Economic rebound has been nothing short of ‘spectacular’: Investment strategist
Janney Montgomery Scott Chief Investment Strategist Mark Luschini discusses the markets reacting to the coronavirus pandemic.
U.S. equity futures are pointing to a lower open on Wednesday when trading begins on Wall Street.
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The major futures indexes are suggesting a decline of 0.1 percent after stocks capped their best quarter since 1998, shrugging off continued signs of global economic damage from the coronavirus pandemic.
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On Tuesday, the S&P 500 climbed 1.5 percent, bringing its gain for the quarter to nearly 20 percent. The Dow Jones Industrial Average rose 0.9 percent and the Nasdaq composite climbed 1.9 percent.
|I:DJI||DOW JONES AVERAGES||25812.88||+217.08||+0.85%|
|I:COMP||NASDAQ COMPOSITE INDEX||10058.765451||+184.61||+1.87%|
The big economic event this week will be the June employment report, due out Thursday morning, a day early because U.S. markets will be closed Friday for the Independence Day holiday. The economy is expected to add 3 million jobs, an increase from May’s gain of 2.509 million, which was the highest on record and a stunning surprise compared to expectations for a loss of 8 million jobs.
In Europe, London's FTSE is off 0.1 percent, Germany's DAXadded 0.7 percent and France's CAC slipped 0.2 percent.
In Asia on Wednesday, Japan's Nikkei slipped 0.8 percent, China's Shanghai Composite rose 1.4 percent. Hong Kong markets were closed for a holiday.
A quarterly Bank of Japan survey released Wednesday showed Japanese manufacturers’ sentiment plunged to its lowest level in more than a decade, as the pandemic crushes exports and tourism, mainstays for the world's third largest economy.
A survey showed China’s manufacturing activity improved in June, adding to signs of a gradual recovery from the country’s deepest economic downturn since at least the mid-1960s.
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Benchmark U.S. crude gained 96 cents to $40.23 a barrel. It slid 43 cents to $39.27 a barrel on Tuesday, still nearly double where it was at the end of the first quarter. Brent crude rose 94 cents to $42.22 a barrel.
The Associated Press contributed to this article.
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