Allianz chief economic adviser Mohamed El-Erian says the labor market captured the tragic job loss across the country but the markets are encouraged by the partial reopening of the country.
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U.S. equity futures are pointing to a higher open to start the week
The major futures indexes are indicating a gain of 0.6 percent or 150 Dow points as of 11:30 p.m. ET. The S&P 500 and the Nasdaq are each rising by 0.5 percent.
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In the energy space, oil is trading lower. U.S. crude is down 42 cents at $24.32 a barrel.
Brent crude, the international benchmark is lower by 43 cents at $30.54.
NOT REOPENING IN CORONAVIRUS RISKS PERMANENT ECONOMIC DAMAGE: OFFICIALS
In Asia, Japan’s Nikkei is higher by 1.6 percent, Hong Kong’s Hang Seng is jumping by 2 percent and China’s Shanghai Composite is gaining 1.9 percent.
On Friday, U.S. stocks rose when an ugly monthly jobs report wasn’t as bad as estimated., along with signs trade tensions between Washington and Beijing were easing.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 24331.32 | +455.43 | +1.91% |
| SP500 | S&P 500 | 2929.8 | +48.61 | +1.69% |
| I:COMP | NASDAQ COMPOSITE INDEX | 9121.320669 | +141.66 | +1.58% |
The Dow Jones Industrial Average rose 455 points, or 1.9 percent, the S&P 500 rose 1.7 percent and the Nasdaq Composite added 1.6 percent.
The monthly jobs report showed the coronavirus pandemic inflicted the biggest one-month blow to the jobs market on record. The unemployment rate shot up to 14.7 percent in April from 4.4 percent in March. Employers shed 20.5 million jobs. That is equal to erasing every position created in the past decade.
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Investors were encouraged by a Reuters report that top trade negotiators for the U.S. and China spoke on the telephone Friday, pledging to create favorable conditions for their phase-one trade deal. The call came after President Trump threatened to “terminate” the trade deal signed in January..
