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.
“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.
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