- Investor hopes for the reopening of local economies buoyed as governments plan to relax lockdowns
- Big week for corporate earnings continues
- Oil takes a hit as biggest ETF dumps front-month contract
KEY EVENTS
Futures on the four main US indices—the Dow Jones, S&P 500, NASDAQ and Russell 2000—rebounded on Tuesday during the European session, after earlier choppy trade, as oil prices once again dropped significantly.
Global governments are collectively considering restarting economies, spurring financial market optimism, as reports of the number of new cases of COVID-19 fall. Still, worldwide, more than 3 million confirmed cases have now been charted, while the number of fatalities is upward of 211,000.
The dollar weakened.
GLOBAL FINANCIAL AFFAIRS
Markets have become a thicket of risks that traders must now figure out how to navigate: upcoming policy decisions by the Federal Reserve and the European Central Bank; quarterly earnings reports this week from such mega cap tech companies as Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB) and Amazon (NASDAQ:AMZN).
All the while, in the background, lingering unease about the strength of the market persists. Was the fastest transition from a bear to a bull market on record—just three head-spinning weeks—justified? After all, the current U.S. economy, like many other developed and emerging economies in this age of coronavirus, is being fueled primarily by government spending and central bank purchasing.
Notwithstanding, this morning, all four US futures climbed out of negative territory. Except for contracts on the Russell 2000, contracts tested the April 17 highs of their underlying benchmarks.
Russell 2000 Futures Daily
Source
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