The stock market fell in overnight trading on Tuesday, as the market will begin a new quarter after a clear rebound.
The Dow Jones Industrial Average futures fell about 50 points. S&P 500 futures and Nasdaq 100 futures fell 0.2% and 0.1%, respectively. Trading volume is scarce.
The market has just gotten rid of the historic sell-off caused by coronaviruses, thus ushering in the best quarter in decades. The Dow Jones index rose by 17.8% in the second quarter, the best quarter since 1
In after-hours trading on Tuesday, FedEx’s quarterly earnings and revenue exceeded analysts’ expectations, and the stock jumped nearly 9%. During the corona virus blockade, the delivery volume of transportation companies surged.
Although the market has rebounded sharply from the March low, the recent surge of coronavirus cases in some states has left investors in a difficult position. White House health consultant Dr. Anthony Fauci warned on Tuesday that if the outbreak continues at the current rate, new cases every day may exceed 100,000 new infections every day.
CNBC’s analysis of data compiled by Johns Hopkins University shows that as of now, more than 12 states have suspended or postponed reopening of services, as U.S. cases have surged by 40% in the past week. The average on Monday was about 39,750.
Keith Lerner, chief market strategist at SunTrust Advisory Services, said in a report: “Despite a good development trajectory, we still expect this to be an uneven process.” “The good news is that During this period of digestion, the market is making up for some of the accumulated surplus, and higher expectations are being reset.”
Investors will monitor the pace of recovery in the US labor market. ADP will release its private payroll for June at 8:15 am EST on Wednesday. Economists surveyed by Dow Jones predict that this figure will increase by 2.5 million after a decline of 2.76 million in May.
On the corporate side, Macy’s will announce its quarterly earnings before the close on Wednesday.
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