|Day's range||26,149.44 - 26,384.10|
|52-week range||18,213.65 - 29,568.57|
In this week's episode of Influencers, Yahoo Finance Editor-in-Chief Andy Serwer speaks with Koch Disruptive Technologies President, Chase Koch, about his venture capital endeavor and what the company is doing to push Koch Industries into the future.
The May jobs report is expected to show another historic print in non-farm payroll losses alongside a surge in the unemployment rate to the highest level since the 1930s, extending the virus-related labor market devastation of the past few months.
Stocks reversed earlier losses and rose Thursday, pacing toward a fifth straight day of gains as investors looked past a new report showing new unemployment insurance claims totaled another 1.877 million last week, coming in slightly above expectations. The Nasdaq 100 rallied to a fresh intraday record.
The NYSE FANG+TM Index, which includes Facebook Inc, Apple, Amazon.com Inc, Netflix and Alphabet Inc, hit an intraday record high in morning trading. "The market is due for a pause," said Christopher Grisanti, chief equity strategist at MAI Capital Management in Cleveland, Ohio. "It's really important to realize that U.S. equity investors have been given a great gift in the middle of what is probably the deepest recession in 80 years," he said, referring to the strong run for Wall Street since late-March.
Top news and what to watch in the markets on Thursday, June 4, 2020.
U.S. stock markets have been on a tear this week, with the Nasdaq Composite, the S&P 500, and the Dow Jones Industrial Average all close to overtaking their all-time highs reached in February. Markets have climbed a virtual wall of worry to head higher over the past several sessions, shrugging off sometimes violent mass protests across the United States over police brutality and racial inequality. At current levels, the tech-heavy Nasdaq is less than 2% away from its record high.
If the buying continues then look for the market to grind toward the March 3 main top at 26962.
World equity markets dipped Thursday after a three-day rally and European government bonds edged higher as worse than expected U.S. economic data pointed to a long road to recovery from the coronavirus pandemic. Market optimism over an economic rebound has helped push global equities to three-month highs and overshadowed concerns ranging from rising tensions between the U.S. and China and the worst period of civil unrest in the U.S. in decades.
European equities [.EU], oil [O/R] and euro markets [/FRX] had been lower before the ECB said it would nearly double the size of its Pandemic Emergency Purchase Programme to 1.35 trillion euros, extend it until June 2021 at the earliest and re-invest the proceeds until at least the end of 2022. Safe-haven German 10-year bond yields climbed to their highest since mid-April at -0.32% <DE10YT=RR>, 20-year yields went positive for the first time since January and benchmark U.S. Treasury 10-year yields <US10YT=RR> rose 0.8%.
Private payrolls fall less than expected
A possible activist stake in Boeing lit a fire under the stock, and an analyst sees the App Store helping to drive services growth for Apple.
The current price action is less of an indictment on the morality of investors and more of a calculated gamble that the economy is poised to rebound as lockdowns end.
Spot gold, which tracks real-time trades in bullion, slid by $29.98, or 1.7%, to $1,697.61 by 3:45 PM ET (19:45 GMT). “Gold is getting punished as global equities continue to rally as reopening momentum continues” from the coronavirus pandemic, said Ed Moya, analyst at New York’s OANDA. Stocks on Wall Street rallied Wednesday on signs the worst of the Covid-19 hit to the economy may be over following better-than-feared labor market and services data.
There’s been plenty of optimism this week on an economic rebound. Service sector PMIs and employment figures will provide further guidance.
Wall Street rallied broadly on Wednesday with the Nasdaq approaching record highs as signs of an economic recovery from mandated shutdowns helped investors look beyond U.S. social unrest and pandemic worries. The S&P 500 and the Nasdaq each posted their fourth straight day of solid gains. The Nasdaq, the S&P 500 and the Dow have rebounded sharply from March lows hit as coronavirus-related lockdowns shocked the stock market, and they are now 1.4%, 7.8%, and 11.1%, respectively, away from overtaking all-time closing highs set in February.
Get caught up on where the market is right now -- and some of the factors that could shape where it's heading next.
Stocks rose, tracking advances in global equities as investors eyed stabilizing economic data alongside ongoing protests across the country, which spurred some concerns of a ramp-up in coronavirus cases following a deescalation in the outbreak.
On Monday, the Congressional Budget Office warned that a full economic recovery could take as long as a decade. Shares of Visa (NYSE: V) managed to gain on Tuesday after the credit card giant released data that showed a rebound in spending last month. Meanwhile, Apple (NASDAQ: AAPL) stock was down slightly following reports of steep discounts for iPhones in China.
Here's why stocks continue to be in rally mode despite the horrors sweeping America right now.
Tuesday morning brought some choppiness to Wall Street, as market participants tried to weigh countervailing factors against each other. Two very different winners today were RH (NYSE: RH) and Western Union (NYSE: WU), and although they serve different target demographics, they're both moving forward strategically to try to take advantage of opportunities they see in their respective markets. Shares of luxury retailer RH climbed more than 10% Tuesday morning.