U.S. stock market futures rose slightly in overnight trading, and pointed out that it opened up on Tuesday, which is the last trading day of the stock market volatility month.
Dow futures rose 80 points or 0.45%. The S&P 500 index and the Nasdaq-100 index will also open higher, rising 0.45% and 0.50% respectively.
Wells Fargo shares fell nearly 2% in after-hours trading, after the bank said it might cut its dividend in the third quarter to meet the Fed̵7;s stress test. Bank of America, Citigroup, JPMorgan Chase and Goldman Sachs said their dividends will remain unchanged.
Micron’s stock rose 5% in after-hours trading on Monday after the company issued a better-than-expected earnings report. Micron gave strong guidance on long-term income. Lululemon’s stock also rose by nearly 4% in after-hours trading, with news that the company will acquire home fitness company Mirror for $500 million.
On Monday, as the Boeing 737 Max certification flight began on Monday, the Dow Jones Index rose 580 points, driven by a 14.4% increase in Boeing stock prices. The S&P 500 index also rose 1.5%. Monday’s rally put the 500-share index into a positive zone during the volatile month of June.
The Nasdaq composite index rose 1.2%, thanks to the rise of Netflix, Microsoft, Facebook and Apple.
“In the past day, the only driving force was the increased expectations for continued economic improvement because of the best performance of the five sectors [Monday] Jim Paulsen, chief investment strategist of the Leuthold Group, told CNBC: “It includes two cyclical sectors-industry and materials-growth sectors-communications services-and two defensive sectors-utilities and major food. Unity.”
Monday’s sharp rise came from the background of increased coronavirus cases in the United States, and the states tried to reopen from closure. As the Covid-19 case spreads across the country, the governors of the US states are stepping back or postponing the reopening plan. New Jersey Governor Phil Murphy announced that the state will postpone the restoration of indoor dining scheduled for Thursday.
Despite the recent increase in cases, the stock will still rise for a month in June. The Dow Jones index rose 0.8% in June, while the S&P 500 index rose 0.3%. The high-tech Nasdaq composite index returned more than 4% this month.
Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin will testify before the House Financial Services Committee at 12:30 pm. Tuesday. The joint hearing will discuss the Fed and Treasury’s response to the coronavirus pandemic.
He will speak on Tuesday, and Powell said that after the coronavirus pandemic, uncertainty overshadowed economic prospects.
Powell said: “The output and employment rate are still far below pre-pandemic levels. The path of economic development is very uncertain, and it depends to a large extent on whether we can successfully contain the virus.” “Unless people are convinced to re-engage This kind of activity is safe, otherwise it cannot be fully recovered.” The way forward will also depend on the policy actions taken by governments at all levels to provide relief and support disaster recovery. As long as needed,” Powell added.
Conference Committee Consumer Confidence Index It will be released on Tuesday at 10:00 am. Economists surveyed by Dow Jones expected a reading of 91 in June, up from 86.6 in May.
Shipping company FedEx (FedEx) will announce fourth-quarter earnings after the close on Tuesday.
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