Stock futures rose in overnight trading on Sunday as investors looked past a record spike in coronavirus cases in Florida.
Futures on the Dow Jones Industrial Average gained about 160 points, pointing to a 180-point gain at Monday’s open. The S&P 500 futures and the Nasdaq 100 futures rose 0.5% each.
Florida reported 15,299 new coronavirus cases on Sunday, the highest single day total for any U.S. state since the pandemic began. Meanwhile, the U.S. has reported more than 60,000 new cases daily for three days in a row now, bringing the national total to more than 3 million cases, according to data from Johns Hopkins University.
“COVID remains a huge problem w/cases, hospitalizations, and fatalities all climbing,” Vital Knowledge founder Adam Crisafulli said in a note on Sunday. “The market continues to absorb all this information relatively well and this seems to be a function of vaccine hopes, lower fatality rates vs. Mar/April, the avoidance of wholesale lockdowns, and the lack of a resurgence in the Northeast (esp. NYC).”
The Dow and the S&P 500 are coming off two consecutive weeks of gains, while the resilience in tech shares pushed the Nasdaq to a new record after three straight positive weeks. For July, the Dow and the S&P 500 have risen 1.0% and 2.7%, respectively. The tech-heavy Nasdaq outperformed, climbing 10.7% this month as Amazon, Apple, Netflix, Alphabet all reclaimed new highs.
“The overall rally is still very narrow…and several of the high flying mega-cap stocks are becoming overbought (and more over-valued),” Matthew Maley, chief market strategist at Miller Tabak, said in a note on Sunday. “Therefore, we HAVE to wait to see if the key resistance level on the S&P is indeed broken to the upside before we can confirm that another rally leg in the broad stock market has begun.”
Earnings season is set to kick off this week with big banks and others reporting their quarterly results. JPMorgan, Citigroup and Wells Fargo are scheduled to report on Tuesday. Pepsi will report earnings on Monday before the market open.
Corporate profits are expected to fall by 44% in the second quarter, which would be the biggest drop in quarterly earnings since the fourth quarter of 2008, according to Refinitiv data. However, the market could shrug off the sharp profit decline as long as companies signal a recovery on the horizon.
After the S&P 500’s best quarter in more than 20 years, the broad market’s comeback rally has slowed down amid fears of a worsening pandemic. Still, the equity benchmark is now down just 1.4% year to date, sitting about 6% off its February record.
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New York Accuses Egg Producer of Price Gouging in Pandemic – The New York Times
New Yorkers may have paid quadruple what they should have for eggs at a time when virus cases were surging, according to a lawsuit by the state attorney general’s office.
The New York suit names Hillandale Farms Corporation, which is headquartered in Kent, Ohio, as well as five other companies that use the Hillandale name.
Hillandale is often ranked among the top five egg producers in the United States. It sells to several supermarket chains with stores in New York, including Stop & Shop, Western Beef, BJs Wholesale Club and Associated Supermarkets.
Between January and early March, Hillandale sold eggs to Western Beef at prices ranging from 59 cents to $1.1…
Always read the fine print? GM Super Cruise only free for three years – Ars Technica
It turns out the advanced hands-free driving system requires a subscription.
Enlarge/ 2019 Cadillac CT6 with Super Cruise engaged.
63 with 35 posters participating, including story author
I have regularly been effusive about General Motors’ Super Cruise. By geofencing the combination of adaptive cruise control and lane keeping so that it will only engage on divided-lane highways and topping that with a gaze-tracking driver-monitoring system that only allows Super Cruise to function when drivers have their eyes on the road ahead, it works extremely well and within a tig…
Stock Market: Nasdaq Takes Late Hit, S&P 500 Turns Lower As Growth Stocks, Gold Fall Out Of Favor – Investor’s Business Daily
The stock market faded from session highs in late afternoon trading on Tuesday, in another in a recent string of bad days for growth stocks.
The stock market faded from session highs in late afternoon trading Tuesday, in another bad day for growth stocks.
XThe Nasdaq composite was down 1.2% and near session lows with one hour left on the trading clock. The S&P 500 also faded to a loss of 0.4%.
The Dow Jones Industrial Average showed a fractional gain. Banking stocks were among the Dow’s leaders. JPMorgan Chase (JPM), American Express (AXP) and Goldman Sachs (GS) rose 2.5% to 5.3%.
Innovator IBD 50 ETF (FFTY) fell 1.3%, poised …
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