongoing protests across the country, which spurred some concerns of a ramp-up in coronavirus cases following a deescalation in the outbreak.
U.S. employers cut 2.76 million private payrolls in May, according to a report Wednesday from ADP, as the coronavirus pandemic weighed on domestic economic activity and the labor market for another month.
U.S. stock-index futures headed lower in thin trading Monday evening as President Donald Trump said he would deploy military personnel across cities facing protests if state governors and local officials prove unable to contain civil unrest erupting across the nation. "I am dispatching thousands and thousands of heavily armed soldiers," Trump said on Monday at the White House, according to news reports. "If a city or state refuses to take the actions necessary to defend the life and property of their residents, then I will deploy the United States military and quickly solve the problem for them," Trump said, at a news conference late Monday. Futures for the Dow Jones Industrial Average were down 138 points, or 0.5%, at 25,327, those for the S&P 500 index were off 0.5% at 3,039, while Nasdaq-100 futures were off 0.3% at 9.568. Major cities from Los Angeles to New York have been engulfed in nightly protests after George Floyd, a black man, died last Monday following a confrontation with police in Minneapolis in which a white police officer, Derek Chauvin, was captured on video driving his knee onto Floyd's neck until the handcuffed man lost consciousness and later died. Curfews were announced Monday for Minneapolis and St. Paul, while New York's Gov. Andrew Cuomo placed New York City under curfew Monday night, for the first time in about eight years. However, the stock market has mostly trended higher as optimists focus on efforts by businesses to emerge from lockdown protocols implemented to curtail the spread of COVID-19. The Dow finished regular trade on Tuesday 91.91 points, or 0.4%, higher at 25,475.02, after trading negative at the start of Monday's session. The S&P 500 rose 11.42 points, or 0.4%, to end at 3,055.73; while The Nasdaq Composite added 62.18 points, or 0.7%, to close at 9,552.05. All 50 states have embarked on some stage of reopening from forced shutdowns. Meanwhile, a report from the Congressional Budget Office released on Monday, said the recessionary atmosphere triggered by the coronavirus caused it to lower its 2020-30 forecast for U.S. economic output by almost $8 trillion, or 3% of gross domestic product, relative to its January projections. GDP isn't expected to catch up to the previously forecast level until the fourth quarter of 2029, the CBO added. Investors have also been paying attention to rising Sino-American tensions, with Chinese government officials telling major state-run agricultural companies to pause purchases of some American farm goods, including pork and soybeans, according to reports.
Stocks turned positive Monday morning, steadying against a backdrop of protracted protests in some of the nation’s largest cities, many of which had already been struggling to reopen amid the coronavirus outbreak.
Futures for the S&P 500 and Dow Jones Industrial Average turned positive in early trading on Monday despite violent protests across the country and worries around U.S.-China tensions. Futures for the Dow were 39 points, or 0.2%, higher at 25,417. Those for the S&P 500 index were 2 points, or 0.1%, up at 3,044. Futures for the Nasdaq Composite remained negative, down 0.2% at 9,542.25.
Top news and what to watch in the markets on Monday, June 1, 2020.
Stocks fell on Friday, extending losses from Thursday’s session as investors eyed renewed tensions between the U.S. and China.
Top news and what to watch in the markets on Friday, May 29, 2020.
Stocks were mixed Thursday amid new developments that could raise tensions between the U.S. and China, and a deluge of new economic data, much of which was still consistent with a contraction but at least signaled some stabilization after an initial slump in activity.
Stocks rose Wednesday and pushed passed earlier concerns over increasingly tense U.S.-China relations, which had sent the S&P 500 and Nasdaq into negative territory earlier in the session.
Stocks edged down Friday morning as ongoing signs of the economic damage from the coronavirus pandemic compounded with fears of rising U.S.-China tensions. A slew of quarterly corporate earnings results came in mixed.
Stocks cut gains from the pre-market session and opened lower Wednesday, as traders eyed commentary from Federal Reserve Chair Jerome Powell.
The Stifel strategist who predicted April’s market rally says the best strategy right now is to be like the Road Runner: “Step out of the way and let anvil hit Wile E. Coyote — the economy. And then after that, the Fed will act and then you can move on, if you're the investor.”
Powell said in prepared remarks Wednesday that the depth and length of a recession can “leave behind lasting damage," suggesting that those inside the Fed see slim chances of a V-shaped recovery.