|Day's Range||26,212.00 - 27,325.00|
Most black families will not see the benefit from a historic stock market rally, one that has persisted despite a global pandemic and nationwide protests.
Stocks spiked on Friday after data showed the coronavirus-stricken U.S. economy unexpectedly added jobs in May.
U.S. stock indexes surged higher on Friday, adding to already sharp gains in the morning after a report on employment in the U.S. showed an unexpected rise in jobs and the rate of unemployment fell rather than rose as had been feared. The report showed that 2.5 million jobs were added last month and the unemployment rate fell to 13.3% from 14.7% in April. Economists had predicted the official unemployment rate will climb to 19% in May, a MarketWatch survey showed. Friday's nonfarm-payroll also was expected to show that 7.25 million U.S. jobs were lost in May, after 20 million were lost in April due to the COVID-19 pandemic. "The US unemployment rate has shocked everyone because the number was much lower than the market expectation," wrote Naeem Aslam, chief market strategist at AvaTrade, in a note after the report was released. "Speculators were whispering for 20%. This a mind-blowing number and shows that the economy is improving," he wrote. The Dow Jones Industrial Average was 900 points, or 3.4%, higher at 27,178, those for the S&P 500 index climbed 2.7% at 3,196, while the Nasdaq Composite climbed 1.9%% at 9,795. The move for equities on Friday comes after the Dow ended 11.93 points, or less than 0.1%, higher on Thursday at 26,281.82. The fourth straight gain matches a similar streak of wins for the blue-chip index ended April 27, according to FactSet data. Meanwhile, the S&P 500 fell 10.52 points, or 0.3%, to close at 3,112.35 and the Nasdaq Composite Index finished 67.10 points, or 0.7%, lower to wrap up the session at 9,615.81, putting the index about 2.1% from its Feb.
The May jobs report showed an unexpected rise in the number of non-farm payrolls in the economy and a drop in the unemployment rate from April.
Top news and what to watch in the markets on Friday, June 5, 2020.
U.S. stock-index futures were bouncing around in thin trade Thursday evening, with investors looking toward a labor-market report that could reflect soaring unemployment even as the data hints at a decelerating pace of job losses in the coronavirus-stricken economy. Futures for the Dow Jones Industrial Average were off 16 points, or less than 0.1%, at 26,235, those for the S&P 500 index were edging down less than 0.1% at 3,109.25, while Nasdaq-100 futures ticked up by about 0.1% at 9,635.50. Economists predict the official unemployment rate will climb to 19% in May, the MarketWatch survey shows, though some think it could approach as high as 25% unofficially. At that level it could approach the worst levels since the Great Depression. Another 7.25 million U.S. jobs may have disappeared in May, after the loss of more than 20 million in April due to the COVID-19 pandemic, but the partial reopening of businesses in the past few weeks suggests the damage to the economy may be mostly done--for now. Thus far, investors have focused on reopenings and hope that the economy will recover soon if another outbreak doesn't hit the U.S. Director of the Centers of Disease Control and Prevention Director Robert Redfield testifying Thursday in front of the House Appropriations Committee said that he is "very concerned" that Americans are becoming too lax about the dangers of the contagion. The disease has infected 6.5 million people world-wide, and 1.8 million in the U.S., while nearly 390,000 people have died from the the virus that originated in Wuhan, China in December, according to data from Johns Hopkins University as of Thursday night.
Stocks struggled to cobble together a fifth straight day of gains as data showed new unemployment claims totaled another 1.877 million last week.
U.S. stock-index futures were rising Wednesday evening after the major equity benchmarks posted sharp gains in the regular session on continued hope that measures to limit the economic damage wrought by the COVID-19 pandemic will prove successful in the near term. The gains on Wednesday marked the S&P 500 index's best 50-day trading stretch, up 37.7%, ever, according to research analyst Ryan Detrick, LPL Financial analyst on Wednesday via Twitter, based on data tracking the predecessor of the S&P 500 going back to 1950. Such streaks also coincided with positive gains in the six-month and 12-month period, the analysts noted. Futures for the S&P 500 index Wednesday evening were up 7.55 points, or 0.2%, at 3,125, those for the Dow Jones Industrial Average were up 103 points, or 0.4%, at 26,331, while the Nasdaq-100 futures were gaining 14.75 points, or 0.2%, at 9,699.50. Wednesday's regular trade concluded with the Dow advancing 527.24 points, or 2.1%, to close at 26,269.89, while the S&P 500 rose 42.05 points, or 1.4%, to end at 3,112.87, the highest finish for both benchmarks since March 4, according to Dow Jones Market Data. The Nasdaq Composite Index rose 74.54 points, or 0.8%, ending at 9,682.91, or 1.4% away from its all-time closing high of 9,817.18 in February. On Thursday, investors will be watching for a report on weekly jobless claims where at least 1.8 million workers probably applied in the week ended May 30, according to average economists' estimates polled by MarketWatch. Market participants, however, have been shaking off poor economic reports to focus on reopening efforts. Trillions of dollars in stimulus from the Federal Reserve and the government have also helped to stabilize the market's downturn.
U.S. stock-index futures Wednesday morning added to solid gains after a private-sector labor-market report came in much cooler than expected. Data from Automatic Data Processing Inc. showed that 2.76 million jobs were lost in May, but that figure was far weaker than consensus expectations for a loss of jobs 8.663 million, compared with April's tally for a loss of 20.236 million. Futures for the Dow Jones Industrial Average were up 230 points, or 0.9%, at 25,930, those for the S&P 500 index were up 0.6% at 3,096, while Nasdaq-100 futures were gaining 0.4% at 9,685. The ADP data come ahead of U.S. unemployment figures in the nonfarm private sector that will disclosed on Friday, and will likely show that unemployment in the U.S. for May has approached 19% amid the COVID-19 pandemic.
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 rose Tuesday evening, implying that the trend for Wall Street continues to be higher after the stock market closed at its highest level since early March. Futures for the Dow Jones Industrial Average were trading 102 points, or 0.4%, higher at 25,803, those for the S&P 500 index were gaining 0.3%, while Nasdaq-100 futures were advancing 26 points, or 0.3%, at 9.673.75, at last check. The gains come as unrelenting bullishness surrounding the prospects of business reopenings in the U.S. continue to buoy stocks, despite a wave of issues that should otherwise serve as impediments to a bullish uptrend. Those factors include, Chinese-U.S. tensions, seething civil unrest in America and a pandemic that remains a public-health problem throughout the world. In Tuesday's regular session, the Dow rose 267.63 points, or 1.1%, to end at 25,742.65, marking its highest close since March 6, according to Dow Jones Market Data. Meanwhile, the S&P 500 index rose 25.09 points, or 0.8%, closing at 3,080.82, its loftiest finish since March 4, and the Nasdaq Composite Index advanced 56.33 points, or 0.6%, to finish at 9,608.37, representing its best closing level since Feb. 20. On Wednesday, investors will get a fresh read of the impact of efforts to limit the spread of COVID-19, with a report on private-sector employment likely to show that 8.663 million jobs were lost in May, according to Econoday, compared with Automatic Data Processing Inc.'s estimate in April for a loss of 20.236 million. Markets have shrugged off poor economic news and a wave of protests across U.S. cities sparked partly by the death of George Floyd in Minneapolis last week, an unarmed black man who perished under the knee of a white police officer. Protests about social injustice in America has resulted in curfews imposed in a number of major cities, including New York, which has set a curfew from 8 p.m. Eastern to 5 a.m. In corporate news, shares of Zoom Video Communications Inc. soared in after-hours trade Tuesday after the videoconference company reported record sales and earnings, and expectations for more amid boom times during a pandemic that has fostered, perhaps, a lasting stay-at-home business culture.
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. 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.
U.S. stock-index futures headed south in thin trading Sunday evening following a weekend of violent protests over the death of a black man, George Floyd, early last week in Minneapolis while in policy custody. The protests, spanning from Los Angeles to New York, resulted in violent clashes between civilians and law enforcement, and led some to speculate that it could complicate efforts by cities and states to recover from one of the worst public health disasters in more than century. "The indirect impact on the fragile collective psyche of businesses and consumers could be more serious," Mark Zandi, chief economist of Moody's Analytics, told MarketWatch. "Just when people were starting to come out of the proverbial bunkers, the protests may be too much for them, and they will go back in," he speculated, referencing consumers reluctance to go out shopping in the wake of the viral outbreak. "The protests are also symptomatic of just how deep the economic problems and racial tensions go in our country," the economist said. Although the riots, fueled by deep-seeded concerns about racial injustice in America, aren't expected to have long-term economic implications, protests did slam the stores of major retailers owned by Target Corp. , Walmart Inc. and Nike Inc. , which are still swooning from the pandemic and were caught up in looting and vandalism that ensued during the weekend protests. Apple Inc. also said it would close some of its stores due to looting fears. Futures for the Dow Jones Industrial Average were off 160 points, or 0.6%, at 25,217, those for the S&P 500 index were 0.6% lower at 3,023.75, while Nasdaq-100 futures were 0.6% lower at 9,507.75. The protests across many major cities in the U.S. center on the death of Floyd, who is black, and perished on Monday following a confrontation with police in Minneapolis in which one officer, Derek Chauvin, was captured on videos driving his knee on Floyd's neck until the handcuffed man lost consciousness and later died. To be sure, investors will be focused on the continued reopening of states and local businesses following lockdowns intended to halt the spread of the deadly illness derived from the novel strain of coronavirus. Intensifying conflicts Sino-American friction may also influence trading. On Friday, the Dow booked a weekly gain of 3.8%, while the S&P 500 finished 3% higher and the Nasdaq Composite Index ended the period 1.8% higher. For May, the Dow logged a 4.3% gain, the S&P 500 climbed 4.5%, while the Nasdaq marked a 6.8% return in May.
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.