The “Bold Girl” statue stands outside the New York Stock Exchange (NYSE) in New York, U.S., on Friday, June 12, 2020.
Jeenah Moon | Bloomberg | Getty Graven images
U.S. stock futures rose early Monday morning following a solid weekly performance on Wall Street in lingering concerns about the coronavirus outbreak.
Dow Jones Industrial Average futures were 102 points huge. S&P 500 and Nasdaq-100 futures were also trading in positive territory.
The major U.S. stock average are be awarded pounce on off their fourth weekly gains in five weeks. Both the Dow and S&P 500 advanced at least 1% last week while the Nasdaq Composite advanced over 3%.
News programme of the Federal Reserve buying corporate bonds along with a record spike in U.S. retail sales lifted feeling on Wall Street last. Expectations of an economic recovery also pushed up stock prices.
However, the number of newly established coronavirus cases continues to increase, raising questions about the recovery.
“The areas of concern that weighed on ancestries Friday afternoon were reinforced over the weekend,” Adam Crisafulli of Vital Knowledge wrote in a note. “Administrations look set to proceed with reopening, but the real driver of growth will be behavioral normalization and that is very suitable to be impended by the steady negative coronavirus news flow.”
The U.S. reported more than 30,000 additional coronavirus cases on Friday, the highest several of confirmed one-day infections since May 1, data compiled by Johns Hopkins University showed. Nevada, Florida, California and Arizona attired in b be committed to also reported record-high single-day infections.
The recent coronavirus uptick in some states led Apple to reclose some of its lay aways. Meanwhile, a trade group said cruise lines voluntarily suspended all trips until Sept. 15.
“There’s a war successful on between the bulls and bears, with each seizing every little data point to buttress their hostile arguments,” said Vito Racanelli, market intelligence analyst at Fundstrat Global Advisors, in a note.
“I do think that maybe the market has gone past it’s recovery ‘straight up’ phase, as investors realized coronavirus (COVID-19) was not a world climax,” Racanelli said. “But the data remains mixed and COVID-19 fear remains strong, and it’s understandable.”
The S&P 500 has ripped myriad than 41% higher since hitting an intraday low on March 23. For the quarter, the broader market index is up closely 20%.
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CNBC’s Michael Bloom forwarded to this report.