Stock market futures stable after market has posted its best quarter in decades

0
54


Equity futures fell slightly on Tuesday evening as the market is expected to start a new quarter after a remarkable comeback.Dow Jones industrial average futures traded about 55 points lower. The S&P 500 and Nasdaq 100 futures contracts were down 0.2% and 0.1% respectively. Trade volumes were meager.

The market has just completed its best quarter in decades after returning from the historic sale triggered by the coronavirus. The Dow Jones gained 17.8% in the second quarter, posting its best quarter since 1987, while the S&P 500 ended the period with a gain of almost 20%, its best since 1998. The Nasdaq, rich in technologies, climbed 30.6% for the quarter, the most since 1999.

On Tuesday, FedEx jumped nearly 9% on the stock market after posting quarterly profits and earnings above analysts’ forecasts. The shipping company experienced a sharp increase in deliveries amid the coronavirus shutdown.

As the market rebounded strongly from its March lows, recent spikes in coronavirus cases in some states have kept investors on the lookout. White House health adviser Dr. Anthony Fauci warned Tuesday that if the epidemic continues at its current rate, new daily cases could exceed 100,000 new infections a day.So far, more than 12 states have suspended or canceled their reopenings while cases in the United States have jumped 40% in the past week to average about 39,750 on Monday, according to a CNBC analysis of the data compiled by Johns Hopkins University.

“We continue to expect it to be an uneven process, but with a positive trajectory,” said Keith Lerner, chief market strategist at SunTrust Advisory Services, in a note. “The good news is through this period of digestion, the markets are working on some of the excess that has been building up and the high expectations are being reset. ”

Investors will watch the pace of recovery in the US labor market. ADP will publish its private payroll statement for June Wednesday at 8:15 a.m.ET. Economists polled by Dow Jones expect an increase of 2.50 million after falling 2.76 million in May.

On the corporate side, Macy’s is expected to release its quarterly results on Wednesday before the bell.

To subscribe to CNBC PRO for exclusive information and analysis, as well as live business day programs from around the world.

LEAVE A REPLY

Please enter your comment!
Please enter your name here