The U.S. futures are pointing to a higher opening
. Following the Memorial Day holiday
, more states begin
their economies from
the coronavirus-related lockdowns
. Too, investor sentiment is improving
, thanks to hopes
that a coronavirus vaccine
would be found.
Wall Street strode into the penultimate session of this week on something of a high note, having booked solid aggregate increases over the past three trading days. And it added to those gains in the first hour of trading yesterday, buoyed by solid quarterly earnings performances from some retailing chains. However, there was a continuing cloud over the market, and that was the steady drumbeat of millions of new layoffs. As this was Thursday morning, the Labor Department reported its latest weekly jobless claims figures.
The U.S. stock market pressed higher yesterday
on the reopening optimism
as well as on hopes
that a vaccine for COVID-19 would soon be found
as another potential entrant into this arena surfaced, two days after Moderna
(MRNA) entered the fray. We think additional candidates will emerge in the coming days, weeks, and months, as the battle to combat COVID-19 continues
. Finally, after Wednesday's constructive session
, the U.S. equity futures are suggesting some profit taking at the open this morning
The stock market
, on a veritable tear to start the new trading week on Monday, as growing hopes for a vaccine to combat COVID-19
, helped to fuel a stealth advance on the session, saw the Dow Jones Industrial Average climb back above 24,000, with an advance of 912 points. As to those vaccine hopes, they were led by Moderna
(MRNA), and its supportive Phase 1 test results on a relatively small sample of individuals. The stock surged on that news, but retraced some of those gains yesterday.
The U.S. stock market displayed notable strength yesterday
, commencing the week on an upbeat note. Meanwhile, Wall Street
continues to keep a careful eye on the coronavirus pandemic
and its impact on the corporate sector
. Traders are watching, as numerous states across the nation are starting to reopen for business. Looking to the day ahead, the S&P 500 futures are indicating a slightly lower opening.
As we pass the midpoint of May, the month is looking quite different from the previous 30-day stretch. Recall that the major equity indexes, which fell into bear territory in March
as the coronavirus pandemic slammed the United States, bottoming on March 23rd, staged a tremendous rally in April.
What a week it has been on Wall Street. To recap, after a ho-hum session to start the five-day span on Monday, the stock market moved into selling mode on Tuesday and Wednesday, with the Dow Jones Industrial Average, which had been on a veritable tear for weeks, losing 457 points and 517 points, respectively. Behind this selling were cautionary comments from infectious disease expert Dr. Anthony Fauci on Tuesday and economic warnings from Federal Reserve Chair Jerome Powell on Wednesday.
After yesterday's market valuation and economic concerns
and the prior session's disease worries
, the equity futures moved somewhat higher in the hours immediately after the close
, as Wall Street tried to put the brakes on this two-day setback. Traders clearly are hoping that this has been a brief interlude in a strong seven-week market comeback. As to the day ahead, after that buying flurry last evening,
the equity futures now are pointing to a lower opening
when trading resumes shortly.
The stock market, which has made a V-shaped recovery since its March 23rd lows, was at it again yesterday morning, climbing modestly from the prior-session's close. Optimism about a reopening of the economy, even as the death toll from COVID-19 continues to rise, appears to be behind the market's comeback, which has thus far seen the Dow Jones Industrial Average jump from just over 18,000 to above 24,000. At its peak, the Dow was on the doorstep of 30,000. But that was before the world was changed by this pandemic.
was mixed yesterday
. At the close, the Dow Jones Industrials ended the session with a loss of 109 points, the broader S&P 500 gained a fraction of a point, while the tech-heavy NASDAQ fared the best of the lot, advancing 71 points. As we look to the new day, U.S. stock futures are pointing to an up opening for the major indexes
, following this morning’s report of a .8% decline in the Consumer Price Index for April, which was on target with expectations. Developments on the coronavirus front
will undoubtedly continue to steer stocks in the weeks ahead