New York City, USA – June 8, 2017: The New york Stock Exchange June 8, 2017 in New York, NY. It is the largest stock exchange in the world by market capitalization and most powerful global financial institute

The Dow Jones Industrial Average (DJIA) futures jumped by more than 0.20% as global stocks soared ahead of the US non-farm payrolls. Other global futures like the Nasdaq 100, S&P 500, DAX, and FTSE 100 indices also rose while the dollar index and US bond yields retreated.

Dow Jones Performance

Global stocks were mixed on Wednesday as some sectors recorded gains while others recorded losses. Oil & Gas recorded a 3.85% gain, Basic Materials recorded a 1.70% increase as Financials were on 0.73% high. Sectors like Healthcare, Technology and Utilities declined by 1.56%, 0.26% and 0.53% respectively.

The best performer in the Dow Jones Industrial Average Index was Boeing Co which was up by 3.12%. Dow was up by 2.91%. Goldman Sachs Group Inc gained 2.80% to 233.52. On the flipside, Johnson& Johnson fell by 2.29% while Amgen Inc declined by 1.86%.

Stocks tied to the economic reopening were weaker. United Airlines and American Airlines shares were slightly lower. AMC shares surged by 27% while the Meme stock rose by 22% on Tuesday after selling $230.5 million in stock.

Airline and cruise operators had their stocks on the rise as Covid cases in the United States continue to decline. Transport network is headed towards recovery as lockdown restrictions in the country ease. This will help in the country’s path to economic recovery.

US Financial Outlook

Inflation fears are still hovering in the markets as the ways in which the Federal Reserve might respond have weighed on opinions recently. Investors are worried that the Fed might decide to tighten the monetary policy earlier than expected due to the inflation in the country.

Investors will be eyeing the Fed’s Beige Book which will be released this afternoon. The book will outline how businesses are fairing and conditions in the industries such as inflation pressures and the recovering economy. The book is produced approximately two weeks before the setting of the monetary policy by the Fed hence might provide investors with an idea about the new monetary policy to be set.

Economic investors seem to have sidelined the US jobs report on Friday due to the Fed’s Beige Book. According to economists, the US is likely to have added 671,000 non-farm payrolls in MAY, from 266,000 jobs added in April.

Top Stocks to Watch Today

Lands’ End (LE) reported a profit of 8 cents per share compared to a forecast for a 29 cents per share loss. The company rose by 6.6% in premarket trading. Ambarella (AMBA) rallied 4.9% in the premarket trading. The company’s revenue beat Street projections and was boosted by strong growth in the company’s automotive business.

Advance Auto Parts (AAP) earned $3.34 per share in its latest quarter. The auto parts retailer store sales increased by 24.7% which was slightly better than the 23% estimate. The AMC Entertainment (AMC), a movie theatre operator, was up by23.7% in pre-market trading. It raised more than $230 million in a share sale which was later sold at a profit.

Leave a Reply

Your email address will not be published. Required fields are marked *

Sign Up for Our Newsletters

Get exclusive content in your inbox.

You May Also Like

Nikkei 225 Targets ¥30,000 as Global Stocks Rally

The Nikkei 225 index jumped on Tuesday snapping its losing streak. Transport and shipping companies recorded the most gains, boosting the index.

Dow Jones Nosedives After Hawkish Fed Decision

The Dow Jones index retreated after weekly initial jobless claims data. The index reacted to the Fed’s hawkish tone towards the monetary policy.

FTSE 100 Tilts Higher Ahead of Boohoo, Tesco Earnings

The FTSE 100 index edged higher on Monday ahead of Fed’s interest rate decision. Boohoo and Tesco are yet to release their earnings later this week.

Dow Jones Rally Pauses Ahead of Powell Testimony

US stocks set to open the markets mixed ahead of Powell’s testimony later in the day. GameStop recorded the most gains in pre-market trading.