Stock futures trade higher after Monday’s rally

FAN Editor

U.S. equity futures are trading higher after the S&P 500 rose for a fourth session in the last five to begin the week.

Continue Reading Below

The major futures indexes are indicating a rise of 0.3 percent when trading begins on Tuesday.

Asian shares traded mixed Tuesday after a rally in U.S. stocks.

Japan’s benchmark Nikkei fell 0.8 percent, Hong Kong’s Hang Seng rose 0.7 percent and China’s Shanghai Composite was off 0.1 percent.

In Asia, the Monetary Authority of Singapore eased policy Monday, and the central bank of China has also cut a key interest rate.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

The Wall Street rally tacked more gains onto a recent upswing for the market, which is coming off the best week for the S&P 500 in 11 years, albeit after falling into bear market territory. Optimism is building that the worst of the selling may be approaching, but markets around the world are still wary as leaders work to nurse their economies through the pandemic. The S&P 500 remains 22.4 percent below its record set last month.

The S&P 500 rose 3.4 percent Monday. The Dow Jones Industrial Average gained 3.2 percent and the Nasdaq gained 3.6 percent.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 22327.48 +690.70 +3.19%
SP500 S&P 500 2626.65 +85.18 +3.35%
I:COMP NASDAQ COMPOSITE INDEX 7774.151261 +271.77 +3.62%

A surge for health care stocks led the way at the week’s open. Johnson & Johnson leaped 8 percent after saying it expects to begin human clinical studies on a vaccine candidate for COVID-19 by September. Abbott Laboratories jumped 6.4 percent after saying it has a test that can detect the new coronavirus in as little as five minutes.

Ticker Security Last Change Change %
JNJ JOHNSON & JOHNSON 133.01 +9.85 +8.00%
ABT ABBOTT LABORATORIES 79.34 +4.78 +6.41%

Stocks jumped last week after the Federal Reserve promised to buy as many Treasurys as it takes to get lending markets running smoothly and Capitol Hill reached a deal on a $2.2 trillion rescue package for the economy.

Forced selling by investors needing to raise cash is easing, according to Morgan Stanley strategists. They say another pullback in stocks is likely, but current levels offer some buying points for investors willing to wait six to 12 months.

CORONAVIRUS STIMULUS CASH: DON’T WAIT FOR YOUR CHECK IN THE MAIL

Economists expect a number of weak reports on the economy to come in through the week. The lowlight will likely be Friday’s jobs report, where economists expect to see the steepest drop in the nation’s payrolls since the Great Recession.

The number of known infections around the world has topped 780,000, according to Johns Hopkins University. The United States has the highest number in the world, more than 160,000.

Most people who contract COVID-19 have mild or moderate symptoms, which can include fever and cough. But for others, especially older adults and people with existing health problems, the virus can cause pneumonia and require hospitalization.

CLICK HERE TO READ MORE ON FOX BUSINESS

More than 37,000 have died worldwide due to COVID-19, but more than 160,000 have also recovered.

The Associated Press contributed to this article.

Free America Network Articles

Leave a Reply

Next Post

Coronavirus is still smashing through markets — but investors have found one they like

As world markets, especially U.S. markets, tremble on surging cases of the coronavirus, there’s one market seeing investors return: China. The infection rate of coronavirus has slowed in China, and there appears to be a growing appetite among fund managers to start buying Chinese assets again. Pinebridge Investments, a New […]