Former JPMorgan Chase & Co. chief economist Anthony Chan says while the June jobs report is positive news, there are still a record 19.5 million Americans who are still collecting unemployment benefits due to the coronavirus pandemic.
U.S. equity futures are indicating a higher open when Wall Street resumes trading on Monday, following the Independence Day holiday weekend.
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The major futures indexes are suggesting a gain of 1.4 percent, or more than 300 Dow points.
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Markets finished the holiday-shortened week higher after an unexpectedly strong U.S. jobs report, despite some American states reporting record new coronavirus infections. U.S. markets were closed Friday for a holiday.
New York City will advance to phase 3 reopening on Monday, but without indoor dining.
US ECONOMY CREATED 4.8M JOBS LAST MONTH: THESE INDUSTRIES SAW THE BIGGEST GAINS
In Asian markets on Monday, the Nikkei in Tokyo gained 1.6 percent, the Hang Seng in Hong Kong added 3.5 percent and China’s Shanghai Composite rose 4.2 percent.
Share prices have risen as some countries ease anti-virus measures and reopened businesses, but forecasters warn the surge might be too early to be sustained by uncertain economic conditions.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 25827.36 | +92.39 | +0.36% |
| SP500 | S&P 500 | 3130.01 | +14.15 | +0.45% |
| I:COMP | NASDAQ COMPOSITE INDEX | 10207.628547 | +53.00 | +0.52% |
On Wall Street, the benchmark S&P 500 index ended a shortened four-day trading week up 4 percent.The Nasdaq composite climbed 0.5 percent to a new record. The Dow Jones Industrial Average gained 0.4 percent.
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In energy markets, benchmark U.S. crude lost 15 cents to $40.51 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, slipped 6 cents in London to $43.08 per barrel.
The Associated Press contributed to this article.
