Kevin Hassett, who is a senior adviser to President Trump, says he’s confident the unemployment rate could be below 9 percent by the end of the year due to May’s promising jobs report and the Commander-in-Chief’s policy incentives.
U.S. equity futures are pointing to losses to start the week on concerns about a rebound in cases of coronavirus.
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The major futures indexes are indicating a decline of 1.5 percent or more than 350 Dow points as of 12:02 a.m. ET.
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Shares are lower following the worst week for Wall Street in nearly three months.
Stocks are turning wobbly as investors re-evaluate their expectations for economic growth, which many skeptics have been saying were overly optimistic.
ECONOMY IS ‘OFF TO THE RACES’ ON V-SHAPED RECOVERY: KUDLOW
Case numbers are still growing in various nations, including emerging economies, and without a vaccine, relaxing lockdowns and reopening travel could bring on further waves of COVID-19 cases.
In Asian markets on Monday, Japan’s benchmark Nikkei dropped 0.7 percent, Hong Kong’s Hang Seng slid 0.6 percent, while China’s Shanghai Composite was little changed.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 25605.54 | +477.37 | +1.90% |
| SP500 | S&P 500 | 3041.31 | +39.21 | +1.31% |
| I:COMP | NASDAQ COMPOSITE INDEX | 9588.808163 | +96.08 | +1.01% |
On Wall Street Friday, the S&P 500 rose 1.3 percent a day after dropping nearly 6 percent in its biggest rout since mid-March. It lost 4.8 percent for the week, snapping a three-week winning streak for the benchmark index.
The Dow Jones Industrial Average rose 1.9 percent and ended the week with a 5.6 percent loss after slumping nearly 7 percent on Thursday.
The Nasdaq, which climbed above 10,000 points for the first time on Wednesday, gained 1 percent.
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Benchmark U.S. crude oil lost $1.04 to $35.22 a barrel in electronic trading on the New York Mercantile Exchange. It fell 8 cents to settle at $36.26 a barrel Friday. Brent crude oil, the international standard, fell 74 cents to $37.99 a barrel.
The Associated Press contributed to this article.
