Dow Futures Gain; COVID-19 Vaccine Hopes, Data Boost Markets

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The Thursday Market Minute

  • Global stocks extend gains, boosted by China stimulus, improving economic data and the prospect for a near-term coronavirus vaccine.
  • Beijing pledges more fiscal stimulus, this time focused on the real estate sector, lifting China benchmarks to two-and-a-half-year highs.
  • The dollar slips to a one-week low against its major global peers as traders move into risk markets, thanks in part to Pfizer’s advancements in its coronavirus vaccine research. 
  • Oil prices extend gains after the Energy Department reports a bigger-than-expected 7.2 million decline in domestic crude stocks.
  • U.S. equity futures suggest a firmer open on Wall Street after stronger-than-expected June jobs numbers, as well as solid weekly claims data.

U.S. equity futures bounced higher Thursday, lifting global stocks and pushing the dollar to the lowest level in a week, as investors continue to track data showing a broad-based economic recovery while cheering news of a potential coronavirus vaccine, ahead to today’s June jobs report.

U.S. employers added a much-larger-than-expected 4.8 million workers to payrolls last month, data from the Bureau of Labor Statistics estimated Thursday, slashing the headline unemployment rate to 11.1%.

The surge in job creation for the month followed data showing both an upward revision for May additions, to 2.7 million from 2.5 million, and a stronger-than-expected reading of jobless claims for the week of June 27, which fell for the 13th week in a row to 1.427 million.

The gains would still leave more than 16 million Americans out of work, a number that could rise in the coming weeks as bars, restaurants and cafes in various parts of the country delay or reverse plans to re-open in the face of a spike in new coronavirus infections, which hit a record 50,000 yesterday, according to data from Johns Hopkins University.

2020-07-02 13:05:00

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