S&P 500 and Dow Jones Advance as Investors Jump in Coronavirus Infections

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The S&P 500 and the Dow Jones were higher on Monday morning as more and more states across the country reimpose standards of social distancing in an attempt to curb the increase in the number of coronavirus cases.

Boeing shares contributed significantly to the rise in the Dow Jones stock, as the manufacturer’s shares surged after the Federal Aviation Administration announced that test flights for the 737 Max would begin on Monday.

finishing more than 700 points lower, or 2.3%. The mood for risk was encouraged after cities and states experienced a resurgence of coronavirus infections, tightened standards of social distancing and reversed the reopening processes already underway, further disrupting business activity. “Data-reactid =” 18 “> The movements in the early morning followed on Friday, the Dow ending lower by more than 700 points, or 2.3%. The mood for risk was encouraged after cities and states experienced a resurgence of coronavirus infections, tightened norms of social distancing and reversed the reopening processes already underway. disrupt commercial activity.

California Governor Gavin Newsom said Sunday the state is ordering bars to close in seven counties, including Los Angeles. He also recommended eight other counties to close their bars due to the spread of Covid-19 across the state. The latest orders from California have put the state in the company of others, including Texas and Florida, who last week also demanded that state bars temporarily close. “Data-reactid =” 19 “> More cities canceled their reopening plans over the weekend. California Governor Gavin Newsom said Sunday the state is ordering bars to close in seven counties, including Los Angeles. He also recommended eight other counties to close their bars due to the spread of Covid-19 across the state. The latest orders from California have put the state in the company of other countries, including Texas and Florida, which last week also demanded that their state’s bars temporarily close.

“We suspect that most forecasters have assumed a smooth rebound (ish) across the economy; we have. This now seems unlikely, “wrote Ian Shepherdson, chief economist for Pantheon Macroeconomics. “It will be at least a month before behavioral changes and new restrictions result in a clear and sustained decline in cases and hospitalizations, allowing a new attempt to reopen in the South. This means that the first month of the third quarter will be very weak. “

according to data from Johns Hopkins. “data-reactid =” 23 “> Overall, deaths from coronaviruses exceeded 500,000 over the weekend and the total number of cases exceeded 10 million, according to data from Johns Hopkins.

1.48 million reported last week. “Data-reactid =” 24 “> Later this week, investors will receive a wealth of new economic data, including the jobs report for June Thursday morning. The publication will coincide with the Labor Department’s weekly report on new unemployment insurance claims, which is expected to show that 1.336 million people filed new unemployment claims during the week ended June 27, slightly down from 1.48 million worse than expected reported last week.

“Data from last week only showed minor improvements in initial and continuing claims, suggesting that labor market progress may have stalled since the May blockbuster report,” wrote the economist. from Deutsche Bank Brett Ryan in a note.

“Although there is certainly a discrepancy between the data on claims and the official employment statistics, the two data indicate that new unemployed people are not entering work at a particularly rapid rate and that the periods unemployment are getting longer, “he added.

Markets in the United States will be closed on Friday for the July 4th holiday.

10:02 a.m.ET: Pending home sales show record gain of 44.3% in May

surged by a record in May on April, according to the National Association of Realtors (NAR). The 44.3% jump in May, pending home sales, was more than double the 19.3% increase expected by economists and occurred after the 21.8% drop in April. Still, the level of pending home sales was down 5.1% from a year earlier, after two consecutive months of decline during the pandemic. “Data-reactid =” 30 “> Sales of pending homes jumped to a record high in May compared with April, according to the National Association of Realtors (NAR). The 44.3% jump in May while waiting for home sales was more than double the 19.3% increase expected by economists and came after the 21.8% drop in April. However, the level of pending home sales fell 5.1% from a year earlier, after two consecutive months of decline during the pandemic.

“This has been a dramatic recovery for contract signings, and it shows the resilience of American consumers and their constant desire to own,” said Lawrence Yun, chief economist at NAR. “This rebound also shows how the housing sector could pave the way for a broader economic recovery. “

“New lists are constantly appearing as the economy reopens, making inventory choices easier,” said Yun. “Yet more house construction is needed to counter the persistent underproduction of houses over the past decade. “

9:46 a.m.ET: Boeing shares soar more than 4% after FAA announces 737 Max test flights to begin

BA) stocks drove the Dow Jones higher after the Federal Aviation Administration confirmed that test flights for the 737 Max were scheduled to begin on Monday, according to several media citing an FAA letter to members of Congress . “Data-reactid =” 35 “> Boeing (BA) actions drove the Dow Jones higher after the Federal Aviation Administration confirmed that test flights for the 737 Max were scheduled to begin on Monday, according to several media citing an FAA letter to members of Congress.

Boeing’s shares have declined 48% for the year to date until Friday, making it the worst performing Dow Jones for 2020. The stock has slowed as the aircraft manufacturer struggled with both its long-standing woes on the 737 Max, which has been involved in two fatal crashes since 2018, as well as the dry demand for commercial flights during the coronavirus pandemic.

9:31 a.m.ET: stocks generally open higher

Here are the main market movements at 9:31 a.m.ET:

  • S&P 500 (^ GSPC): +9.66 points (+ 0.32%) to 3,018.71

  • Dow (^ DJI): +211.85 points (+ 0.85%) to 25,227.40

  • Nasdaq (^ IXIC): -8.94 points (-0.04%) to 9,752.5

  • Gross (CL = F): + $ 0.23 (-0.6%) to $ 38.72 per barrel

  • Gold (GC = F): + $ 1.10 (+ 0.06%) to $ 1,781.40 per ounce

  • 10-year treasury (^ TNX): +1 bp for a yield of 0.648%

7:25 a.m.ET: S&P 500, futures on Dow go up toward market opening

Here are the main market movements at 7:25 a.m.ET:

  • S&P 500 Futures (ES = F): 3,012.75, up 5.75 points or 0.19%

  • Dow Futures (YM = F): 25,060.00, up 110 points or 0.44%

  • Nasdaq Futures (NQ = F): 9,838.5, down 27 points, or 0.27%

  • Gross (CL = F): + $ 0.15 (+ 0.39%) to $ 38.64 per barrel

  • Gold (GC = F): + $ 5.30 (+ 0.3%) to $ 1,785.60 per ounce

  • 10-year treasury (^ TNX): +1.2 bps for a yield of 0.65%

6:04 p.m. ET: Equity futures open lower

Here are the main movements at the start of the overnight session for American equity futures, starting at 6:04 p.m. ET:

  • S&P 500 Futures (ES = F): 2,991.00, down 16 points or 0.53%

  • Dow Futures (YM = F): 24,801.00, down 149 points, or 0.6%

  • Nasdaq Futures (NQ = F): 9,803.00, down 62.5 points or 0.63%

A trader wearing a mask arrives with his special keyboard before the opening bell on the New York Stock Exchange (NYSE) on May 26, 2020 on Wall Street in New York. – Global stock markets climbed on Monday, buoyed by the prospect of further easing of coronavirus blockages despite a sharp increase in case rates in some countries like Brazil. Over the weekend, President Donald Trump imposed travel limits on Brazil, now the second most affected country after the United States, reminding markets that although the outlook for coronaviruses is better, the crisis is far from over. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE / AFP via Getty Images)

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