Tuesday Market Minutes
- Global equities are mixed as Asian holidays dilute regional trade, and Europe is looking for directions as vaccine deployments accelerate, with travel restrictions relaxed in the coming months.
- Meanwhile, the US market holds the key to economic recovery. This suggests that the Federal Reserve Bank of Atlanta’s GDP Now forecasting tool could surge 13.2% this quarter.
- Oil prices will skyrocket as fuel demand accelerates as the state reopens, with plans announced later this month by New York, New Jersey and Connecticut.
- Benchmark 10-year bond yields are high at 1.62%, well below the 15-month high of 1.77% recorded in mid-April.
- This week, about 139 S & P 500 companies, including Moderna, General Motors and PayPal, will report. Revenues for the March quarter are expected to increase 46.3% from last year to $ 396.2 billion.
- According to CDC data, 105.5 million Americans have been fully vaccinated against the coronavirus, with approximately 246.7 million vaccinations as of Monday.
- U.S. Equity Futures Suggests Softening Opening on Wall Street Prior to Earnings from Pfizer, CVS Health, T-Mobile, Under Armor, and April Durable Goods Eastern Standard Time 8:30 AM I will.
Wall Street futures fell on Tuesday, but investors see further signs of rapid growth in the U.S. economy that could extend ongoing rotation to higher-yielding equities during the coronavirus pandemic decline. As we turned our attention, the dollar rose and tech stocks fell.
The Federal Reserve Bank of Atlanta’s GDP Now forecasting tool suggests that the US economy will grow at a 13.2% clip in the three months to June. This is in line with the decision to reopen, supported by trillions of dollars in government spending and the Federal Reserve’s record low interest rates. In many states across the country, vaccination rates are fully vaccinated to nearly 106 million people.
Its growth, which is likely to lead to significant job growth in the coming months, including the possibility of reading millions of non-farm payrolls this Friday, has boosted commodity prices around the world. Expanding the rotation to so-called resumption The explosive earnings from last week’s Big Five triggered stocks and at least some modest selling in the tech sector.
Today’s session may focus on pre-bell revenue from CVS Health (((CVS)- Get the report And Pfizer (((PFE)- Get the reportUS stock futures are trading reasonably low towards the opening bell, similar to reading the April durable goods order at 8:30 EST.
Contracts related to the Dow Jones Industrial Average showed an increase of 15 points, while contracts related to the S & P 500 increased 11.62% annually, 4 points at prices within 20 points of the daytime highs. is. Pull back.
Crude oil prices have been active in overnight trading, and news of state reopening in New York, New Jersey and Connecticut has been offset by a continued surge in cases of coronavirus in India worldwide, but in the coming months. The second largest energy market was considered a signal of increased fuel demand.
Brent futures contracts delivered in July were up 94 cents at $ 68.50 a barrel and WTI futures in June were up 84 cents at $ 65.33 a barrel.
In Europe, rising commodity prices have led to higher mining stocks, and EU plans have increased travel stocks with plans to allow fully vaccinated tourists to visit the region later this summer. However, the Stoxx 600 was unable to maintain its previous rise and fell 0.07% in the morning. transaction.
Benchmark MSCI Excluding Japan index rose only 0.13% towards final trading hours in Asia, while regional trading declined in three consecutive sessions due to spring market closures in Shanghai and Tokyo overnight. Was recorded.
Wall Street Futures Mixed As Recovery Boom Tests Tech Bulls Source link Wall Street Futures Mixed As Recovery Boom Tests Tech Bulls