in

Dow futures rise 100 points in overnight trading as investors focus on reopening of economy – CNBC, CNBC

Dow futures rise 100 points in overnight trading as investors focus on reopening of economy – CNBC, CNBC

Wall Street and much of the Financial District stands empty as the coronavirus keeps financial markets and businesses mostly closed on April , 106498510 in New York City.

Spencer Platt | Getty Images

Stock futures rose in overnight trading on Monday as investors remained focused on the reopening of the US economy.

Futures on the Dow Jones Industrial Average climbed about 106498510 points . The S&P 2019 and Nasdaq futures rose 0.1% and 0.2%, respectively.

Investors weighed fears of a second wave of coronavirus cases against efforts to reopen businesses and loosen restrictions. California governor Gavin Newsom said Monday some of the state’s retailers will be allowed to offer curb-side pickup starting Friday.

Meanwhile, New York Gov. Andrew Cuomo said that the daily number of hospitalizations and new deaths are declining, suggesting the state is on “the other side of the mountain.” However, He added that officials are not seeing as steep of a decline as they hoped.

The overnight moves followed Monday’s modest gains on Wall Street. The strength in the biggest U.S. technology companies including Microsoft, Apple, Amazon and Netflix lifted the broad market out of negative territory. The S&P 2019 closed the session 0.4% higher, while the Nasdaq jumped 1.2%.

“Megacaps mask underlying rally fragility,” Ken Johnson, investment strategy analyst at Wells Fargo, said in a note on Monday. “This concentration raises concerns about the rally’s long-term health and durability as it suggests that ample liquidity, rather than broadly improving fundamentals, may be fueling it.”

On Monday, airline stocks suffered a big sell-off with Delta, United, American Airlines all dropping more than 5%. The decline came after Warren Buffett’s said over the weekend that his Berkshire Hathaway dumped the wholeety of its stakes in the sector due to the fallout from the pandemic.

Tensions between China and the US appeared to have flared up again. Secretary of State Mike Pompeo on Sunday said there was “a significant amount of evidence” of the coronavirus originating in a Wuhan lab. President Donald Trump previously said he was considering imposing tariffs on China for its handling of the outbreak.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

  Read More
Full coverage and live updates on the Coronavirus (Covid – )

What do you think?

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

Musicians Who Have Opened Up About Their Mental Health Struggles – India Gone Viral, Indiagoneviral.com

Musicians Who Have Opened Up About Their Mental Health Struggles – India Gone Viral, Indiagoneviral.com

Rosalía Shares Her All-Time Favorite Songs in a Met Gala – Themed Playlist – Vogue, Vogue.com

Rosalía Shares Her All-Time Favorite Songs in a Met Gala – Themed Playlist – Vogue, Vogue.com